A new report from analysts Westwood Global Energy Group has highlighted 10 potentially commercial oil discoveries made in 2017.
The sites, in the US, Senegal, Guyana, Mexico, Papau New Guinea and Iraq are all considered to contain over 100 million barrels of oil equivalent (boe).
- Yakaar, MSGBC Basin, Senegal
- Payara, Turbot & Snoek, Suriname-Guyana Basin, Guyana
- Horseshoe, Colville Basin, USA
- Zama, Salina Basin, Mexico
- Whale, Gulf of Mexico, USA
- Muruk, Papuan Basin, PNG
- Eridu, Arabian Basin, Iraq
- Ixachi, Veracruz Basin, Mexico
The figure is comparable to 11 in 2016, but significantly lower than the 21 discoveries made in 2015 and 32 in 2014.
Westwood’s analysis also highlights 12 “misses” which aren’t expected to deliver such as Druid in Ireland’s Porcupine Basin and Korpfjell in the Barents Sea, Norway.
Dr Keith Myers, President, Westwood Research, comments: “While our top ten discoveries may have contributed significantly to decreased finding costs and increased average discovery sizes, they should not mask the challenges, particularly in high impact exploration drilling.
“The lack of any clearly commercial frontier discoveries in 2017 is disappointing. This is the second year without significant frontier success.
“2018 has started better, however, with Exxon’s frontier Ranger discovery offshore Guyana potentially opening a new carbonate play in the increasingly prolific Suriname-Guyana Basin. Chevron has recently announced a substantial discovery at Ballymore in the Norphlet play in the Gulf of Mexico, where appraisal is already underway.”