Global Oil & Gas Discoveries: The Year that was (2024)
Satyesh Bhandari
In the year that just completed, several significant oil discoveries were reported globally. The estimated resources (barrels of oil equivalent - BOE) give a clearer picture of their significance.
1.????? Guyana's Offshore Discoveries (11 billion BOE)
?The cumulative discoveries in Stabroek block in deep water offshore Guyana, continue to dominate incremental global resource estimates. Guyana continued its streak of significant offshore oil discoveries, with ExxonMobil's subsidiary, Esso, leading the exploration. Till now more than 30 discoveries have been made, contributing to an estimated total resource of 11 billion barrels of oil equivalent in the Stabroek block.
?2.????? Namibia's Orange Basin (5.1 billion BOE)
Multiple discoveries in the Orange Basin in deep water offshore Namibia signify its potential as a major energy hub. The Orange basin is an emerging basin with significant reserve potential. Many discoveries in Namibia's Orange Basin were reported, with cumulative reserves estimated at 5.1 billion barrels of oil. This has attracted significant investor interest, positioning Namibia as a potential new player in the global oil market.
3.????? Kuwait's Al-Nokhatha Field (3.2 billion BOE)
Kuwait Petroleum Corporation added another substantial oil discovery in the Al-Nokhatha field, located east of Failaka Island in the year 2024. The reserves are estimated at 3.2 billion barrels of oil equivalent, marking one of the largest finds of the year. A significant find reinforces Kuwait's lead standing in global oil reserves.
?4.????? China's Bohai Bay Discovery (approximately 1.3 billion BOE)
China's state-owned CNOOC reported a major breakthrough in Bohai Bay. The LK7-1-1 well produced approximately 1,300 barrels of crude oil and nearly 35 million cubic feet of natural gas per day, highlighting the area's significant potential. This discovery indicates the vast potential of Bohai Bay.
?5.????? Ecopetrol's Colombian Gas Find (exact BOE not disclosed)
Ecopetrol confirmed the largest gas find in Colombia's history in the year 2024, marking a significant milestone for the country's energy sector. The exact size of the discovery is not yet disclosed but supposed to be a game-changer for Colombia's energy sector.
?6.????? Equinor's North Sea Discoveries (~40 million BOE)
Equinor has made multiple discoveries in the North Sea during the year 2024. Recently, an oil and gas discovery announced near the Fram field is estimated to have 13 to 28 million barrels of oil equivalent. Another discovery near the Troll field was also estimated to have between 2 to 12 million barrels of oil equivalent. Combined potential of the discoveries is around 40 million BOE near the Fram and Troll fields where production facilities already exist.
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?7.????? Talos Energy's Gulf of Mexico Discovery (Commercially viable BOE)
Talos Energy has announced a commercial oil discovery in the Ewing Bank 953 well, in the Gulf of Mexico. This discovery further enhances the region's production capabilities. This will further Boost Gulf of Mexico's standing as a productive region.
?8.????? Harbour Energy's UK North Sea Find (significant Gas-condensate)
Harbour Energy discovered a gas-condensate field southeast of Aberdeen, contributing to the UK's offshore resource base. This will further add value to the UK’s resource portfolio.
?9.????? OGDCL's Bannu Basin Discovery (Hydrocarbon reserves; BOE not disclosed)
Pakistan's Oil & Gas Development Company Limited (OGDCL) announced a hydrocarbon discovery in the Bannu Basin in Bettani-02 well in the year 2024. This indicates further exploration potential in the region. This was the first hydrocarbon discovery in the Samanasuk formation, a Middle Jurassic carbonate unit made up of limestone, marl, and sandstone.
?10.? V?r Energi's Goliat Field Discovery (BOE not disclosed)
V?r Energi confirmed a new oil discovery in the Goliat field in the year 2024. Goliat field?is an offshore oil field in the Norwegian sector of the Barents Sea. It is located 85 kilometres Northwest of Hammerfest. This discovery will unlock significant additional resource potential in the Barents Sea. This discovery promises future exploration potential in the Barents Sea.
These discoveries underscore the ongoing global efforts in oil exploration and the continuous search for new energy resources.
Nothing about Indian offshore/onshore discovery.... Slow exploration activities are slowing down the new discoveries.. Bad quality of work/data is increasing the number of dry wells in India. Contractors are executing the projects at less than the half budget of 2010. No one is questioning the contractors about their prices, data quality and delays. India is going to face a serious problem in maintaining the oil/gas production rate in coming years. ONGC and OIL have to wake-up soon.
Former Advisor-Monetisation -Business Development -Strategic Planning -Renewable Energy
1 个月Nambia’s discovery by Shell is written off due to its commercial being non viable. Is it correct?
TPL Specialist Geology I at Kuwait Oil Company
1 个月Excellent summary Bhandari Sab
Big Jorg
1 个月It's incredible to see how new discoveries can reshape energy markets and influence geopolitical dynamics. Looking forward to seeing how these findings will impact global energy strategies and sustainability efforts in the coming years.
Sales Manager
1 个月Love this