Rystad: global recoverable oil reserves held largely steady at around 1,500 billion barrels.
The largest downward revisions are seen in Saudi Arabia, where development priorities have shifted from offshore capacity expansions to onshore infill drilling.
Rystad puts OPEC oil reserves well below its officially reported oil reserves of 1,125 billion barrels.
Houston — As Big Oil returns this week to the industry’s annual showcase for offshore energy projects and equipment in Houston, deepwater discoveries off Guyana, Namibia and the US Gulf Coast will take the spotlight.
A new report published by independent research and business intelligence company, Rystad Energy shows the oil and gas sector’s supply chain possesses between 60 to 80% of the capabilities required to develop the UK’s low carbon energies, but targeted investment is vital to capture the potential of an estimated £150 billion opportunity.
In an oil market update sent to Rigzone late Tuesday, Rystad Energy Senior Vice President Jorge Leon outlined that OPEC+’s extended production cuts of 1.7 million barrels per day into the second quarter have resulted in an increase of $5 per barrel to Rystad Energy’s previous price projection.
The upstream industry hopes 2024 can be a bounce-back year for high-impact oil and gas drilling after a lackluster 2023, with Africa and Latin America likely to spearhead activities
Rystad Energy has identified 36 potential high-impact wells for 2024, a significant increase from 27 in 2023.
Africa and Latin America are expected to account for nearly 64% of these wells, with a focus on frontier and emerging basins.
Despite 2023’s low success rate and rising drilling costs, the industry remains optimistic, with major oil companies and national oil companies planning significant drilling activities.
Companies plan to drill 33 high-impact wells in 2022, the largest annual number since Rystad Energy started tracking the sector in 2015
According to Rystad Energy analysis, global recoverable oil now totals an estimated 1,572 billion barrels. Global recoverable oil reserves fell by 152 billion barrels compared to 2021.