Global exploration is poised for an upswing as operators flock to licensing rounds, according to Rystad Energy.

Global exploration is poised for an upswing as operators flock to licensing rounds, according to Rystad Energy.

In a statement posted on its website on Friday, the independent energy research and business intelligence company said the past year showed a “significant increase” in licensing activity.

Rystad highlighted that a “large number” of lease rounds were announced in 2019 and noted that the number of awarded licensing rounds rose for the third year in a row last year.

“The Mediterranean region was the hotspot, followed by South America and Africa in terms of licensing activity,” Rystad said in the statement.

According to Rystad’s latest figures, the number of awarded licensing rounds surpassed 50 in 2019, a feat the company’s data shows hasn’t been achieved since 2015. Rystad’s figures show that this number declined from 2013 to 2016.

Earlier this month, Rystad estimated that global conventional discoveries hit a four-year high last year at 12.2 billion barrels of oil equivalent (boe). According to Rystad, this figure stood at 10 billion boe in 2018, 11.5 billion boe in 2017, 8.9 billion boe in 2016, 19.5 billion boe in 2015, 16.8 billion boe in 2014 and 16.6 billion boe in 2013.

“Last year recorded 26 discoveries of more than 100 million boe, with offshore regions dominating the list of new oil and gas deposits,” Rystad said in a company statement at the time.

Rystad provides data, tools, analytics and consultancy services to the global energy industry, according to its website. The company is headquartered in Oslo, Norway.

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