Oil and Gas Prospects in 2020 Exceeded Billion Barrels

Oil and Gas Prospects in 2020 Exceeded Billion Barrels

Global conventional oil and gas discoveries already exceed eight billion barrels of oil equivalent (boe) and are projected to settle at around ten billion boe by the end of the year, according to a new Rystad Energy analysis.

About 3.75 billion boe, or 46 percent of total discovered volumes, are gas, while liquid volumes are estimated at 4.31 billion boe, Rystad Energy highlights. Yet-uncounted resources in finds like Sakarya in Turkey point to additional upside, according to the independent energy intelligence company.

Rystad Energy noted that 73 new discoveries have been announced this year through October and pointed out that these are evenly split between land and sea with 36 onshore and 37 offshore. Russia leads in terms of discovery volume, with 1.51 billion boe, while Suriname comes second with 1.39 billion boe and the UAE follows third with 1.1 billion boe.

Global conventional discoveries came in at 15.6 billion boe in 2019, 9.5 billion boe in 2018, 11.2 billion boe in 2017, 7.7 billion boe in 2016, 20.3 billion boe in 2015, and 17.1 billion boe in 2014.

“Global oil and gas operators will chase plenty of additional volumes in wildcats planned for the final two months of the 2020, although some may not be completed until early 2021 and will therefore add to next year’s tally.  We believe discovered volumes are likely to settle at around 10 billion boe,” says Palzor Shenga, senior upstream analyst at Rystad Energy.