BAKU, Azerbaijan, Dec.21
By Leman Zeynalova – Trend:
Global oil and gas discoveries in 2021 are on track to hit their lowest full-year level in 75 years should the remainder of December fail to yield any significant finds, Trend reports with reference to Rystad Energy.
“As of the end of November, total global discovered volumes this year are calculated at 4.7 billion barrels of oil equivalent (boe) and, with no major finds announced so far this month, the industry is on course for its worst discoveries toll since 1946. This would also represent a considerable drop from the 12.5 billion boe unearthed in 2020,” the company said in its report.
Rystad Energy analysts note that liquids continue to dominate the hydrocarbon mix, making up 66 percent of total finds.
“Seven new discoveries were announced in November 2021, unearthing around 219 million boe of new volumes. The monthly average of discovered volumes this year now stands at 424 million boe. A reduction in cumulative volume highlights the absence of large individual finds, as has been the case in previous years,” reads the report.
Although some of the highly ranked prospects are scheduled to be drilled before the end of the year, even a substantial discovery may not be able to contribute towards 2021 discovered volumes as these wells may not be completed in this calendar year, says Palzor Shenga, vice president of upstream research at Rystad Energy.
“Therefore, the cumulative discovered volume for 2021 is on course to be its lowest in decades,” added Shenga.
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