Appraisal wells to watch 2024

330+ appraisal wells were completed worldwide in 2023. While we await results from key wells, such as Namibia’s Venus-2A, which are still drilling, 300+ more are slated for 2024. Asia-Pacific, Europe, Russia and the Caspian will host most of these wells. Independents are operating over 50% of our key wells – a significant shift from when Majors and NOCs have held sway – and over 60% of 2024’s appraisal drilling globally. While nearly 60% of our key wells will be drilled offshore – with more than 35% of these categorised as deep and ultra-deepwater wells – the bulk of appraisal drilling in 2024 will take place in shallow water. Over 50% of the year’s appraisal wells – including two-thirds of key ones – are expected to encounter gas. North America, Russia and the Caspian are the only regions with more wells going after oil than those targeting gas. Please see the slide deck in our downloads section for a detailed look at our selection of wells.