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The exploration industry looks to have had an excellent year for new field discoveries in 2008. This success owes much to drilling in 400 m of water or more.
It is still too early to quantify last year’s exploration performance. Results for wildcat wells completed in 2008 are not yet fully available. Even where companies have announced new field discoveries, any estimates of the recoverable volumes added must be considered preliminary. Based on the information available so far and our opinion of key prospects, Wood Mackenzie estimates the global new field volumes for 2008 to be at least 19 billion barrels of oil equivalent resources. These early estimates are usually revised upward as additional disclosures are made and as appraisal work proceeds.
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