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.
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.