Rystad Energy

By William Watts / Market Watch

SAN FRANCISCO
Petroleumworld 12 21 2021

Barring any last-minute major finds, oil and gas discoveries are on track this year to come
in at their lowest in 75 years, according to data compiled by Rystad Energy.

Through the end of November, total global discovered volumes for the year were
calculated at 4.7 billion barrels of oil equivalent, or boe, and, with no major finds
announced so far in December, the industry is on course for its worst discoveries toll since 1946,
the energy research company said in a Monday note. The figure would also represent a
considerable drop from the 12.5 billion boe discovered in 2020.

RYSTAD ENERGY

“Although some of the highly ranked prospects are scheduled to be drilled before the end
of the year, even a substantial discovery may not be able to contribute towards 2021 discovered
volumes as these wells may not be completed in this calendar year,” said Palzor Shenga,
vice president of upstream research at Rystad Energy. “Therefore, the cumulative discovered
volume for 2021 is on course to be its lowest in decades.”

Oil futures have set back sharply this month as worries have grown about the effect of the
spread of the omicron variant of the coronavirus that causes COVID-19. But crude is still up

sharply for the year, with the U.S. benchmark CL00, +1.06% up more than 42% and Brent crude
BRN00, +0.74%, the global benchmark, up nearly 40%, a rally that’s been attributed in part to low
investment in exploration world-wide.

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By William Watts from Market Watch

bloomberg.com  12 20 2021

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