2019 was the best since 2015 for new hydrocarbon supplies. Over 13 billion barrels of oil have been found off west and southern Africa, in Latin America and Europe whilst Russia, Mauritania, Iran and Cyprus offered significant new natural gas resources. See figure 1.
Source: Rystad Energy
Newcomer Guyana in Latin America has already announced a series of finds totalling some 1.8 billion barrels of crude. But this is just the start. The U.S. Geological Survey estimates recoverable reserves at over 13.6 billion barrels of oil and 32 trillion cubic feet of gas – the second highest resource potential among unexplored oil basins in the world.[i] It is not surprising therefore that oil companies, both big and small, including Exxon, Tullow and Repsol are actively leading drilling campaigns in this frontier oil province.