Chevron cut its 2016 exploration budget to just US$1.5 billion - the lowest of the Majors. It has streamlined its acreage portfolio, exiting non-core countries and all its international positions in unconventional plays outside of North America and Argentina. Drilling plans have been high-graded; despite the low budget, it plans to drill eight high-impact exploration wells in 2016. Seismic acquired over several test areas will be evaluated over the next year or two, allowing the company to continue to progress new areas while limiting spend. Its overall upstream strategy places greater emphasis on short-cycle and incremental investments and the portfolio provides flexibility to ramp investment up or down.
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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 2016
Chevron oil and gas exploration summary
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