GlobalData’s latest report, ‘Q4 2017 Global Oil and Gas Discoveries Review – Discovery Success Continues in Russia’ indicates that a total of 41 oil and gas discoveries were made in the fourth quarter of 2017. Of these, 21 are conventional oil, one is heavy oil, one is unconventional gas, and the remaining 18 are conventional gas.

In fourth quarter of 2017, the Former Soviet Union leads with 12 discoveries, followed by Asia with eight discoveries, and Oceania with seven discoveries. Europe and South America had five discoveries each, followed by North America with two discoveries, while the Middle East and Africa had one discovery each in the quarter.

Among countries, Russia leads with 10 discoveries, followed by Australia with seven discoveries and Colombia with four discoveries. Pakistan and the UK each had three discoveries in the fourth quarter of 2017.

Of the 10 discoveries in Russia, five yielded conventional oil and the other five conventional gas. The Volga-Ural Basin had six discoveries, while the West Siberian Basin and North Okhotsk Basin had three and one, respectively.

Oil and gas discoveries by key countries, Q3 vs Q4 2017

Source: GlobalData Upstream Analytics

In Australia, among seven discoveries, four discoveries yielded conventional gas, two conventional oil, and one unconventional gas. The four conventional gas discoveries were in the Cooper/Eromanga Basin and the conventional oil discovery was in the Eromanga Basin. The unconventional gas discovery was in the Carnarvon Basin in the fourth quarter of 2017.

Among operators, both Rosneft Oil Company and Beach Energy Ltd lead among operators with four discoveries each, followed by BP Plc, Canacol Energy Ltd, Imperial Energy Corporation PLC, RUEPA, and Santos Ltd with two discoveries each in the fourth quarter of 2017.

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