South America and Europe led globally with the highest number of oil and gas discoveries during the third quarter (Q3) of 2019, with eight discoveries each during the quarter, according to GlobalData, a leading data and analytics company.

GlobalData’s report: ‘Q3 2019 Global Oil and Gas Discoveries Review – South America and Europe Dominate with Highest Number of Discoveries in Quarter’ reveals that a total of 38 oil and gas discoveries were made globally in Q3 2019.

Out of eight discoveries in South America, six are conventional oil discoveries, one is a conventional gas discovery and the remaining is a heavy oil discovery. Europe had five conventional oil discoveries and three conventional gas discoveries in the quarter.

Adithya Rekha, Oil & Gas Analyst at GlobalData, explains: “In South America, Guyana-Suriname Basin and Llanos Orientales Basin had the highest number of discoveries in the quarter with three conventional oil discoveries each. In Europe, North Sea Basin had the highest number of discoveries with three conventional oil discoveries and a conventional gas discovery.”

GlobalData identified Asia and Africa to be the second highest among the regions, in terms of number of discoveries in Q3 2019, with five discoveries each. Asia had three conventional gas discoveries and two conventional oil discoveries in the quarter, while Africa had four conventional oil discoveries and one conventional gas discovery.

Following Asia and Africa, the Caribbean stood third with four discoveries in the quarter. All the discoveries in the Caribbean are conventional gas discoveries.