Drillers improving exploration performance, report finds

LONDON Westwood Global Energy Group’s ‘State of Exploration 2020’ report reveals an increase in drilling globally last year, with improved performance in 2019.

The number of high-impact wells drilled rose 39% compared with 2018, with more than 15 Bboe discovered and commercial success rates of 32%, the highest in at least 10 years.

Westwood identified 28 potentially commercial discoveries with resources above 100 MMboe, almost double the number in 2018 and the highest since 2014.

The four largest were gas or gas condensate in Iran, Russia, Mauritania, and Cyprus, and there were also eight oil discoveries containing more than 200 MMbbl, including three offshore Guyana.

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