Report: Oil And Gas Discoveries Top 3 Billion Barrels In February

Operators in February announced several huge oil and gas discoveries, according to a recent report by Stratas Advisors.

Of the new discoveries, eight were in the following six countries: Indonesia, South Africa, Guyana, Mexico, Cyprus and Norway. Total combined resource of the new discoveries could be over 13 trillion cubic feet of natural gas and 1 billion barrels of oil, or 3 billion barrels of oil equivalent. Additionally, many existing projects posted new progress including boosted reserves, announcements of conceptual, FEED, final investment decision (FID), engineering, procurement, and construction (EPC), first production, and A&D.

Development projects on the Stratas’ radar by region include:

• the SNE, West Nile Delta-Giza/Fayoum/Raven and Assa North/Ohaji South Fields (ANOH) projects in Africa;
• the Q10, Ana and Doina, and Seagull projects in Europe;
• the Constellation and Leon projects in the Gulf of Mexico;
• the Buzio phase 3, Buzio phase 4, and Angelin projects in Latin America; and
• the Mako, Crux and Rossukon projects in Asia Pacific.

Meanwhile, more than 16 major companies are involved in A&D agreements this month. Total deals could amount up to $500 million in a combined value.

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