Update :
Between 2014 and 2024, there have been several notable oil discoveries around the globe that have significantly impacted the energy sector. Here are some of the most prominent discoveries during this period:
- Venus and Graff Discoveries in Namibia (2022-2023): These discoveries in the Orange Basin offshore Namibia have been hailed as some of the largest finds in recent years. The Venus discovery, in particular, has been notable for its significant light oil columns, which have boosted Namibia’s prospects as a major oil producer in the coming decades.
- Kaombo Project in Angola (2018): This ultra-deepwater oilfield, located in Block 32 offshore Angola, has an estimated 658 million barrels of oil reserves. Operated by TotalEnergies, the Kaombo project is one of the largest oil developments in the region and significantly contributes to Angola’s oil output.
- Mero Field in Brazil (2017): Located in the pre-salt layer of the Santos Basin, the Mero field is a giant offshore oil discovery. It is part of the Libra block, which has recoverable resources estimated at billions of barrels of oil equivalent. The field’s development is expected to bolster Brazil’s oil production capacity significantly .
- Zohr Field in Egypt (2015): This supergiant gas field in the Mediterranean Sea is the largest ever discovered in Egypt and the Mediterranean. While primarily a gas field, its discovery has had profound implications for Egypt’s energy sector, positioning the country as a significant player in the Mediterranean energy market.
- Liza Field in Guyana (2015): Discovered by ExxonMobil, the Liza field in the Stabroek Block has positioned Guyana as a new frontier for oil production. The field is estimated to hold more than 8 billion barrels of oil equivalent, and its development has attracted considerable international investment .
- Guyana’s Payara and Yellowtail Discoveries (2019-2021): Following the Liza discovery, additional significant finds such as Payara and Yellowtail have further cemented Guyana’s status as an emerging oil powerhouse. These fields are expected to contribute substantially to global oil supplies in the coming years .
These discoveries have played pivotal roles in reshaping the global energy landscape, bringing new regions into the forefront of oil production and influencing global oil supply dynamics. The advancements in exploration technology and the ongoing interest in deepwater and ultra-deepwater prospects have been crucial in making these discoveries possible .
Major discoveries in Pakistan
During the period from 2014 to 2024, Pakistan has witnessed several significant oil and gas discoveries that have contributed to the country’s energy sector. Notably, the Oil and Gas Development Company Limited (OGDCL) has been at the forefront of these discoveries.
One of the major discoveries occurred in the Kohat district of Khyber Pakhtunkhwa. This discovery included significant oil and gas reserves, with an estimated production of 240 barrels of crude oil and 127 cubic feet of natural gas annually from the region. This find has been particularly important in bolstering Pakistan’s energy reserves and supporting its economy .
In addition, OGDCL announced multiple discoveries in 2022, including six new finds in various regions. These discoveries included significant reserves of oil and gas in Sindh and Khyber Pakhtunkhwa provinces, which are expected to produce 31.6 million cubic feet of gas and 339 barrels of crude oil per day in Sindh, and 18.5 million cubic feet of gas and 2,020 barrels of oil per day in Khyber Pakhtunkhwa .
These discoveries are crucial for Pakistan’s energy sector as they not only enhance the country’s energy independence but also contribute significantly to the national economy by reducing the reliance on imported energy resources. The steady increase in domestic production capacity through these discoveries aids in stabilising Pakistan’s energy supply and contributes positively to its economic stability .
2014-These discoveries are significant due to their size or the fact that they indicate new important exploration concepts, even though no reserves figure might have been announced.
1. Brazil
Five hydrocarbon discoveries offshore northeast Brazil (in the Sergipe-Alagoas Basin) were announced in 2012, the last two being in December. The latest (informally known as Cumbe) was discovered by well 1- BRSA-1104-SES, at a water depth of 2,338 metres, found 28- metre interval of light oil in a reservoir with excellent properties.
2. Kenya
Another Kenyan onshore oil discovery was made in the Tertiary sandstones with 30 metres net oil pay in the Twiga South 1 well. There were oil and gas shows over a large interval.
3. Mexico
A major onshore discovery in Mexico was announced by the Mexican President in November. The well Pozo Navegante 1 was reported to have encountered 315 metres of light crude oil and with a reserves estimate of up to 500 mnboe, is said to be one of the largest discovered in the last ten years.
However, the reserves figure includes proved, probable and possible categories and the actual recoverable reserves could be much smaller. Pemex had also announced two offshore discoveries by wells Trion 1 (August) and Supremus 1 (October), with the reported reserves (categories not defined) of 200 mn bbls and 125 mn bbls respectively.
4. Mozambique
Delineation wells increase the size of gas discoveries offshore Mozambique. Mamba South 2 and Coral 2 wells drilled by Eni have added about 6 tcf of gas in place to the resources of Area 4. The first well (1,918 metre water depth and 9 km east of Mamba South 1) “encountered 60 metres of gas pay in high quality Oligocene”.
The second well (1,950 metre water and 15 km west of Coral 1) “encountered 140 metres of gas pay in good quality Eocene”. Both discovery wells confirmed hydraulic communication with the reservoirs discovered in the initial discovery wells. Eni will continue its delineation drilling programme in both fields.
However, the results from these two wells have increased the estimate for the gas in place in Area 4 by 6 tcf to about 23 tcf and increased the full potential of Mamba Complex to 75 tcf (gas in place). The testing of Mamba South 2 well led to the estimation of a sustained production rate of 140 mncfpd (or MMSCFPD- million standard cubic feet per day).
5. Kurdistan
A number of wells have proved disappointing or were ‘dry’ in the Iraqi Kurdistan. As another indicator that one cannot take oil/gas discoveries for granted—even in Iraq—ExxonMobil has relinquished its exploration block in Penjwin because “it offered little prospect of exploration success”.
