The year 2024 was a big year for finding new oil and gas around the world. Many important discoveries were made, which had a big impact on the energy industry. These discoveries show how much better we’ve gotten at finding these resources and how much the world still needs energy. Here, we take a look at the most important discoveries of the year.
1. Guyana’s Offshore Discoveries – 11 Billion BOE
ExxonMobil, in partnership with Hess and CNOOC, continued its prolific exploration in Guyana’s Stabroek Block, with total recoverable resources estimated at around 11 billion barrels of oil equivalent (BOE). This development positions Guyana as a burgeoning petrostate with substantial economic growth prospects.
2. Kuwait’s Al-Nokhatha Field – 3.2 Billion BOE
Kuwait Petroleum Corporation announced a substantial discovery in the Al-Nokhatha field, located east of Failaka Island. The find includes approximately 2.1 billion barrels of light oil and 5.1 trillion cubic feet of gas, totaling around 3.2 billion BOE.
3. Namibia’s Orange Basin – 2 Billion BOE
Namibia’s Orange Basin has garnered significant attention following discoveries by companies like Galp. The Mopane field, for instance, is expected to commence production by 2030, potentially reaching a plateau of 211,000 BOE per day by 2037.
4. China’s Bohai Bay Discovery – 1.3 Billion BOE
China National Offshore Oil Corporation (CNOOC) announced a significant discovery in Bohai Bay, adding an estimated 1.3 billion BOE to the country’s reserves. This discovery reaffirms the potential of Bohai Bay as a key energy hub for China.
5. Colombia’s Historic Gas Find
Ecopetrol made a landmark gas discovery, marking the largest in Colombia’s history. While the exact volume of recoverable reserves has not been disclosed, the discovery is poised to significantly enhance the country’s energy security and reduce reliance on imports.
Figure 1 Historical number of oil & Gas discoveries
6. Talos Energy’s Gulf of Mexico Discovery – 15 to 25 Million BOE
Talos Energy reported a discovery in the Ewing Bank 953 well in the Gulf of Mexico, with estimated reserves between 15 to 25 million BOE. Production is anticipated to begin by mid-2026, contributing to the region’s output.
7. Vår Energi’s Goliat Field Discovery
Vår Energi announced a new oil find in the Goliat field, located in the Barents Sea. Although the exact volume of reserves has not been disclosed, this discovery strengthens the field’s potential and opens opportunities for further exploration in the region.
8. Pakistan’s Bhittani Well Discovery
Oil and Gas Development Company Limited (OGDCL) reported a discovery in the Bhittani X-1 well located in the Bannu Basin. The hydrocarbons were encountered in the Middle Jurassic Samanasuk Formation, marking a significant milestone for Pakistan’s exploration activities.
Global Exploration Trends in 2024
Despite concerns about declining exploration activity in previous years, 2024 marked a resurgence in global oil and gas discoveries. Significant finds in regions like Guyana, Namibia, and Kuwait highlight renewed efforts and advancements in exploration technologies. While the industry continues to face challenges such as increasing operational costs and environmental pressures, these discoveries signal optimism for meeting future energy demands.
Conclusion
The discoveries of 2024 highlight both the potential and challenges within the oil and gas industry. While new reserves promise to bolster energy security for various nations, the overall decline in global discoveries suggests a need for continued innovation and strategic exploration to meet future energy demands.
Figure 2 Countries with largest oil & gas projects of year 2022-23
References
ExxonMobil’s Stabroek Block Updates: ExxonMobil Official SiteKuwait Petroleum Corporation’s Al-Nokhatha Field Announcement: KPC Press Release
Namibia’s Orange Basin Developments: Galp Energy Reports
China’s Bohai Bay Discovery: CNOOC Official Announcement
Ecopetrol’s Gas Find in Colombia: Ecopetrol Newsroom
Talos Energy’s Gulf of Mexico Discovery: Talos Energy Press Release
Vår Energi’s Goliat Field Update: Vår Energi Official Site
OGDCL’s Bhittani Well Discovery: OGDCL Public Statement