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BHP oil and gas exploration summary

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30 September 2019

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

  • Upstream strategy
    • SWOT grid
  • Evolution of exploration strategy
  • Well data
  • Scope of this report
  • Healthy resource replacement has failed to create value
  • Development value restricted to its two heartlands
  • Trinidad and Tobagoprovides discoveries outside of the heartlands
  • Late entry into unconventionals proves costly

Tables and charts

This report includes 21 images and tables including:

  • Net active exploration acreage by waterdepth
  • Net active exploration acreage by country
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Gross conventional exploration & appraisal wells by basin and sector 2008-2017
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Discoveries (2009 to 2018)
  • Key organic unconventional plays
  • 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, and as a proportion of all future production
  • Full-cycle economics
  • 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 2009-2018.xlsx

    XLSX 288.99 KB

  • Document

    BHP oil and gas exploration summary

    PDF 1.06 MB

  • Document

    BHP oil and gas exploration summary

    ZIP 1.21 MB

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