ExxonMobil crowned most-admired upstream explorer in Wood Mackenzie 21st annual exploration summit survey

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies has clinched the top spot as the upstream industry's most-admired explorer in Wood Mackenzie's annual Exploration Survey for 2025.

“ExxonMobil's win as the most-admired explorer for 2025 is well-deserved”, said Andrew Latham at Wood Mackenzie. Based on its decade-long exploration and development success in Guyana in particular, ExxonMobil has created almost US$30 billion in value and already surpassed 700,000 barrels per day of new oil production. The company has set a new benchmark in opening up a deepwater frontier at pace. Congratulations to John Ardill and the entire exploration team.”

By providing insights into the world of exploration, Wood Mackenzie’s annual Exploration Survey takes the pulse of the industry to help shed light on the key challenges and opportunities in the exploration sector. This cornerstone industry survey addresses critical questions about the nature of exploration, untapped potential, noteworthy drilling activities, and the commercial attractiveness of wildcat wells.

“Global exploration drilling continues to target advantaged resources to help meet demand for cheaper and cleaner oil and gas supply.” said Latham. “Drilling around existing infrastructure has a role to play but these prospects are not sufficient. The most successful explorers must embrace greater risks to open up new plays and basins that promise greater resources.”

The awards ceremony, held alongside Wood Mackenzie's Exploration Summit in Bordeaux on 10 June 2025, recognised industry leaders based on peer admiration. The event highlighted four standout performers:

• Most-admired Explorer – ExxonMobil found over 8 billion barrels of new field resources on a net equity basis since 2015, more than any other company over the decade.
• Discovery of the Year – Mopane in deepwater Namibia operated by Galp Energia, with partners Custos Investments and Namcor, holds in-place resources estimated at 10 billion barrels of oil equivalent.
• E&P Explorer of the Year - Murphy Oil following its exciting Hai Su Vang (2024) and Lac Da Hong (2025) oil discoveries offshore Vietnam.
• NOC Explorer of the Year – CNOOC found over 7 billion barrels of oil equivalent over the past decade, ranked second only to ExxonMobil. Resources discovered are equally split between operated wells offshore China and as a partner in ExxonMobil’s deepwater success in Guyana.

Latham added, “As the sector evolves to become more resilient and sustainable, these award-winning companies continue to discover advantaged resources. These discoveries can displace less sustainable and more costly oil and gas supply, accelerating the journey to energy transition.”

The 2025 Exploration Survey underscores the industry's commitment to sustainable exploration practices, highlighting the crucial interplay between exploration data, industry trends, and value creation in the evolving energy landscape.