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OAPEC member countries are endeavouring to increase their
hydrocarbon (oil and natural gas) reserves through developing and
boosting production capacities of existing fields and making more
new petroleum discoveries, which would contribute to securing
growing domestic and global demand for energy and achieving
further stability for the global oil market.
Data available at OAPEC Secretariat General showed that member
countries managed to achieve good results during 2017 in terms of
onshore and offshore exploration and development with a total of 5
new oil discoveries and 4 new natural gas discoveries.
Among the large gas discoveries announced lately is Zohr gas
field in Egypt with gas reserves that are estimated over 30 trillion
cf. (850 billion cubic metres). Upon reaching its ultimate production
capacity of 2.7 billion cf./d by the end of 2019, it would actively
contribute to help Egypt become gas self-sufficient. Bahrain has
also announced recently a light shale oil discovery, that would
contribute to Supportins Bahrain’s petroleum sector and help to
execute development projects.
As for exploration, OPEC Annual Report (ABS 2017) mentioned
that operating rigs in Iraq, Egypt, and Oman have dropped by 21,
20, and 14 rigs respectively between 2015 and 2016. However,
rig numbers have increased for the same period in UAE, Algeria,
KSA, and Qatar by 28, 3, 16, and 4 rigs respectively. The number of
operating rigs in these countries combined in 2016 were 504 rigs,
lesser by 18 rigs than the year 2015.
During 2017, many member countries confirmed their continued
plans to execute mega projects in oil and gas discoveries, as well as,
EDITORIAL
4
Volume
44
Issue
3
PETROLEUM DISCOVERIES
IN OAPEC MEMBER COUNTRIES
CONTINUOUS SUCCESS & PROMISING FUTURE