Drilling Deeper 2024: Global Oil & Gas Extraction Tracker, page-2

Thanks for your excellent Link @ttppx !! - albeit with a bit of a Net Zero edge to it ?

I managed to download the Full Report - (below without Paywall) - so even Better !!

https://globalenergymonitor.org/wp-content/uploads/2024/03/GEM-global-oil-and-gas-extraction-tracker-March-2024.pdf

At least 20 fields reached final investment decision (FID) in 2023, sanctioning the extraction of 8 billion boe.

By the end of the decade, companies are aiming to sanction nearly four times that amount (31.2 billion boe) across 64 additional fields.

All company types—majors, national oil companies, and independents—are searching for and sanctioning new fields.

South America and Africa are global hotspots for new conventional oil and gas projects.

Four of the twenty-two countries with 2022 and 2023 discoveries produced little or no oil and gas until recently.

These four countries, Cyprus, Guyana, Namibia, and Zimbabwe account for approximately 37% of the total discovered volumes. (Figure 2)

Holding 100% of Shahini, the National Iranian Oil Company (NIOC) has the highest total resources of these new discoveries.

ExxonMobil, via its stake in projects in Guyana,4 has the next highest total resources with just over 1.6 billion boe.

TotalEnergies’ resources come from its stake in Venus (45.2%), Cronos and Zeus in Cyprus (50%), and Ntokon in Nigeria (40%).

Companies involved in these projects are expecting some of them to start up within a year or two, but historically, according to GOGET data, fields take an
average of eleven years from discovery to production.

Assuming that trend holds, many of these projects would not start producing until well into the 2030s, despite that decade being when new fossil fuel production plans “will need to be axed” and all production has to fall by 40%


Interestingly: Iran’s Shahini gas field is the largest discovery of the past two years. Little has been reported about this field.

Shahini is supposedly the largest dry gas field ever found in Iran, potentially “containing” 623 billion cubic meters (bcm) of gas.

IF the Mukuyu Structure contains 20Tcfs of Gas in place that equates to 566 billion cubic metres (bcm) (DYOR/Maths !!)

It looks like the Mukuyu Structure, or the Cabora Bassa Basin in it's stead, is going to turn out to be a BIGGIE !! GLALTH - Oilf.