The drive for gas development gathers momentum, as increased energy prices spur on investment; conflict and political instability encourage domestic supply priorities; and post-pandemic macro-economic demands counter global warming hysteria
While the Mississippi, Congo, Nile, and many other major deltas around the world have been, and are being, successfully explored and developed, the vast Orange Basin offshore South Africa and Namibia has only recently started to reveal its enormous potential.
Global wildcatting is poised to go from ebb to flood, with exploration hotspots set to include Mexico, Brazil, US Gulf of Mexico, the Middle East, Angola, Gabon, Namibia, Suriname, the UK North Sea and Egypt.
Madeleine Slatford, Middle East/South Asia Editor, NVentures Ltd
Bangladesh is geologically well positioned to pursue a strategy fuelled by natural gas, but the international Covid situation is causing continued delays; namely to the 2020 licensing round. This Hot Spot is brought to you in association with NVentures.
The last three years’ technical exploration success rate in the eastern European Pannonian Basin ranges between 83 and 94%, while the commercial oil and gas success rate is at least 50% and will probably approach the technical success rate.
With 14 oil discoveries adding up to an estimated six billion barrels of recoverable oil over the last two years in just one block (Stabroek), offshore Guyana is proving to have quite a promising outlook for hydrocarbon production.