Global oil and gas discoveries in 2021 are on track to hit their lowest full-year level in 75 years should the remainder of December fail to yield any significant finds, Rystad Energy analysis shows. As of the end of November, total global discovered volumes this year are calculated at 4.7 billion barrels of oil equivalent and, with no major finds announced so far this month, the industry is on course for its worst discoveries toll since 1946. This would also represent a considerable drop from the 12.5 billion barrels of oil equivalent unearthed in 2020.
Liquids continue to dominate the hydrocarbon mix, making up 66 percent of total finds. Seven new discoveries were announced in November 2021, unearthing around 219 million barrels of oil equivalent of new volumes. The monthly average of discovered volumes this year now stands at 424 million barrels of oil equivalent. A reduction in cumulative volume highlights the absence of large individual finds, as has been the case in pre