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Global Oil And Gas Discoveries Set To Hit 75-Year Low In 2021
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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 any significant finds, Rystad Energy analysis shows. As of the end of November, total global discovered volumes this year are calculated at 4.7 billion barrels of oil equivalent (boe) and, with no major finds announced so far this month, the industry is on course for its worst discoveries toll since 1946. This would also represent a considerable drop from the 12.5 billion boe unearthed in 2020.
Liquids continue to dominate the hydrocarbon mix, making 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 year now stands at 424 million boe. A reduction in cumulative volume highlights the absence of large individual finds, as has been the case in previous years.
“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. Therefore, the cumulative discovered volume for 2021 is on course to be its lowest in decades,” says Palzor Shenga, vice president of upstream research at Rystad Energy.
The largest discovery in November 2021 was Russian group Lukoil’s Yoti West off the coast of Mexico, which is estimated to hold around 75 million boe of recoverable resources. The discovery strengthens Lukoil’s cumulative discovered volumes in the North American nation. However, these volumes are still insufficient for commercial development and would require further discoveries of a comparable scale before a development concept could be drawn up. These discoveries do, however, give hope to Mexico that the country can halt or slow down its production decline. Several wells are scheduled to be drilled in blocks offered in various bid rounds, many by leading international oil companies.
Offshore Malaysia, Nangka-1 became the second successive exploration well drilled within Block SK 417. The wildcat was drilled by Thai state operator PTTEP to a depth of 3,758 meters 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 to materialize these discoveries with available infrastructure.
4 Comments on "Global Oil And Gas Discoveries Set To Hit 75-Year Low In 2021"
Cloggie on Fri, 24th Dec 2021 9:24 am
“Global Oil And Gas Discoveries Set To Hit 75-Year Low In 2021”
Now, peak oil is getting very real.
Stop worrying about climate change, there are not that many potential affordable emissions left to do additional damage.
Theedrich on Tue, 28th Dec 2021 4:14 am
Christianity today is a White suicide pact. It promotes the extinction of the White race while encouraging a feeding frenzy by parasitic and criminal ThirdWorlders, the population explosion of ape-nostriled subhumans, and the surrender of all White wealth and intellectual achievements to the dross of the globe. All under the mask of “compassion” and “White guilt” for any psychodrama swirling in the heads of unWhites.
Meanwhile dictatorship-minded globemaster billionaires bribe Western politicians to encourage international criminal organizations to wage Narcotics Wars against Whiteland, import anthropoid trash from outhouse countries, and expend trillions of dollars on mindless wars to benefit the military-industrial complex of the U.S.
Christianity itself is in precipitous decline. All of the high prelates of the Catholic Church and many of the Protestant theologians know that the foundations of their religion are myths, lies and frauds. The realities of those foundations have been exposed by researchers who have published their findings in scholarly works such as The Acts of Jesus: What Did Jesus Really Do? by Robert Walter Funk and The Jesus Seminar, and The Complete Gospels, 4th Edition by author and editor Robert J. Miller. All of this historical scholarship has unmasked the idiocy and fraud behind a religion which uses guilt over sex and, today, about “racism” to keep itself alive.
Given the hypocritical idiocy now ruling the West, it is only a matter of time before it implodes or is destroyed by its own insanity. A civilization built on sand cannot stand against the storms of history. The madmen now in control will ensure its death.
And the masses will accept it with open arms.
Because the Jesus-freaks in colorful robes and big churches tell them to.
Ted Wilson on Tue, 28th Dec 2021 10:45 am
already we have hit a peak vertically drilled oil and all the new oil is coming only from horizontally drilled oil which has high depletion rate. when that one also decreases, then the world will turn to sands oil which is mined like coal and is very dirty. still the oilmen will continue to say that peak oil is hoax and will keep producing oil. electric vehicles are set to hit 6 million sales this year, lets see how it impacts global oil consumption.
pat on Tue, 18th Jan 2022 6:31 pm
The world has we know will simply collapse the OIL Age is ckming to end. The Oil is going to hit $250 with Oil shortages 2022. The greatest show on earth End of Oil. Imagine the amount of enerygy needed to push your car miles and the same done with the gasoline fuels, the alternate evs etc. not going to make a dent can never power the world. Going back to living offgrid growing own food etc. The unprepared are coming.