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 an aim of renewing its resources entirely through exploration in 2010, to a reduced emphasis on exploration. The overall corporate strategy will fast-track BP’s transition from an International Oil Company (IOC) to an Integrated Energy Company (IEC). By 2030, BP will be an entirely different company. BP certainly isn’t abandoning investment in oil and gas. On the contrary, it will continue to invest in growth projects and, for the time being at least, in exploration but only in existing countries. This corresponds to annual E&A spend tapering off to US$350 to US$500 million by 2025. To achieve this it will continue to high-grade its portfolio, targeting only the most attractive opportunities in countries where it is already operating. This is in keeping with BP’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
- Results summary
- 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, 2013 to 2022)
- 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 (2013-2022)
- 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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