Insight
Exploration quietly recovering
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Conventional exploration spend nosedived during the pandemic. We see a quiet recovery over the next five years, led by Majors and NOCs. Emerging deepwater provinces will attract increasing levels of spend. Non-IOCs (such as conglomerates and small, local independents) still have an important role to play. They explore in places less accessible, or less attractive, to IOCs. Where they explore has shifted over the past decade.
Table of contents
- Executive summary
- What do we think the next five years of exploration will look like?
- NOCs and Majors to become even more dominant
- Many tailwinds boost exploration spend
- But constraints put a ceiling on ultimate exploration spend
- Is exploration spend high enough?
Tables and charts
This report includes the following images and tables:
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Exploration spend 2000-2027Deepwater future exploration spend estimate by regionExploration spend by peer group
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Proportion of exploration spend by peer groupDevelopment and exploration spend combinedTailwinds and constraints for exploration spend
What's included
This report contains:
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