BP oil and gas exploration summary
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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. BP has done a number of deals to secure long-term production allowing it the flexibility to pursue its ‘ value over volume’ strategy focused on capital discipline. In this move to a broader growth strategy, deepwater and exploration have become increasingly focused. This shift will likely also include the capture of discovered resource opportunities and small-scale M&A. The overall direction of BP's upstream strategy is towards growing its gas and advantaged oil portfolio, with assets that are low-cost or high-margin, and building on an already deep resource base. Full details are available to download in pdf and excel format.
Table of contents
- Executive summary
-
Strategy
- Upstream strategy
-
Exploration outlook
- SWOT Grid
- Evolution of exploration strategy
- Investment and costs
-
Exploration
- Well data
-
Reserves and resources
- Scope of this report
-
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
- A focused number of core regions
Tables and charts
This report includes 24 images and tables including:
- Basins drilled and all conventional & organic unconventional discoveries 2008-2017
- Ten year performance summary
- Exploration & appraisal spend and reinvestment
- Exploration & appraisal spend by water depth
- Exploration & appraisal spend by basin maturity
- Discovery costs by water depth
- Full-cycle economics
- Net active exploration acreage by water depth
- Net active conventional acreage by country
- Gross conventional exploration & appraisal wells by basin and sector
- Exploration wells drilled and spend per well
- Exploration success rates
- Top 40 discoveries (2008 to 2017)
- Key organic unconventional plays
- 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
- Strategy: Table 1
What's included
This report contains:
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