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BP oil and gas exploration summary

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05 August 2019

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. Over recent years, with the financial framework strengthened and Deepwater Horizon penalties largely behind it, BP has been emboldened to step-up business development activity; taking advantage of the counter-cyclical opportunities presented by the downturn.

Table of contents

  • Upstream strategy
    • SWOT Grid
  • Evolution of exploration strategy
  • Well data
  • Scope of this report
  • Volumes starting to be translated into value
  • Deepwater US Gulf of Mexico remains key
  • A focused number of core regions
  • Unconventional liquids and gas both boosting value creation

Tables and charts

This report includes 21 images and tables including:

  • Net active exploration acreage by water depth
  • Net active conventional 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
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 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, 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 resource category
  • Exploration returns by water depth

What's included

This report contains:

  • Document

    BP oil and gas exploration summary 2009-2018.xls

    XLS 665.00 KB

  • Document

    BP oil and gas exploration summary

    ZIP 1.11 MB

  • Document

    BP oil and gas exploration summary

    ZIP 1.11 MB

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