New global oil and gas discoveries hit record high in a decade last year, spurring value creation from the exploration segment to about $33 billion at base.…Value creation reaches $33billion at base price
As the world races towards net-zero, fossil fuel has been a major enemy as activists and the International Energy Agency asked investors not to fund new oil, gas and coal supply projects if the world wants to reach net zero emissions by 2050. The report, “Wood Mackenzie’s ‘Oil and gas exploration: 2022 in review” noted that the number of wells were less than half the numbers during pre-pandemic years, yet the total volume of 20 billion barrels of oil equivalent matched the average annual volumes of 2013-2019.
Despite the much-trumpeted in-land basin reported discoveries in Nigeria, WoodMac noted that much of the listed discoveries are from deepwater. The report noted that liquids accounted for 60 per cent of new resources discovered, adding that the development is only the third time in 20 years that liquids made up the majority of new discoveries.