BP and Rosneft were the only companies to have delivered over 1 billion barrels of oil equivalent in discoveries last year due to their exposure in Russia which yielded 48 percent of the world’s discovered resources, Westwood Global Energy Group said in a new report on 2021 high impact exploration. Overall, the volume of discovered resources globally was disappointing, dropping from 19 billion barrels of oil equivalent (boe) in 2020 to just 6.6 billion boe in 2021, Westwood said. Of the discovered resources last year, 36 percent were oil and 64 percent were gas. As in 2020, discovered resources in 2021 were mainly concentrated in a small number of large discoveries in Russia, which accounted for 48 percent of all global discoveries last year, according to Westwood. Outside Russia, discoveries in 2021 were at the lowest level—3.4 billion boe—in more than a decade, since at least 2008. “Frontier exploration […]