Global Oil Discoveries See Remarkable Recovery In 2018

Authored by Rystad Energy,  via OilPrice.com,

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

The average monthly discovered volumes YTD are estimated at 826 million boe, up approximately 30% compared to 625 million boe in 2017.

(Click to enlarge)

During H1 2018, Guyana led the top five countries in terms of total discovered resources added 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 United States and Cyprus are located in ultra-deepwater and are 100% owned by oil majors, indicating indicates 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.

Guyana

ExxonMobil’s spate of oil discoveries continue in Stabroek block with three major oil discoveries reported in 2018 - Ranger, Pacora and Longtail, which together could hold almost 1 billion barrels of oil or more. These finds followed previous major discoveries on the block at Liza, Payara, Snoek and Turbot.

United States

The United States reported oil discoveries at Ballymore and Dover prospects in the Norphlet play in deepwater Gulf of Mexico. The Norphlet play, which is characterized by high-pressure, high-temperature (HPHT) conditions accompanied with complicated and elusive structures revealed to be fortunate for Chevron and a prevailing success for Shell. Chevron discovered a significant oil play at the Ballymore prospect with its first exploration well in the subtle play whereas the Dover discovery located 13 miles from the Appomattox host was Shell’s sixth discovery in the play.

Cyprus

Cyprus marked its entry in the list owing to Eni’s promising gas discovery at Calypso 1 NFW ultra-deepwater well in Block 6. The discovery well encountered an extended gas column in rocks of Miocene and Cretaceous age, confirming the extension of “Zohr-like” play in the Cyprus Exclusive Economic Zone.

Oman

Petroleum Development Oman (PDO) announced a giant gas-condensate discovery at Mabrouk North East prospect in the northern part of its concession area located west of Saih Rawl field.

Norway

In the Norwegian Sea, significant discoveries were reported by OMV and Wintershall in the Aasgard and Aasta Hansteen area respectively, with combined recoverable resources close to 240 million boe. While in North Sea, Aker BP and Equinor made the other two discoveries which together added 75 million boe.

The discovery trend 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, on average of less than 10%. This is worrisome considering the impact on global oil supply in long term,” says Espen Erlingsen, Head of Upstream Research at Rystad Energy.

Comments

LawsofPhysics Fri, 07/27/2018 - 13:45 Permalink

Well, that's good because with just about 8 BILLION people all competing for the reduced hydrocarbons and consumable calories that are required for a decent standard of living, there is plenty of demand!

 

Free This LawsofPhysics Fri, 07/27/2018 - 14:05 Permalink

Oil is made every day underground, sure it takes time. The earth is billions of years old and has had plenty of time to make tons and tons of the stuff. Peak oil is bullshit. We have tons yet to find still. Plus we have a century or more of natty gas and coal.

yep, fossil fuel is a myth, poor Rupert LOL gave himself a coronary thinking about it. brainwashed a lot of folks talking his shit too

In reply to by LawsofPhysics

two hoots Free This Fri, 07/27/2018 - 14:09 Permalink

The oil is good to have but:

With over 3000 platforms, 25,000 miles of pipeline, all unsecure in the Gulf of Mexico, they provide a lucrative target in any conflict with the US.  Energy disruptions and environmental calamities would reek havoc.  Surely there is a plan to quickly secure the Gulf from under/over/on the water threats?  If not……get at it.

 

https://www.fractracker.org/2014/11/latest-incident-gulf-of-mexico/http…

In reply to by Free This

GoHillary2016 Free This Fri, 07/27/2018 - 14:55 Permalink

There is a difference between being despicable and touching a nerve. your just a pathetic loser with nothing better to do than blather on here, where maybe on your best day 20 people might have wasted the 30 seconds to read the fucked up bullshit you post. Your life has less meaning than dog shit on the trains tracks pal get over it. Keep pretending what you do here has any meaning it doesn't.

In reply to by Free This

GoHillary2016 Free This Fri, 07/27/2018 - 14:55 Permalink

There is a difference between being despicable and touching a nerve. your just a pathetic loser with nothing better to do than blather on here, where maybe on your best day 20 people might have wasted the 30 seconds to read the fucked up bullshit you post. Your life has less meaning than dog shit on the trains tracks pal get over it. Keep pretending what you do here has any meaning it doesn't.

In reply to by Free This

Kyddyl Free This Fri, 07/27/2018 - 16:46 Permalink

Whatever. Have you noticed the "new" geographical locations on the globe? Are you aware of where China, India, Iran, Europe and Russia are? The US is geographically a long way from the largest "great new finds'. The US is also very wasteful of fuel so US new finds will be gobbled up very quickly. 

In reply to by Free This

MK ULTRA Alpha Kyddyl Fri, 07/27/2018 - 18:12 Permalink

The above article isn't even hitting it in the park, there have been many finds on the North Slope, the Shell find in the Gulf, that's been talked about over and over. The author is only highlighting major oil firms big finds, not what's happening in the US over all.

Obama tried to kill us, the opposition has proven in every which way from the street to congress they're trying to kill us, it has nothing to do with Clinton. It has everything to do with killing us.

