A total of 32 oil and gas discoveries were made globally in Q1 2017. Of these, more than 65% are conventional oil discoveries and the remaining are conventional gas. Among regions, South America and Europe lead globally in terms of number of discoveries followed by Asia and the Former Soviet Union. Among countries, Norway, Russia, and Australia lead globally with highest number of discoveries in the quarter. Majority of the discoveries this quarter are onshore, while shallow water, deep-water and ultra-deep-water discoveries collectively accounted for around 30% of the discoveries.

In Russia, all four discoveries yielded conventional oil in the Volga-Ural basin. In Australia, one discovery yielded conventional oil and two discoveries yielded conventional gas, all in Cooper/Eromanga basin. Statoil ASA, ExxonMobil Corporation, and Oil and Natural Gas Corporation lead among the operators with four, two, and two discoveries, respectively, in Q1 2017.