Globally only 12 oil and gas discoveries were made during Q4 2016. They touched a new annual low considering a total of 156 oil and gas discoveries were made globally in entire 2016. GlobalData’s research shows that India leads in terms of the total number of discoveries in 2016, followed by Pakistan and Norway.

GlobalData’s research report suggests that of the 156 discoveries in 2016, 76 are conventional oil, 75 are conventional gas, three are unconventional gas, and two are unconventional oil. Out of the 12 discoveries made during Q4 2016, seven are conventional gas and five are conventional oil. South America leads globally with four discoveries among all the regions.  Europe and Oceania follow with three and two discoveries, respectively.

Among countries, Norway and Colombia lead globally with three discoveries each in Q4 2016. Pakistan and Australia follow with two discoveries each. The US and Bolivia had one discovery each in the quarter.

In Norway, the 7220/6-2 R discovery in the Barents Sea Basin yielded conventional oil. Two other discoveries, one each in the Norwegian Sea Basin and the North Sea basin, yielded conventional gas.

The report shows that onshore terrain accounted for eight and deepwater for three discoveries globally. There is only one discovery in shallow water. 
Beach Energy Ltd, Oil & Gas Development Company Ltd, and Canacol Energy Ltd had two discoveries each in Q4 2016, the highest among all the operators globally.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Related report

Q4 2016 Global Oil and Gas Discoveries Review
In 2016, a total of 156 oil and gas discoveries were made globally. Of these, only 12 were in Q4 2016 touching a new annual low. Most of the discoveries in Q4 2016 are conventional oil and conventional gas.