The Pearl River Mouth is one of the hottest exploration basins in China. Despite prevailing low oil prices, explorers will invest more than US$6 billion exploring the basin over the next 20 years. Historically, explorers focused on shallow water liquids potential. But attention switched to the deepwater after Husky's play-opening Liwan gas discovery in 2006. A two-year E&A program proved up additional resource and led to China's first ever deepwater development (Liwan, onstream in 2014). Away from Liwan, the deepwater remains largely unexplored and future exploration is expected to focus on the shallow water liquids play. This exploration basin report provides a detailed analysis of recent exploration and future expectations including discovery and development costs, location maps and information about licensing and fiscal terms. We also evaluate the yet-to-find volume and value potential. The report is accompanied by multiple excel downloads.