For all the prevailing expressed concerns over likely global oil supply challenges, going forward, a succession of new discoveries made 2022 the highest value year for almost a decade according to a January 2023 report published by Rigzone.
The report has identified new oil and gas discoveries as being responsible for having driven exploration to its highest value creation in more than a decade, and has cited major oil and gas discoveries in Brazil, Algeria and Namibia as being primarily responsible for the phenomenon. During last year, the sector created at least $33 billion of value according to a recent report from the Energy Research and Consultancy Company, Wood Mackenzie. “2022 was a standout year for exploration.