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.
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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.
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Company report | Aug 2017
BP oil and gas exploration summary
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