Major new sources of oil

is in New Zealand. A researcher was quoted recently that “New Zealand’s many deepwater basins have…potential for big oil discoveries”, and apparently “New Zealand is currently in the midst of initial exploration of many…deepwater basins which cover an area of approximately 1.2 million sq km — about five times the size of New Zealand’s land area of 250,000 sq km.”

The estimated potential reserves are “at least 20 billion barrels of oil equivalent.”  By comparison, the Prudhoe Bay field in Alaska contained 25 billion barrels of oil originally(1).

Earlier in the year,  “BP…reported a “giant” discovery at the Tiber Prospect in the U.S. Gulf of Mexico that may contain more than 3 billion barrels, after drilling the world’s deepest exploration well.”  This amount apparently is “close to matching the U.K.’s entire proven reserves.”

Several years ago, a large discovery was made in Uganda, with an official estimate that the “extractable deposits should be in excess of 2 billion barrels.”

The New York Times reported this year that “More than 200 discoveries have been reported so far this year in dozens of countries, including northern Iraq’s Kurdish region, Australia, Israel, Iran, Brazil, Norway, Ghana and Russia. They have been made by international giants, like Exxon Mobil, but also by industry minnows, like Tullow Oil.”

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