BP oil and gas exploration summary
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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 contains
Table of contents
- Executive summary
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Strategy
- Upstream strategy
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Exploration outlook
- SWOT Grid
- Evolution of exploration strategy
- Investment and costs
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Exploration
- Well data
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Reserves and resources
- Scope of this report
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Production
- Production from new field discoveries, organic unconventionals and as a proportion of all future production
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Valuation
- Deepwater US Gulf of Mexico still key
- The challenge to convert resource to reserves
- Deepwater additions come at a challenging time
Tables and charts
This report includes 24 images and tables including:
Images
- Basins drilled and all conventional & organic unconventional discoveries 2007-2016
- Exploration & appraisal spend and reinvestment
- Exploration & appraisal spend by water depth
- Exploration & appraisal spend by basin maturity
- Discovery costs by water depth
- Net active exploration acreage by water depth
- Net active conventional acreage by country
- Exploration wells drilled and spend per well
- Exploration success rates
- Volumes discovered by year
- Volumes discovered by water depth
- Volumes discovered by country
- Volumes discovered by basin
- Production: Image 1
- 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
Tables
- Ten year performance summary
- Full-cycle economics
- Gross conventional exploration & appraisal wells by basin and sector
- Top 40 discoveries (2007 to 2016)
- Key organic unconventional plays
- Strategy: Table 1
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