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17 Pages

BP oil and gas exploration summary


BP oil and gas exploration summary

Report summary

BP was already well-placed financially to enter the down cycle following the Deepwater Horizon incident. BP had already simplified and re-shaped its portfolio and the oil price crash provided fresh impetus in its drive to re-engineer its portfolio to operate in a low price world. The business has re-focused back towards the deepwater and conventional sectors, giving it one of the tightest portfolios amongst the Majors peer group. The company has since pivoted towards gas value chains to help balance the portfolio and increase weighting to large-scale, long-life assets. A balanced approach to longer-term growth will see investment in higher-value near-field opportunities take precedence over higher-risk frontier exploration.

What's included?

This report includes 2 file(s)

  • BP oil and gas exploration summary PDF - 588.76 KB 17 Pages, 6 Tables, 18 Figures
  • BP.xls XLS - 674.50 KB

Description

Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.

This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.

Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.

Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.

  • Executive summary
  • Strategy
    • Upstream strategy
    • Exploration outlook
      • SWOT Grid
    • Evolution of exploration strategy
  • Investment and costs
  • Exploration
    • Well data
  • Reserves and resources
    • Scope of this report
  • Production
    • Production from new field discoveries, organic unconventionals and as a proportion of all future production
  • Valuation
    • Deepwater US Gulf of Mexico still key
    • The challenge to convert resource to reserves
    • Deepwater additions come at a challenging time

In this report there are 24 tables or charts, including:

  • Executive summary
    • Basins drilled and all conventional & organic unconventional discoveries 2007-2016
    • Ten year performance summary
  • Strategy
    • Strategy: Table 1
    • Net active exploration acreage by water depth
    • Net active conventional acreage by country
  • Investment and costs
    • Exploration & appraisal spend and reinvestment
    • Exploration & appraisal spend by water depth
    • Exploration & appraisal spend by basin maturity
    • Discovery costs by water depth
  • Exploration
    • Gross conventional exploration & appraisal wells by basin and sector
    • Exploration wells drilled and spend per well
    • Exploration success rates
  • Reserves and resources
    • Top 40 discoveries (2007 to 2016)
    • Key organic unconventional plays
    • Volumes discovered by year
    • Volumes discovered by water depth
    • Volumes discovered by country
    • Volumes discovered by basin
  • Production
    • Production: Image 1
  • Valuation
    • Full-cycle economics
    • Full cycle value creation by year, with uncons
    • Exploration returns by year, with uncons
    • Costs and development value by resource category
    • Value creation by water depth
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