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2018 Discovered Petroleum Resources Increase 30%

2018 Discovered Petroleum Resources Increase 30%2018 Discovered Petroleum Resources Increase 30%

Global discoveries of conventional oil and natural gas are seeing an exciting recovery, with discovered resources already surpassing 4.5 billion barrels of oil in H1 2018, Rystad Energy analysis shows.

Rystad Energy is an independent energy consulting services and business intelligence data firm offering global databases, strategy advisory and research products for E&P and oil service companies, investors, investment banks and governments.

The average monthly discovered volumes year to date are estimated at 826 million boe, up approximately 30% compared to 625 million boe in 2017, Rystadenergy.com reported.

During H1 2018, Guyana led the top five countries in terms of total discovered resources followed by the United States, Cyprus, Oman and Norway. These five countries hold three-fourths of the total resources discovered this year.

The discoveries in Guyana, the US and Cyprus are located in ultra-deepwater and are 100% owned by oil majors, indicate that oil majors have started to re-focus on deepwater exploration.

The biggest offshore discovery to date this year is believed to be the Eni-operated Calypso gas find offshore Cyprus, while the largest onshore discovery, a gas-condensate find, was reported on the Mabrouk North East prospect, operated by Petroleum Development Oman.

The trend of discovery is expected to continue in H2 2018 backed by ongoing exploration in emerging offshore provinces and many promising high-impact wells targeting potential resources in the millions.

“An uptick of 30% from the abnormally low levels in 2017 might seem encouraging, but E&P players are currently facing a low reserve replacement ratio, an average of less than 10%. This is worrisome considering the impact on global oil supply in long term,” said Espen Erlingsen, head of Upstream Research at Rystad Energy.

 

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