Global oil and gas discoveries in 2021 are on track to hit their lowest full-year level in 75 years should the remainder of December fail to yield significant finds, according to Rystad Energy.
The consultancy calculated total yearly global discovered volumes reported by end-November to be 4.7 billion boe, on course for the smallest level since 1946 if no additional volumes are found by end of year. By comparison, 12.5 billion boe were discovered in 2020.
Liquids make up 66% of total finds. Seven new discoveries were announced in November 2021, unearthing around 219 million boe of new volumes. The monthly average of discovered volumes this is 424 million boe. A reduction in cumulative volume highlights the absence of large individual finds.
PJSC Lukoil Oil Co.'s Yoti West, off the coast of Mexico, was the largest discovery in November 2021. It is estimated to hold about 75 million boe recoverable resources. This volume is insufficient for commercial development, however, and would require further discoveries of a comparable scale before a development concept could be drawn up.
Offshore Malaysia, Nangka-1 is the second successive exploration well drilled in Block SK 417. The wildcat was drilled by Thai state operator PTT Exploration and Production Public Co. Ltd. (PTTEP) to a depth of 3,758 m and discovered sweet gas within the Middle to Late Miocene Cycle VI clastic reservoirs.
Norway continues to unearth small-to-medium finds, providing an opportunity for development with available infrastructure, Rystad said.