Exploration success on decline globally while Guyana continues to add billions of barrels

The success rate of global conventional oil and gas exploration has declined in recent years, but the most painful blow has been to onshore wildcat wells, a Rystad Energy analysis reveals. In 2020, the success rate of these drilled wildcats plummeted to an all-time-low of 10.6%, marking an annual decline for a fourth year in a row. Meanwhile, the exploration success rate offshore Guyana at the prolific Stabroek block remains the highest in the world at around 80%, with multi-billion-barrel discovery potential remaining.