APAC Energy Buzz: Where next for exploration in Asia Pacific?

Since the 2014 downturn in oil prices, the industry has re-thought exploration. While high impact wildcat drilling around the Atlantic margin may have grabbed headlines, exploration drilling across Asia Pacific has played its part in the sector’s revival. Last year was a record year for APAC exploration success, with 5 of the top 20 wells globally drilled in region. And while exploration and appraisal drilling was down around 20% year-on-year, discovered resources were up by over 0.6 billion boe. Asia’s National Oil Companies are increasingly stepping up as the region’s key explorers, with rising confidence in their own abilities. The sector may be diminishing in terms of overall importance within the industry but Asia can and should still attract exploration dollars. With strong domestic gas demand growth, further investment in regional exploration and appraisal makes sense.