{"id":8892,"date":"2019-08-12T00:00:00","date_gmt":"2019-08-12T00:00:00","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/2019-high-impact-exploration-discoveries-already-surpass-the-whole-of-2018\/"},"modified":"2022-09-07T02:53:11","modified_gmt":"2022-09-07T01:53:11","slug":"2019-high-impact-exploration-discoveries-already-surpass-the-whole-of-2018","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/news\/2019-high-impact-exploration-discoveries-already-surpass-the-whole-of-2018","title":{"rendered":"2019 high impact discoveries already exceed whole of 2018, but it&#8217;s back to gas"},"content":{"rendered":"\r\n<p>High-impact exploration drilling\u00a0activity\u00a0increased substantially in the first half of 2019 with 51 exploration wells completed, compared to 36 in the same period in 2018. It\u2019s back to gas though, with gas discoveries up and oil down on 2018.\u00a0The commercial success rate\u00a0has\u00a0also improved significantly, running at 37%\u00a0so far\u00a0compared to ~27% recorded in 2017 and 2018. 16 discoveries estimated to be larger than 100mmboe have already been made in the first half of the year, with the largest discoveries all being gas at\u00a0Dinkov\u00a0(~14tcf) and\u00a0Nyarmeyskoye\u00a0(4.3tcf) in the Kara Sea offshore Russia, and Glaucus (4.5tcf) in the Eastern Mediterranean offshore Cyprus. The largest oil discoveries are\u00a0considered\u00a0to be at Yellowtail and Tilapia offshore Guyana, both at more than 300mmbbl.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"wp-image-16715\" src=\"https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2019\/11\/Number-of-100mmboe-discoveries.png\" alt=\"\" \/>\r\n<figcaption>Number of &gt;100mmboe discoveries and largest discoveries (&gt;100mmboe) recorded by Westwood in the first half of 2019<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"wp-image-16705\" src=\"https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2019\/11\/image-3.png\" alt=\"\" \/>\r\n<figcaption>High-impact discoveries in the first half of 2019. Operators labelled.\u00a0<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>18 frontier play tests were completed in the first half of 2019 with only one potential commercial play opener,\u00a0at the Brulpadda-1AX well in the\u00a0Outeniqua\u00a0Basin offshore South Africa. High-impact emerging play exploration was dominated by the Upper Cretaceous Liza play offshore Guyana, the Pliocene deepwater clastic play offshore Trinidad and the Cretaceous gas play in the South Kara Sea. High-impact success was also seen in maturing\/mature plays, including Eni\u2019s prolific Block 15\/06 offshore Angola (Agidigbo and Agogo) and at CNOOC&#8217;s Glengorm discovery in the Central N Sea.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"wp-image-16712\" src=\"https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2019\/11\/High-Impact-Exploration-Activity-Levels.png\" alt=\"\" \/>\r\n<figcaption>High-impact exploration activity levels, success rates and finding costs 2015- 1H 2019 with 2H 2019 projection<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>Westwood projects that a further ~35-40 high-impact exploration wells will complete by the end of 2019, resulting in more than 85 for the year, a ~35% increase on 2018 levels.\u00a0Westwood estimates that a total of\u00a0~10bnboe\u00a0could be found by the end of the year,\u00a0delivering the highest volumes\u00a0from high-impact exploration\u00a0since 2015.\u00a0Drilling in\u00a0maturing and mature plays is expected to drive the increase in the well count with the frontier program expected to remain roughly\u00a0inline\u00a0with 2018, at around 32 frontier wells.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>High impact\u00a0drilling \u201chot-spots\u201d will be\u00a0the Suriname-Guyana Basin, the MSGBC,\u00a0the Gulf of Mexico\u00a0and\u00a0Northwest Europe, which\u00a0is expected to have a busy year for exploration with at least a further 7 high-impact wells expected, in addition to the 17 completed in 1H 2019. However, high-impact success in\u00a0Northwest\u00a0Europe in the first half of the year has been limited,\u00a0with only Glengorm estimated\u00a0to be\u00a0&gt;100mmboe.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Westwood\u2019s recently published briefing note includes an analysis of 10 \u2018Key Wells to Watch\u2019 expected in the second half of 2019, which are either high-value single prospects or have wider significance for the industry. Some of the wells featured include CNOOC\u2019s Iolar well in the Porcupine Basin offshore Ireland, targeting a frontier Upper Jurassic play; Eni\u2019s Aspen well in the Southern North Sea, targeting a frontier Carboniferous carbonate play; and Sculpin in the Gippsland Basin offshore Australia, targeting a frontier Late Cretaceous\u2013Paleogene clastic prospect, in much deeper water than previously explored in the basin.<\/p>\r\n\r\n\r\n\r\n<p><strong>Jamie Collard, Senior Analyst<\/strong><br \/><a href=\"mailto:jcollard@westwoodenergy.com\">jcollard@westwoodenergy.com<\/a> or +44 (0)20 3794 5374<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>High-impact exploration drilling\u00a0activity\u00a0increased substantially in the first half of 2019 with 51 exploration wells completed,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":9464,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[353,347,48,335,49],"tags":[293,291,165,58,294,264,292,118],"class_list":{"0":"post-8892","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all_articles","8":"category-exploration-and-production","9":"category-news","10":"category-sectors","11":"category-westwood-insight","12":"tag-commercial-drilling","13":"tag-discoveries","14":"tag-discovery","15":"tag-exploration","16":"tag-globallandrigs","17":"tag-high-impact-drilling","18":"tag-key-wells","19":"tag-wildcat"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - 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