With 2016 underway and 2015 in the rear view mirror, a strategic shift for most global exploration operators is coming into sharper focus. Our latest Insight reports include a 2015 year-in-review highlighting the reduced spending and surprising successes in exploration, as well as our 2016 outlook, which analyses what's to come in our current climate of more austere cutbacks.
Over the course of 2015, the sustained low oil price drove companies to cut discretionary spend and move away from exploration. A focus on appraisal of discovered resources took centre stage as operators strove to prove commerciality in existing plays.
As we move into 2016, we'll see even deeper spending cuts, an abundance of caution and continued focus on appraisal work. Many portfolios will shift to greater investment in onshore development, while business models adapt by focusing on operational and organisational efficiencies.
In 2016, we can observe exploration strategies trending away from frontier plays and toward more mature existing plays and near-field projects.