Company Report
BP oil and gas exploration summary
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Report summary
BP has dramatically transformed its exploration strategy over the last decade – from aiming to renew its resources entirely through exploration in 2010, to a reduced emphasis on exploration. BP's overall corporate strategy will fast-track its transition from an International Oil Company (IOC) to an Integrated Energy Company (IEC). By 2030, the Major will be an entirely different company. BP is not abandoning investment in oil and gas; rather, it will maintain its commitment by continuing to invest in growth projects and ongoing exploration within its current operational regions. This corresponds to annual E&A spend tapering off to US$350 to US$500 million by 2025. To achieve this, BP will continue to high-grade its portfolio, targeting only the most attractive opportunities in countries where it already operates. This is in keeping with the company's clear intention to focus on cycle time: allocating capital for paybacks of less than ten years for oil and less than 15 years for gas.
Table of contents
- Exploration strategy
- Current portfolio and exploration outlook
- Production and potential cost of production
- Value creation
Tables and charts
This report includes 17 images and tables including:
- BP’s current acreage - top 15 countries (in '000 km2)
- Net exploration and appraisal wells by country
- Exploration & appraisal spend and reinvestment
- Exploration success rates
- Largest 10 conventional discoveries (net, 2014 to 2023)
- Volumes discovered by year
- Volumes discovered by water depth
- Volumes discovered by country
- Volumes discovered by basin
- Production from new field discoveries, and as a proportion of all future production
- Discovery, development and operating costs for commercial and economically viable resources
- Full-cycle economics
- Top 10 conventional discoveries by development value (2014-2023)
- Conventional value and spend by country
- Exploration returns by water depth
- Conventional value creation
- Exploration returns by year
What's included
This report contains:
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