GlobalData’s latest report, “Q3 2020 Global Oil and Gas Discoveries Review – Norway Led Discoveries Count in the Quarter” indicates that a total of 28 oil and gas discoveries were made, all of which are either conventional oil or conventional gas.
Asia led with nine oil and gas discoveries: eight conventional gas and one conventional oil. Europe and South America followed with a total of five and four discoveries respectively. The Middle East, Africa, and the Former Soviet Union (FSU) have three discoveries each in the quarter, while North America has one. There were no heavy oil or coal bed methane (CBM) discoveries this quarter.
In Q3 2020, Norway led globally in terms of the number of discoveries, with three conventional oil discoveries (35/11-24 S, 34/4-15 S, and 34/7-E-4 AH), and a conventional gas discovery (30/2-5 S). In August 2020, Neptune Energy reported a major resource find in the Norwegian sector of the North Sea with the 34/4-15 S discovery well, which was drilled approximately 10km NW of the Snorre Field. The well was drilled to a depth of 3,571 meters (m) and encountered an oil column of approximately 80 m in the primary exploration target (Rannock Formation). A second well was drilled to appraise this discovery (34/4-15 A). This well also encountered an 80 m oil column in the Rannock Formation, and additionally encountered an approximately 100 m thick oil column in the Intra Draupne Formation (the secondary exploration target for both wells).
Among operators globally, Oil and Natural Gas Corp Ltd (ONGC) and Equinor Energy AS have been the most successful in Q3 2020, with three discoveries each. ONGC made two onshore discoveries, one in Andhra Pradesh (Kavitam-5) and one in Tripura (Sundulbari-16), and one additional discovery offshore in the Bay of Bengal (KGD982NA-PDM-SH-1).
In Q3 2020, both onshore and offshore discoveries were equal in terms of the number of discoveries worldwide, however the most significant discovery was in the ultra-deepwaters of the Black Sea. The Tuna-1 discovery well is located in the Thrace Basin and is estimated to hold more than 405 bcm of natural gas.