The global landscape for high-impact wells (HIWs) in 2024 is poised for significant activity, with a predominant focus on the Caribbean, Latin America and Africa, according to a new S&P Global Commodity Insights report. This follows a successful 2023, where 32 HIWs yielded 11 discoveries, amassing an impressive 2.7 billion barrels of recoverable oil equivalent resources.
Highlighting the pivotal role of HIWs, though stemming from just about 6% of the successful wildcat wells, these discoveries contributed over a quarter of the year’s newly discovered resources.
“Namibia’s recent triumph underscores the enduring importance of high-impact drilling in exploring new areas and unlocking potential resources,” the report outlined.
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Looking ahead to 2024, the epicenter of HIW drilling will predominantly reside across Latin America and Africa. S&P said that the Orange sub-basin in Namibia will remain a focal point, extending into South Africa for continued exploration and appraisal activities. Moreover, attention will shift to compelling wells in Mozambique (Angoche), Angola, Republic of the Congo (Niamou), and Guinea (Gainde) in Africa.
In Latin America, an array of exploration endeavors is set to unfold across key regions. Guyana, and Suriname (Walker), will witness continued exploration, while Brazil gears up for drilling in Curupira, Mola, Pau Brasil, and Morpho. Mexico will see activity in Boox Peek and Ochkan, while Jamaica (Colibri), Peru (Kametza), and Argentina (Argerich) will also be on the exploration map, S&P highlighted.
The report said Equinor’s drilling in Argerich, Argentina, stems from successful endeavors in Namibia’s Atlantic margin, signaling transcontinental exploration strategies.
In the Asia-Pacific region, Malaysia (Pekaka and Jitu), Vietnam (Block 122 and 114-DT), and Indonesia (Gayo) will witness focused HIW activities. Norway is slated for two HIWs—Rondeslottet in the Norwegian Sea and Venus in the Barents.
In Guyana, the bulk of exploration is led by ExxonMobil along with co-venturers Hess and CNOOC. They are targeting a massive 35-well campaign in the Stabroek block that could unlock further resources to add to the 11 billion barrels of oil equivalent discovered thus far.
Exxon is also planning a 12-well campaign in the Canje block, offshore Guyana. Those campaigns continue their ongoing success in the region, alongside its plan to drill the ultra-deepwater Persephone well in the Orphan Basin, Canada.
