Among Them In Iraq...The Most Prominent Global Oil And Gas Discoveries In 2024, 18 JUNE

 Among Them In Iraq...The Most Prominent Global Oil And Gas Discoveries In 2024

 Money and business   Economy News - follow up  Global oil and gas discovery volumes in April 2024 fell by 76% month-on-month, with Latin America and the Caribbean accounting for the majority of new volumes discovered.

The global total volumes of discovered gas and oil liquids reached 230 million barrels of oil equivalent in April 2024, according to recent data.

In contrast, global oil and gas discovery volumes saw a slight increase of 0.9%, compared to total discoveries of 228 million barrels of oil equivalent in the same month of 2023.

Oil liquids constituted the majority of the volumes discovered in April 2024, at 89%, equivalent to 200 million barrels of oil equivalent, while the percentage of gas volumes discovered was 11%, equivalent to 5 billion cubic metres.

Volumes Of Global Oil And Gas Discoveries In 2024

During the first 4 months of 2024, the total volumes of global oil and gas discoveries reached 1.7 billion barrels of oil equivalent, up from 1.2 billion barrels of oil equivalent during the same period in 2023, according to the monthly report, recently issued by the Gas Exporting Countries Forum.

Last month, 8 new gas and oil discoveries were announced, 4 of which were offshore.

Regionally, Latin America and the Caribbean dominated new discoveries in April with 47%, mostly in Brazil and Colombia.

While Africa represented 33% of the volume of global oil and gas discoveries last April, followed by the Asia-Pacific region with 12%, then Europe with a share of 8%.

Most Notable Discoveries

The most notable global oil and gas discovery announced in April 2024 was the onshore Chutadoro gas field in Colombia, with recoverable reserves estimated at 3.2 billion cubic metres.

The UAE's Mubadala Energy Company has made another landmark gas discovery in Indonesia, this time in Tangkulu, located in the South Andaman region, with recoverable reserves of more than 55 billion cubic metres.

This new discovery by Mubadala Energy, which follows the Liaran discovery in December 2023, would make the South Andaman region one of the most promising gas regions in the world.

Iraqi licenses and Korean exploration

One of the most prominent recent developments in the oil and gas exploration sector is the launch by the Iraqi Ministry of Oil of the sixth oil and gas licensing round, the first round in the country since 2018, according to what the Energy Research Unit reviewed.

The tour includes a total of 29 onshore areas for oil and gas exploration in 12 governorates, with the aim of attracting investments in these areas.

According to estimates, expected gas production from new Iraqi oil and gas licensing rounds - which have witnessed Chinese dominance - will reach 8.3 billion cubic meters annually.

In the same context, South Korea launched a new exploration campaign to explore oil and gas in the depths of the East Sea, according to what was monitored by the Energy Research Unit.

The South Korean President announced that there is a high probability of discovering up to 14 billion barrels of oil equivalent (boe) of oil and gas resources off the coast of Yongil Bay, near the city of Pohang.

If these discoveries are successful, the results of which are expected to be confirmed during the first half of 2025, they could meet South Korea's gas consumption needs for up to 29 years, and oil consumption for 4 years.   98 views 06/17/2024 - https://economy-news.net/content.php?id=44373