Global conventional oil and gas discoveries already exceed eight billion barrels of oil equivalent (boe) and are projected to settle at around ten billion boe by the end of the year, according to a new Rystad Energy analysis.

About 3.75 billion boe, or 46 percent of total discovered volumes, are gas while liquid volumes are estimated at 4.31 billion boe, Rystad Energy highlights. Yet-uncounted resources in finds like Sakarya in Turkey point to additional upside, according to the independent energy intelligence company.

Rystad Energy noted that 73 new discoveries have been announced this year through October and pointed out that these are evenly split between land and sea with 36 onshore and 37 offshore. Russia leads in terms of discovery volume, with 1.51 billion boe, while Suriname comes second with 1.39 billion boe and the UAE follows third with 1.1 billion boe, Rystad Energy revealed.

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Source: Rigzone