With current oil and gas discoveries on the increase, 2019 is likely to be the biggest year for oil and gas exploration after the oil market slump. Global oil and gas acquisitions are on a remarkable recovery track since 2018, changing the declining trend during the 2014-2017 period, and produced around 9.4 billion vessels of oil equivalent by the end of the year. Markedly, Russia, Guyana, and the United States topped the list of countries with significant finds.
Modifications to the Oil & Gas Industry in recent years alongside new fiscal measures and the influence on energy supply, vocation and investments are influencing the industry engagement preferences for 2019 and beyond. The consequence of science-technology-discoveries on competitiveness and economic growth; improving the resources through technology, productivity, and research success, attempting to increase performance as technology and innovation developed by continuously working with regulators, government and stakeholders; smart energy transmission systems. Numerous digital transformation and the critical driver are shaping a competent, reliable and sustainable future; developing oil and gas efficiency through digital transformation, and maximizing value from digital purchases.
The discovery trend proceeds in 2019, with many promising high-impact finds. Notably, the global find generated around 3.2 billion at the end of the first quarter, with the preponderance of volumes recorded in February. Various energy biggies are focused on supporting their resource base and Exxon Mobil Corporation— a Zacks Rank #3 (Hold) company—is leading the way, per latest statements by Rystad Energy.
ExxonMobil produced around 1.2 billion Boe or around 40 percent of the total volumes in the first quarter, service of three important offshore discoveries. The supermajor was recognized with this year’s most significant find in the Glaucus-1 well, stationed off the coast of Cyprus, producing 682 million Boe. The initial version of useful data suggested that the discovery included 5-8 trillion cubic feet of natural gas supply. With a series of 10 discoveries offshore Guyana in the previous two years, the U.S. oil major declared two more developments in the region, namely Haimara-1, situated 31 kilometers east of the company’s Pluma-1 discovery, confronted 63 meters of high-quality, gas-condensate carrying sandstone reservoir, and Tilapia-1-located 5.5 kilometers west of the Longtail-1 well, met 93 meters of high-quality oil-bearing sandstone.
French energy giant Total S.A. registered the second most important find in the Brulpadda sights, offshore South Africa, which could accommodate 1 billion barrels of total production. The company generated 558 million Boe, comprising 40 percent liquids.
It is pertinent to mention that the offshore discoveries are expected to constitute the majority of volumes this time around as well, comparable to last year. The push for new oil and gas finds conferring no signs of, and if this proceeds at the same pace, volumes are expected to rise 30 percent from last year, which will identify the highest levels since the crude downturn.