Tuesday, December 23, 2008

Increase seen in reported offshore discoveries

"For the first time over the last five years, the number of announced discoveries recorded a year-on-year increase, this year up to 137 from 125 last year. "Announced" discoveries are commercial offshore hydrocarbon finds that operators report in official statements throughout the course of the year. Until this year, the number of announced discoveries worldwide had seen a consistent decline from 210 in 2004 to 125 last year.

*This year, about 60 percent of the announced discoveries lie in less than 2,500 feet (762 m) of water.

*Almost half of discoveries in water depths up to 500 feet (152 m) consisted of only gas, while seven out of 10 of the discoveries between 501 feet (153 m) and 2,500 feet (762 m) were gas or gas and condensate finds.

*Half of the 56 oil discoveries are in water depths up to 500 feet (152 m), while 16 others are in water depths greater than 2,500 feet (762 m).

*Regionally, the North Sea accounts for the greatest number of announced discoveries. In 2008, operators in the region reported 33 discoveries, almost double the 17 announced last year. The U.S. Gulf comes in a distant second with 22 discoveries, followed by India with 16, Brazil with 13, Australia and West Africa each with 11, China with nine, Southeast Asia with seven and the Mediterranean Sea region with five."


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