During the first three quarters of 2016, a total of 129 oil and gas discoveries have been made worldwide, according to a report by GlobalData.  

Entitled 'Q3 2016 Global Oil and Gas Discoveries Review – South Asia Dominates Global Discoveries Landscape', the report states that 64 of the 129 oil and gas discoveries made during the first three quarters of the year were conventional oil, while 60 were conventional gas. Meanwhile, three were unconventional gas and two were unconventional oil.

During Q3 2016, 28 oil and gas discoveries were made comprising 13 of both conventional oil and conventional gas discovered were 13 each, with one each being unconventional gas and unconventional oil. Onshore and shallow water terrains accounted for 18 and six discoveries respectively, followed by deepwater with three discoveries and the remaining being ultra-deepwater.

"Asia was the leading region in terms of discoveries with six in Q3 2016."

Asia was the leading region in terms of discoveries with six in Q3 2016, followed by Europe and Africa with five discoveries each and South America with four.

Norway recorded five discoveries, followed by Egypt and Pakistan with four each, while the US made three.

All five discoveries in Norway were made in the North Sea Basin, with two yielding conventional gas and the rest conventional oil. Of the four discoveries made in Pakistan, three were made in the Indus Basin and one in the Potwar basin. All discoveries made in Pakistan yielded conventional gas.

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By GlobalData

Out of the four discoveries made in Egypt, three yielded conventional oil and gas and one yielded conventional gas. Two of the four discoveries were made in the Eastern Desert Basin and one each in the Western Desert and Abu Gharadig basins.

In terms of operators, Statoil, Transglobe Energy Corporation, YPF SA, and Canacol Energy Ltd had the highest number of discoveries, with two discoveries each.