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According to the oil price network on January 20, Westwood Global Energy Group said in a new report on the high impact of 2021 that BP and Rosneft were the only two companies with proven reserves of more than 1 billion barrels of oil equivalent last year, because their oil reserves in Russia account for 48%
of the world's proven resources.
Overall, Westwood said, the amount of resources found globally has been disappointing, from 19 billion barrels of oil equivalent (boe) in 2020 to 6.
6 billion barrels of oil equivalent in 2021
.
Of the resources discovered last year, oil accounted for 36% and natural gas accounted for 64%.
Westwood's data shows that, as in 2020, the resources discovered in 2021 were concentrated in a handful of large discoveries in Russia, accounting for 48%
of global discoveries last year.
Outside of Russia, the 2021 discovery is the lowest level in more than a decade since at least 2008 – 3.
4 billion barrels of oil equivalent
.
Jamie Collard, senior analyst at Westwood Global Exploration and Assessment, wrote: "Border exploration drilling has fallen to its lowest level since 2008, with only 15 border wells completed and only 1 likely to achieve medium-sized commercial discoveries
.
”
Discoveries in the Suriname-Guyana basin off the South American coast have dominated exploration of emerging oil and gas reservoirs, four of which have added about 1 billion barrels of oil equivalent
.
