Report: FSU sees high number of oil and gas discoveries

The Former Soviet Union (FSU) saw the highest number of oil and gas discoveries during Q4 2017, according to a report by GlobalData.

During the period, a total of 41 oil and gas discoveries were made, featuring 21 conventional oil sites, one heavy oil location, one unconventional gas source, and 18 conventional gas sites.

Titled ‘Q4 2017 Global Oil and Gas Discoveries Review – Discovery Success Continues in Russia’, the report focuses on the discoveries made around the world during Q4 2017 and the nature of such discoveries.

The FSU had 12 discoveries, while Asia had eight, followed by Oceania with seven, and Europe and South America with five discoveries each.

Two discoveries were made in North America, while the Middle East and Africa accounted for one discovery each during the quarter.

Among nations, Russia had ten discoveries, Australia had seven and Colombia had four. Pakistan and the UK were also among the countries with the highest number of discoveries, with three each.

Of the ten discoveries made in Russia, five are conventional oil and five are conventional gas.

Among the basins, the Volga-Ural Basin had six discoveries, followed by the West Siberian Basin with three and North Okhotsk Basin with one.

Meanwhile, Rosneft Oil Company and Beach Energy occupied the top two positions among operators with four discoveries each.

Next in the list of operators with the highest number of discoveries are BP, Canacol Energy, Imperial Energy, RUEPA and Santos with two discoveries each.

A total of 30 of the discoveries were onshore, while eight were in shallow water and three were found in deep water sites.