Global oil and gas discoveries in 2021 are on track to hit the lowest full-year level in 75 years if the remainder of this month does not yield significant hydrocarbons finds, Rysdat Energy reported.
Total global discovered volumes of oil and gas this year is estimated at 4.7 billion barrels of oil equivalent (boe) and with no major finds announced so far in December, the industry is set to hit the lowest discoveries mark since 1946, the US-based independent energy research and data analytics company said.
The 2021 hydrocarbon discoveries are also less than half of the 12.5 billion boe discovered in 2020.
“Although some of the highly ranked prospects are scheduled to be drilled before the end of the year, even a substantial discovery may not be able to contribute towards 2021 discovered volumes as these wells may not be completed in this calendar year,” Palzor Shenga, vice president of upstream research at Rystad, said.
“The cumulative discovered volume for 2021 is on course to be its lowest in decades.”
Liquids continue to dominate the hydrocarbon mix, making up 66 per cent of total finds. Seven new discoveries were announced in November 2021, unearthing about 219 million boe of new volumes. The monthly average of discovered volumes this year stands at 424 million boe, Rystad data show.
The largest discovery in November was Russian group Lukoil’s Yoti West off the coast of Mexico, which is estimated to hold about 75 million boe of recoverable resources. However, these volumes are still insufficient for commercial development and would require further discoveries of a comparable scale before a development concept could be drawn up.
Norway continued to unearth small-to-medium finds, providing an opportunity to materialise these discoveries with available infrastructure, Rystad said.
However, Abu Dhabi’s state-owned producer Adnoc in December announced the discovery of significant conventional oil, condensate and gas resources of up to 1 billion boe from an exploration well in Abu Dhabi’s onshore Block 4 concession.
The block is operated by Japan's Inpex Corporation and the discovery includes substantial Murban oil resources, Adnoc said at the time.
Global oil demand is expected to plateau by the mid-2030s, but crude is expected to remain the biggest component of the international energy mix until 2045, as the world's population increases and the global economy more than doubles in size to $270 trillion, Opec said in its “World Oil Outlook 2021" report in September.
Demand is forecast to rise by 17.6 million barrels per day in two and a half decades, growing to 108.2 million bpd in 2045 from 90.6 million bpd in 2020, Opec estimates show.
However, underinvestment in the hydrocarbons sector amid green transition efforts and changing government regulations could lead to lower discoveries, higher oil prices and growing energy scarcity, the latest report from the International Energy Forum and IHS Markit says.
The total investment in the upstream sector of the oil and gas sector fell 23 per cent below pre-coronavirus levels to $341 billion in 2021, while oil demand continued to rise globally, the report said.
The global oil and gas industry requires more than $600bn of investment annually until 2030 to keep pace with the rising demand, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, told the Abu Dhabi International Petroleum Exhibition and Conference.
Echoing his views, Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, said a lack of investment in securing future energy supplies could extend the cycle of higher oil prices.
Oil prices topped $80 per barrel last month, but have pulled back since to trade above the $70 a barrel mark amid growing concerns over global economic growth due to the spread of the Omicron variant of coronavirus.
JP Morgan, the largest lender in the US, in its latest oil review, said underinvestment in the oil and gas sector over the past 18 months has hit the output capacity of many producer countries and their ability to respond to a rise in oil demand.
It predicted that Brent, the benchmark for more than half of the world’s crude, will “overshoot” to $125 a barrel next year and $150 a barrel in 2023, on the back of this scenario.
Mohammed bin Zayed Majlis
The five pillars of Islam
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Killing of Qassem Suleimani
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The Programme
Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The specs
Price: From Dh529,000
Engine: 5-litre V8
Transmission: Eight-speed auto
Power: 520hp
Torque: 625Nm
Fuel economy, combined: 12.8L/100km
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
A list of the animal rescue organisations in the UAE
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Mohammed bin Zayed Majlis
