A trio of offshore discoveries made by ExxonMobil has set up 2019 to be the biggest year for new finds since the last oil price collapse in 2014, The Houston Chronicle reports.
With discoveries made offshore of Cyprus in the Eastern Mediterranean and off of Guyana in South America, ExxonMobil alone accounts for nearly 40% of the new oil and gas gains found in the first quarter of the year, according to a new report from the Norwegian research firm Rystad Energy.
“If the rest of 2019 continues at a similar pace, this year will be on track to exceed last year’s discovered resources by 30 percent,” Rystad analyst Taiyab Zain Shariff says.
Although last year saw a handful of new discoveries in the Gulf of Mexico, all of the new conventional finds this year are international, ranging from the Mexican side of the Gulf to Africa, Europe and the Middle East.
Rystad counts 3.2 billion barrels of estimated oil equivalent discovered through March, versus just more than 9 million barrels for all of 2018. Read the full story.