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Chevron oil and gas exploration summary

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31 July 2019

Chevron oil and gas exploration summary

Report summary

Chevron has moved into a much more aggressive phase of exploiting its superior position in the Permian tight oil play. Its conventional exploration performance remains highly dependent on two world-class, legacy deepwater regions: Australia and the US Gulf of Mexico. Both face challenges in commercialising the large volumes discovered. However, infrastructure-led exploration has been fruitful. Chevron made two significant discoveries in deepwater GoM in 2017. These discoveries could allow the company to take advantage of existing GoM infrastructure, reducing commercialisation lead times and breakevens.

Table of contents

  • Upstream strategy
    • SWOT Grid
    • Evolution of exploration strategy
  • Well data
  • Focus on unconventionals as conventional exploration scaled back
  • Legacy Permian position transformed by unconventional plays...
  • ...and balanced by acquisitions in the Northeast
  • New field exploration pays dividends
  • Australia and deepwater US GoM have been key legacy regions
  • Incremental exploration accretive in legacy areas...
  • ...while moves into frontiers yet to create value
  • Canadian unconventionals targeted for value and LNG
  • Vaca Muerta the sole international unconventional success outside North America

Tables and charts

This report includes 21 images and tables including:

  • Gross 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 and 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
  • Net active exploration acreage by water depth
  • Net active exploration 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

What's included

This report contains:

  • Document

    Chevron oil and gas exploration summary

    ZIP 1.24 MB

  • Document

    Chevron oil and gas exploration summary

    ZIP 1.21 MB

  • Document

    Chevron oil and gas exploration summary 2009-2018.xlsx

    XLSX 305.25 KB

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