Oil And Gas Discoveries In 2019 Totaled 12.2 Billion Barrels Of Oil Equivalent

ExxonMobil Stands Out in Oil and Gas Discoveries According to Rystad Energy, Due to Exploratory Success in Guyana

The year 2019 is notable for oil and gas discoveries, totaling 12.2 billion boe (barrels of oil equivalent), the largest volume since 2015, according to Rystad Energy (an independent oil and gas consulting services company that provides global databases, strategic consulting, and research).

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In total, there were 26 discoveries worldwide in 2019, four of which were made by ExxonMobil in the Stabroek block offshore Guyana. Additionally, in the same country, Tullow Oil made other discoveries, Joe and Jethro (exploratory blocks). The estimate is that in the country, the recoverable resources are 1.8 billion boe, of which 1.07 billion in assets are operated by ExxonMobil.

The largest discovery of the year was made by BP in Africa, in deep waters off Mauritania, with an estimated volume of 1.3 billion boe. Following that is Gazprom’s discovery in the Kara Sea, in Russia, of 1.5 billion boe.

However, the 22% increase compared to 2018 in volume was still not as expected, considering that many high-impact wells did not yield good results. According to Rystad’s Upstream analyst, Palzor Shengda, more than 10 billion barrels estimated pre-drilling were not found.

The expectation for this year, 2020, is that discoveries will continue at a growing pace.

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