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BHP oil and gas exploration summary

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02 November 2018

BHP oil and gas exploration summary

Report summary

BHP reacted swiftly to the collapse in oil price by increasing capital efficiency, accelerating asset high-grading and making cuts across the business. It looks to address weaknesses in its portfolio, in particular a lack of greenfield deepwater and international development opportunities. In 2018, BHP sold its entire unconventional portfolio and made the strategic decision to return focus to high-grading the conventional portfolio. BHP has two heartland conventional E&P regions – the NW Shelf of Australia and the deepwater US Gulf of Mexico. BHP's conventional exploration has underperformed, but the company is committed to turning this around, securing new acreage and rigs, and maintaining spend. 

Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
    • Scope of this report
  • Production
    • Healthy resource replacement has failed to create value
    • Development value restricted to its two heartlands
    • Trinidad and Tobago has solitary material discovery outside of the heartlands
    • Late entry into unconventionals proves costly mistake

Tables and charts

This report includes 24 images and tables including:

  • Basins drilled and all conventional & organic unconventional discoveries 2008-2017
  • Ten year performance summary
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Investment and costs: Image 3
  • Discovery costs by water depth
  • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Full-cycle economics
  • SWOT grid
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Gross conventional exploration & appraisal wells by basin and sector 2008-2017
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Discoveries (2008 to 2017)
  • Key organic unconventional plays
  • Reserves and resources: Image 1
  • Reserves and resources: Image 2
  • Reserves and resources: Image 3
  • Volumes discovered by basin
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth

What's included

This report contains:

  • Document

    BHP oil and gas exploration summary

    PDF 985.13 KB

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