Analysis of the current status of global oil, gas, and associated resources exploration in 2023
Based on commercial databases from S&P Global and Rystad Energy and public information from oil companies around the world, a systematic analysis has been conducted on the global hydrocarbon exploration investment, award of exploration blocks, exploratory drilling, new conventional oil and gas d...
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| Format: | Article |
| Language: | English |
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KeAi Communications Co., Ltd.
2024-12-01
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| Series: | Petroleum Exploration and Development |
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| Online Access: | http://www.sciencedirect.com/science/article/pii/S1876380425605532 |
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| author | Zhixin WEN Jianjun WANG Zhaoming WANG Zhengjun HE Chengpeng SONG Ruiyin CHEN Xiaobing LIU Tianyu JI Zuxin LI |
| author_facet | Zhixin WEN Jianjun WANG Zhaoming WANG Zhengjun HE Chengpeng SONG Ruiyin CHEN Xiaobing LIU Tianyu JI Zuxin LI |
| author_sort | Zhixin WEN |
| collection | DOAJ |
| description | Based on commercial databases from S&P Global and Rystad Energy and public information from oil companies around the world, a systematic analysis has been conducted on the global hydrocarbon exploration investment, award of exploration blocks, exploratory drilling, new conventional oil and gas discoveries, and exploration of associated resources in 2023. In 2023, the global hydrocarbon exploration investment increased steadily and the total number and area of awarded exploration blocks increased significantly. The decline in the number and success rate of high-impact exploration wells directly affected the quantity of additional oil and gas reserves discovered globally in 2023. In recent years, the deepwater areas of passive margin basins have been the major targets for seeking medium- and large-sized conventional oil and gas fields. In 2023, however, the newly discovered onshore reserves were equivalent to the newly discovered offshore reserves, and fine exploration in mature blocks achieved significant results. Oil companies continued to plan and perform unconventional oil and gas exploration activities and accelerated access to associated mineral resources such as natural hydrogen and helium and other emerging industries. For Chinese oil companies international exploration business, it is recommended to: (1) continue the upstream investment to strengthen upstream services for consolidating the strategic position of oil and gas resources; (2) uphold oil and gas exploration activities by further deploying exploration activities in the deepwater areas of passive margin basins, deeply exploring mature basins, closely following hotspot basins, and gaining access to frontier basins; (3) follow the principle of integrated development to plan the exploration of associated resources while exploiting conventional and unconventional resources; and (4) make technological innovations to develop and improve core technologies and promote the application of artificial intelligence. |
| format | Article |
| id | doaj-art-f33a644dc3dc4d09a5fc6712735e5d45 |
| institution | Kabale University |
| issn | 1876-3804 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | KeAi Communications Co., Ltd. |
| record_format | Article |
| series | Petroleum Exploration and Development |
| spelling | doaj-art-f33a644dc3dc4d09a5fc6712735e5d452024-12-21T04:28:03ZengKeAi Communications Co., Ltd.Petroleum Exploration and Development1876-38042024-12-0151614651479Analysis of the current status of global oil, gas, and associated resources exploration in 2023Zhixin WEN0Jianjun WANG1Zhaoming WANG2Zhengjun HE3Chengpeng SONG4Ruiyin CHEN5Xiaobing LIU6Tianyu JI7Zuxin LI8PetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, ChinaCorresponding author.; PetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, ChinaPetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, ChinaPetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, ChinaPetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, ChinaPetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, ChinaPetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, ChinaPetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, ChinaPetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, ChinaBased on commercial databases from S&P Global and Rystad Energy and public information from oil companies around the world, a systematic analysis has been conducted on the global hydrocarbon exploration investment, award of exploration blocks, exploratory drilling, new conventional oil and gas discoveries, and exploration of associated resources in 2023. In 2023, the global hydrocarbon exploration investment increased steadily and the total number and area of awarded exploration blocks increased significantly. The decline in the number and success rate of high-impact exploration wells directly affected the quantity of additional oil and gas reserves discovered globally in 2023. In recent years, the deepwater areas of passive margin basins have been the major targets for seeking medium- and large-sized conventional oil and gas fields. In 2023, however, the newly discovered onshore reserves were equivalent to the newly discovered offshore reserves, and fine exploration in mature blocks achieved significant results. Oil companies continued to plan and perform unconventional oil and gas exploration activities and accelerated access to associated mineral resources such as natural hydrogen and helium and other emerging industries. For Chinese oil companies international exploration business, it is recommended to: (1) continue the upstream investment to strengthen upstream services for consolidating the strategic position of oil and gas resources; (2) uphold oil and gas exploration activities by further deploying exploration activities in the deepwater areas of passive margin basins, deeply exploring mature basins, closely following hotspot basins, and gaining access to frontier basins; (3) follow the principle of integrated development to plan the exploration of associated resources while exploiting conventional and unconventional resources; and (4) make technological innovations to develop and improve core technologies and promote the application of artificial intelligence.http://www.sciencedirect.com/science/article/pii/S1876380425605532exploration investmenthydrocarbon exploration statusoil and gas discoveriesmature basinunconventional oil and gas resourcesassociated resources |
| spellingShingle | Zhixin WEN Jianjun WANG Zhaoming WANG Zhengjun HE Chengpeng SONG Ruiyin CHEN Xiaobing LIU Tianyu JI Zuxin LI Analysis of the current status of global oil, gas, and associated resources exploration in 2023 Petroleum Exploration and Development exploration investment hydrocarbon exploration status oil and gas discoveries mature basin unconventional oil and gas resources associated resources |
| title | Analysis of the current status of global oil, gas, and associated resources exploration in 2023 |
| title_full | Analysis of the current status of global oil, gas, and associated resources exploration in 2023 |
| title_fullStr | Analysis of the current status of global oil, gas, and associated resources exploration in 2023 |
| title_full_unstemmed | Analysis of the current status of global oil, gas, and associated resources exploration in 2023 |
| title_short | Analysis of the current status of global oil, gas, and associated resources exploration in 2023 |
| title_sort | analysis of the current status of global oil gas and associated resources exploration in 2023 |
| topic | exploration investment hydrocarbon exploration status oil and gas discoveries mature basin unconventional oil and gas resources associated resources |
| url | http://www.sciencedirect.com/science/article/pii/S1876380425605532 |
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