Study Shows $65 Billion Worth of Oil, Gas Resources Remain Stalled

Technology and appraisal drilling plus better gas terms and gas market access could help unlock stalled oil and gas resources, the study reveals.

(Source: Andrey Priyatkin/Shutterstock.com)

(Source: Andrey Priyatkin/Shutterstock.com)

About 36 Bboe gas and 11 Bbbl of oil remain locked across the world, held captive by fiscal terms, access to finance, portfolio prioritization and subsurface issues, a new study shows.

The stalled resources comprise nearly 120 discoveries made between 2008 and 2016, according to Westwood Global Energy Group, the U.K.-headquartered oil and gas market research consultancy that conducted the study.

“Westwood estimates that the industry has spent about $25 billion exploring for these assets and the same amount in appraisal following discovery [for] a total of about $50 billion,” Graeme Bagley, head of global exploration and appraisal for Westwood, told Hart Energy.

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Velda Addison

Velda Addison is the senior editor of digital media for Hart Energy’s editorial team. She covers energy with a focus on renewables.