Before WWII, the same crap happened in Europe that is happening here. The communist caused the fascist reaction. The French Communist helped the German army to invade to destroy the French.

Are you loyal to the US, shit none of you people are loyal to this nation, so naturally the internal war will go hot, unlike Europe, we will kill the S H I T out of you.

Right after a huge find in Alaska, Obama put it off limits, put huge areas off limits. He put huge areas off limits, added unprecedented etc. He tried his best to kill us, but white snowflakes liked rap nigger because he was like a rap star, lying his ass off on everything.

Guess what, Trump opened it up, the entire country to production. Now the estimates of reserves increased exponentially. Now we know you POS are NOT interested in making money, it's all whining snow freaks,  momma boys and girls.

There has been $500 billion growth in student loans after Obama, highest growth rate, it means all you worthless POS will not work and that's the reason 6.6 million jobs are going unfilled. In less than two years, nearly $500 billion student loans, the snowfreaks refused to work now they're all going back to school during Trump.

The nation is winning, all those who oppose Trump are saying we want to kill you, they've said it over and over, now illegals are registering to vote. It will be the greatest rigged vote in history and if Trump loses I will be killing POS. 

SNOW FREAKS, ALLOWED A MAN TO BREAK INTO MY HOUSE, NOW THAT MAN IS ALLOWED TO VOTE ME OUT OF HOUSE. It is time to kill you and him.

In reply to by Kyddyl

Sapere aude Newbie lurker Fri, 07/27/2018 - 15:37 Permalink

You should before posting check on the facts. Name one proven sample of abiotic oil?

 

You won't find it. Abiotic oil was a theory debunked decades ago.

 

The only time it was queried was when a formerly exploited reserve was retapped and oil found, but this was simply the oil trickling through the geological strata to a collection point, usually not tight geology but not loose, so a depleted well given a rest might for a few days then be able to produce oil...but just a few days.

In reply to by Newbie lurker

Free This pods Fri, 07/27/2018 - 14:00 Permalink

Peak oil...LOL...what a load of shit, they say there's only so much oil in the ground, or it's fossil fuels..where are those retreads I was hamming here the other week??? crickets

There is much more oil than we think, and it is being created and discovered every day!

Let me be clear before you vipers jump, oil is not created in a day!

In reply to by pods

Victor999 Free This Fri, 07/27/2018 - 17:14 Permalink

Of course we discover more oil every year.  But not nearly enough.  We use about 30+B per annum globally.  We found 4.5B of your 'abiotic' oil this year.  Do the math.  And how come reserves are falling at these wells?  Shouldn't they be holding steady or increasing if 'abiotics' are at work? 

In reply to by Free This

EddieLomax Free This Fri, 07/27/2018 - 20:18 Permalink

You need to tell the engineers working in the north sea, for some reason that peaked back in 1999 for the UK and 2003 for Norway and has been crashing ever since.

These figures of a 30% jump in oil found are good, I suspect that part of the jump is the higher oil price makes a higher recovery viable.  But its still far short of even half what we burn a year, still looks like a crunch occurring some point. 

In reply to by Free This

Dr. Acula Free This Fri, 07/27/2018 - 14:23 Permalink

You've been brainwashed to hate Muslims.

That's exactly what 9/11 was designed to cause.

Hurr durr Muslims are backwards people (because we bomb them constantly and train and equip terrorists there).  https://petapixel.com/assets/uploads/2016/08/beforeaftersyriafeat.jpg

More likely, you're spreading anti-Muslim propaganda. I think you also spread fake, dinosaur media bluepills about 9/11.

The idea that 2 planes can collapse 3 skyscrapers to collapse at free fall speed because of "heat" is extraordinary and requires extraordinary proof.

In contrast, the idea that the buildings were rigged with explosives in an inside job and, in Larry Silverstein's words "pulled", is a mundane hypothesis that requires little evidence.

In reply to by Free This

Free This Dr. Acula Fri, 07/27/2018 - 14:39 Permalink

you have been brainwashed to think 911 was an inside job and in cahoots with jews - you're funny as shit dude.

It was Bin Ladin dumbass.

Or show me some fucking proof other than dancing israeles...I know I saw a bunch of dancing muslims too you stupid fuck.

You copy/paste that same garbage every time, what you think that bullshit article is gonna convince me if you post it 10 times baahahahahahahahahah

Your avatar is just like you!

What? You don't think a plane moving at 600 mph that weighs roughly 306 metric tons wont fuck up the bolts and rods and iron holding up more tons of concrete, and I haven't even addressed the fire!

fuck you dumbass

In reply to by Dr. Acula

Dr. Acula Free This Fri, 07/27/2018 - 16:31 Permalink

> It was Bin Ladin dumbass.

Yes, fake news reported that 5 minutes after the attacks.

WTC-7 wasn't hit by any airplane. Was it destroyed by "fires"?

https://www.youtube.com/watch?v=tIKtA0Odo2o&feature=youtu.be&t=102

Meanwhile, the Windsor tower in Spain didn't collapse after 20 hours of burning: https://i.pinimg.com/originals/8d/51/69/8d51690747c288d5508efd7dd4be7f9…

No one can be this dumb. You must be spreading bluepills intentionally.

In reply to by Free This