press release

Top 10 countries by conventional discovered volumes in 2018

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2018 stands already as the best year for global oil and gas exploration since 2015. In total we expect discovered resources in 2018 to surpass 9.4 billion boe by year-end, where offshore makes about 82% of the volumes.

Guyana is on track to be the country with the largest discovered volumes this year, followed by Russia and the US. 

Offshore Guyana, ExxonMobil registered its tenth discovery in the prolific Stabroek block, boosting its recoverable resources from the block to about 5 billion barrels of oil equivalent. Offshore Russia, Novatek drilled its first exploratory well in the North Obskoye block in the shallow waters of Ob Bay. This is the largest discovery to date this year and is estimated to hold recoverable resources of around 960 million barrels of oil equivalent. In the US Gulf of Mexico, Chevron and Shell registered oil discoveries in the Ballymore and Dover prospects. Rystad Energy estimates combined recoverable resources of around 728 million boe from these two discoveries.

Learn more about ECube

Read our recent article covering key oil and gas discoveries in 2018.

Bar chart showing Top 10 countries by conventional discovered volumes in 2018



Espen Erlingsen
Partner, Upstream Research
Phone: +47 24 00 42 00

Marina Dervishogullari
Marketing Manager
Phone: +47 24 00 42 00

About Rystad Energy

Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. 

Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike.