New global oil and gas discoveries strongest in 2022
The global oil and gas exploration sector had its strongest year in 2022 in more than a decade. In its work to improve portfolios by adding lower-carbon, lower-cost advantaged hydrocarbons, the sector created at least $US33 billion of value and achieved full-cycle returns of 22%, at $US60/barrel Brent prices, according to a recent report from Wood Mackenzie, a Verisk business.
Wood Mackenzie’s ‘Oil and gas exploration: 2022 in review’ report states that exploration well numbers 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.
“2022 was a standout year for exploration,” said Julie Wilson, Director of global exploration research at Wood Mackenzie. “Volumes were good, but not stellar. However, explorers were able to drive very high value through strategic selection and focusing on the best and largest prospects. The discoveries bring higher-quality hydrocarbons into companies’ portfolios, allowing them to reduce carbon by displacing less advantaged oil and gas supplies while also meeting the world’s energy needs.”
Wilson added, “The highest value came from world-class discoveries in a new deepwater play in Namibia, as well as resource additions in Algeria and several new deepwater discoveries in Guyana and Brazil, where the latest wave of pre-salt exploration finally met with success. The average discovery last year was over 150 million barrels of oil equivalent, more than double the average of the previous decade.”
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