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BP oil and gas exploration summary

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16 July 2018

BP oil and gas exploration summary

Report summary

BP was well-placed financially to enter the recent down-cycle having successfully delivered on a three-year, 10-point plan that simplified and re-shaped its portfolio. The oil price fall provided fresh impetus in its drive to re-engineer its portfolio, and the company adapted to a 'lower for longer' price environment. BP has done a number of deals to secure long-term production allowing it the flexibility to pursue its ‘ value over volume’ strategy focused on capital discipline. In this move to a broader growth strategy, deepwater and exploration have become increasingly focused. This shift will likely also include the capture of discovered resource opportunities and small-scale M&A. The overall direction of  BP's upstream strategy is towards growing its gas and advantaged oil portfolio, with assets that are low-cost or high-margin, and building on an already deep resource base. Full details are available to download in pdf and excel format.

Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration outlook
      • SWOT Grid
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
    • Scope of this report
    • Production from new field discoveries, organic unconventionals and as a proportion of all future production
    • Deepwater US Gulf of Mexico still key
    • A focused number of core regions

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
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Full-cycle economics
  • Net active exploration acreage by water depth
  • Net active conventional acreage by country
  • Gross conventional exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 discoveries (2008 to 2017)
  • Key organic unconventional plays
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production: Image 1
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by resource category
  • Exploration returns by water depth
  • Strategy: Table 1

What's included

This report contains:

  • Document

    BP.xls

    XLS 849.50 KB

  • Document

    BP oil and gas exploration summary

    PDF 510.13 KB

  • Document

    BP oil and gas exploration summary

    ZIP 708.76 KB

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