INTERNATIONAL WILDCATS SHOW DECLINE IN YIELD

Industry's international wildcat drilling campaign in the 1980s generated 82 billion bbl of oil and 279 tcf of gas outside North America, the U.S.S.R., eastern Europe, and China. The latest annual review of new field wildcat drilling by Petroconsultants SA, Geneva, shows discovery rate declined during the second half of the decade with oil strikes down by 25% and gas by more than 40% from the first half. Petroconsultants said few figures have been disclosed for more recent discoveries, so

Sept. 9, 1991

2 min read

Industry's international wildcat drilling campaign in the 1980s generated 82 billion bbl of oil and 279 tcf of gas outside North America, the U.S.S.R., eastern Europe, and China.

The latest annual review of new field wildcat drilling by Petroconsultants SA, Geneva, shows discovery rate declined during the second half of the decade with oil strikes down by 25% and gas by more than 40% from the first half.

Petroconsultants said few figures have been disclosed for more recent discoveries, so its estimates are based on preliminary data and tend to be conservative.

Looking at the decade as a whole, the survey showed that particularly large volumes were found in Latin America and the Near East. In the second half of the decade, only the Far East showed an increase in oil discovered. The biggest decline occurred in Africa.

Nations outside the Organization of Petroleum Exporting Countries accounted for 42.22 million bbl of new discoveries. While there was virtually no change in reserves replacement among OPEC members, non-OPEC discoveries were down by more than 40% in 1986-90 from 1981-85. Non-OPEC production was at record levels in the second half of the decade, when only 80% was replaced by new field wildcat discoveries, compared with 175% in 1981-85.

Petroconsultants said the star performer among non-OPEC ranks during 1986-90 was Syria, which replaced 227% of its production with reserves found by new field wildcats. Brazil replaced 136% after a 1,000% replacement in the first half of the 1980s.

The U.K., India, and Australia were consistent performers, but declines were marked in Argentina, Egypt, and Malaysia and significant in 1980s exploration in Colombia and Angola.