After a turbulent 2020 for the oil and gas industry, 2021 is expected to see a modest rise in investment in the UK and Norway offshore sectors, assuming a US$50 per barrel average oil price. Exploration activity could recover to 2019 levels and investment in new developments is set to increase.
With the Energy Transition gaining pace, several Exploration and Production (“E&P”) companies have adjusted their business models; both to reduce emissions and to mitigate climate-related business risks.
This oil and gas, potentially, worth more than $65 bn and costing an estimated $24bn to discover, represents 40% of the volume found in high impact discoveries in the period. Where is this resource located? Why is it stranded and how big an opportunity does it represent?
This report reviews high impact discoveries made between 2008-2016 in 30 countries, which have neither been sanctioned for development nor had any appraisal activity since 2016.