Study finds no progress on many large oil and gas discoveries

Huge volumes of discovered hydrocarbons worldwide are currently ‘stranded,’ according to a study by Westwood Global Energy Group.

The consultant has identified 119 fields in this category that were found between 2008 and 2016 with collectively 11 Bbbl of oil and 36 Bboe of gas, but currently not progressing toward development.

These volumes, which cost an estimated $24 billion to discover and with a combined value of $65 billion [1], account for 40% of the reserves proven in high-impact discoveries in this period.

Westwood’s analysis shows the highest volume of ‘stalled’ gas is in the Ruvuma-Rufiji basin offshore Mozambique and Tanzania where 166 tcf was proven between 2010 and 2015, and yet only 38 tcf has shown any sign of progression.

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