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BG oil and gas exploration summary

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Report summary

BG has achieved great success through the drill bit over the last ten years. It has adapted its global gas strategy to the oil sector to build an outstanding portfolio of growth assets, primarily through consistent exploration performance. Resources such as Lula-Iracema in Brazil and the Block 1 gas fields in Tanzania were added to its portfolio and their size, location, production potential and net value indicate how great value can be created from new field exploration investment. Between 2005 and 2014 we estimate BG created value of US$7.7 billion under our Base price assumption. Project execution is now a primary focus - the pre-salt oil developments in Brazil, ramp-up of production at the Australian QC-LNG project, and in the medium term delivering the Tanzanian LNG project. If BG can deliver on these mega projects, it will lead its peers and achieve a phase of sustained out-performance on key operational metrics.

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Table of contents

  • Executive summary
    • Upstream strategy and exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
  • Reserves and resources
  • Production
    • Pre-salt Brazil has driven growth and returns
    • Gas strategy continues to deliver
    • Project execution is key

Tables and charts

This report includes 26 images and tables including:


  • Basins drilled and major discoveries 2005-2014
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from new field discoveries and organic unconventionals
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Full cycle value creation by year (conventional only)
  • Full cycle value creation by year, incl. uncons
  • Exploration returns by year (conventional only)
  • Exploration returns by year, incl. uncons
  • Value creation by reserve category
  • Value creation by water depth


  • Ten year performance summary
  • Top 40 discoveries (2005 to 2014)
  • Key organic unconventional plays
  • Full-cycle economics
  • Strategy: Table 1
  • Gross exploration & appraisal wells by basin and sector

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