The Strategist

Rystad: Number of new oil and gas fields to be worst in 75 years

12/22/2021 - 08:21

The number of oil and gas fields discovered in the world in 2021 could be the lowest in 75 years, according to Rystad Energy analysts.

Public Domain 2018 Joe deSousa
Public Domain 2018 Joe deSousa
"Global oil and gas discoveries in 2021 could be the lowest in 75 years if there are no significant discoveries before the end of December," the analysts write.

As of the end of November, discovered reserves stood at 4.7 billion barrels of oil equivalent, and if no major discoveries are made before the end of the year, it could be the worst value since 1946, the review said. It noted that the figure would be 12.5 billion barrels lower than in 2020.

Liquid hydrocarbons continue to dominate, accounting for 66% of discoveries, with seven major discoveries in November totaling around 219 million barrels of oil equivalent, the survey said. On average, deposits of 424 million barrels have been discovered in a month this year.

According to analysts, the oil field discovered by Russian Lukoil offshore Mexico was the largest in November this year. In addition, Norway continues to support infrastructure to develop smaller deposits.