This year sees the exploration sector in recovery mode as it begins to reposition for an energy transition world.
We put our questions on the future of exploration to exploration leaders and professionals around the world. The sector had fought hard to win its way back to profitability before the crisis struck. Its disciplined approach of recent years looks set to remain even as prices recover. Exploration is increasingly playing a role in moves to a lower carbon future and geoscientists are at the forefront of some new energy businesses.
We've analysed the data to discover the key challenges the industry is facing, which explorers stand out from the pack and the role of exploration in today’s energy company.
Exploration survey highlights for 2021:
- Greater emphasis on carbon and shorter cycle opportunities
- Value creation and returns are still the primary metrics for demonstrating exploration performance
- Recent play-opening success and longer track records are the hallmarks of most-admired explorers
- The European Majors have best adapted to the energy transition as they continue to target advantaged barrels
- Most explorers see more than 20 years of profitable drilling ahead
- Most explorers think exploration economics work at US$40-60/bbl, below the Wood Mackenzie Brent price forecast
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