Two significant oil discoveries announced by Shell and TotalEnergies in February 2022 have opened multiple new oil plays offshore Namibia. The excitement is understandable, but how significant could the breakthrough prove to be and what challenges need to be overcome to realise the potential?
Westwood Insight – 2021 High Impact Exploration – lowest discovered resource outside Russia for more than a decade
Despite the energy transition, the E&P sector has so far maintained the high impact well count. Whether this will continue beyond 2022 is the question.
Exploration performance from farm-out wells is at a five-year high, with a 38% commercial success rate driven by improved performance in maturing/mature play wells across NW Europe.