Global Oil And Gas Discoveries Hit Four-Year High

The world’s oil and gas explorers powered ahead and discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015, according to estimates from Rystad Energy. Last year recorded 26 discoveries of more than 100 million boe, with offshore regions dominating the list of new oil and gas deposits.

Guyana’s success story from 2018 continued in 2019, with ExxonMobil adding four new discoveries within its offshore Stabroek block, while Tullow Oil’s Jethro and Joe exploration wells established the presence of a working petroleum system to the west of the Stabroek block. Rystad Energy estimates that the discoveries in Guyana hold cumulative recoverable resources of around 1.8 billion boe.

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