Report: South America and Europe had most oil and gas discoveries for Q1

11 May 2017 (Last Updated May 11th, 2017 18:30)

A global total of 32 oil and gas discoveries were made during Q1 2017, including 22 for conventional oil, and ten for conventional, according to a report by GlobalData.

A global total of 32 oil and gas discoveries were made during Q1 2017, including 22 for conventional oil, and ten for conventional, according to a report by GlobalData. 

Titled ‘Q1 2017 Global Oil and Gas Discoveries Review - Offshore Discoveries Continue in Norway’, the report states that both South America and Europe led globally with six discoveries each during the quarter.

The two regions were followed by Asia and Former Soviet Union (FSU) with five each, and Africa and Oceania with three discoveries. 

By country, Norway, Russia, and Australia led globally with five, four and three discoveries respectively.

"By country, Norway, Russia, and Australia led globally with five, four and three discoveries respectively."

Norway reported three conventional oil discoveries, one each in the North Sea basin, Norwegian Sea Basin and Barents Sea basin. In addition, two conventional gas discoveries were made in the Norwegian Sea basin and North Sea basin.

Four conventional oil discoveries were made in Russia’s Volga-Ural basin, while one for conventional oil and two conventional gas discoveries were found in Australia’s Cooper/Eromanga basin.

Company-wise, Statoil ASA, ExxonMobil Corporation, and Oil and Natural Gas Corporation were the leading operators with four, two and two discoveries respectively. 

The number of onshore discoveries during the quarter was 22, while five were shallow water discoveries, with three deepwater and two ultra-deepwater discoveries.