Global Oil & Gas Discoveries Up, As Drilling Continues Apace

Global Oil & Gas Discoveries Up, As Drilling Continues Apace

JANUARY 24, 2023

tags: oil

By Paul Homewood

h/t Dennis Ambler

While Keir Starmer wants to shut down North Sea oil, the rest of the world fortunately is not so stupid:

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In a tumultuous year of change in the world, high impact drilling in 2022 remained at a similar level to 2021, with 81 high impact wells completing (Figure 1). Performance improved with discovered resource increasing from 7.4bnboe in 2021 to a preliminary estimate of 9.2bnboe in 2022, and the commercial success rate, i.e., the proportion of wells which may result in a potentially commercial development, increasing from 29% in 2021 to 36%, Westwood Energy authors wrote in their report this week.

High impact well numbers in 2023 look to be in line with 2020-2022 with 75-85 high impact wells currently expected to complete in the year. Higher oil prices in 2022 have not fed through into more exploration.

South America will continue to be a key region for high impact exploration, particularly in the Suriname-Guyana Basin and offshore Brazil. Argentina will see its first ever deepwater well drilled in 2023. Activity in North America is expected to rebound in 2023 following a quiet year in 2022 when only nine high impact wells completed. This will include more than five high impact wells in the US GoM, further commitment wells offshore Mexico, and a key frontier basin test in the Orphan Basin offshore Canada.

Africa is expected to see wells in the emerging Orange Basin offshore Namibia, as well as frontier tests offshore Morocco, Gabon, and Mozambique. The Eastern Mediterranean has also seen a recent up-tick in high impact exploration drilling, which will continue into 2023 with around five high impact wells expected. High impact drilling activity in Europe, the Middle East and Asia Pacific is expected to fall slightly in 2023 compared to the previous year.

2023 Outlook

High impact well numbers in 2023 look to be in line with 2020-2022 with 75-85 high impact wells currently expected to complete in the year. Higher oil prices in 2022 have not fed through into more exploration.

South America will continue to be a key region for high impact exploration, particularly in the Suriname-Guyana Basin and offshore Brazil. Argentina will see its first ever deepwater well drilled in 2023. Activity in North America is expected to rebound in 2023 following a quiet year in 2022 when only nine high impact wells completed. This will include more than five high impact wells in the US GoM, further commitment wells offshore Mexico, and a key frontier basin test in the Orphan Basin offshore Canada.

Africa is expected to see wells in the emerging Orange Basin offshore Namibia, as well as frontier tests offshore Morocco, Gabon, and Mozambique. The Eastern Mediterranean has also seen a recent up-tick in high impact exploration drilling, which will continue into 2023 with around five high impact wells expected. High impact drilling activity in Europe, the Middle East and Asia Pacific is expected to fall slightly in 2023 compared to the previous year.

https://www.oedigital.com/news/502143-high-impact-drilling-held-steady-in-2022-discoveries-up-to-9-2-billion-barrels

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