This paper summarizes the geologic and geographical characteristics of 76 discoveries exceeding 500 million bls oil equivalent (recoverable) during the last decade. Most new oil giants are in the Gulf of Mexico, Mexico, Brazil, North Africa, West Africa, and the Middle East. Gas giants are concentrated in South America and along a swath from the Caspian, through the Middle East and Asia to Australia (Figures 1 and 2). Five overlapping themes play a significant role—close-in exploration (redrills, extensions, deeper pools, step-outs in a trend); deeper targets; new frontiers in the deepwater Cenozoic; increased gas exploration; and advances in...

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