Some 3.2 billion barrels of oil equivalent (boe) were discovered world-wide in the first quarter of 2019, according to Rystad Energy.
This compares with 9.1 billion boe discovered in total last year.
Last year was, however, another disappointing year for global exploration. It was the fifth year in a row with declining discovery volumes (although 2016 was even worse).
NCS Exploration 2019, May 21-22, Fornebu: Recent Advances in Petroleum Exploration
35 high impact wells
In 2013, 17.4 billion boe were discovered. If this should be repeated in 2019, exploration success must increase substantially compared to 1st quarter.
Rystad Energy does, however, have an optimistic view: “From a global perspective, the push for substantial new discoveries shows no signs of slowing down, with another 35 high impact exploration wells expected to be drilled this year, both onshore and offshore. Three such highly prospective wells are already underway: the Shell-operated Peroba well, off Brazil, with pre-drill prospective resource estimates of 5.3 billion boe; Eni’s Kekra well in Pakistani waters, with pre-drill prospective resource estimates of 1.5 billion boe; and the Total-operated Etzil well off Mexico, with pre-drill prospective resource estimates of 2.7 billion boe.”
NW Europe in the “top ten”
The largest discovery this year so far is Glaucis offshore Cyprus. Some 700 million boe have been discovered, mostly gas.