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Equinor oil and gas exploration summary

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05 July 2018

Equinor oil and gas exploration summary

Report summary

On 15 March 2018, Statoil announced it would change its name to Equinor and this was passed at the company’s annual general meeting in May. This is representative of its shift from a focused oil and gas player to a broad energy company and reinforces its shift towards new energy solutions and low carbon. However, oil and gas remains core to the rebranded business, with future exploration an essential part of discovering new energy resources. Equinor has stated its ambition to maintain “profitable production” in Norway until 2030 and beyond. With a number of drilling programmes ongoing, drill-bit success to year end-2019 could provide Equinor with enhanced long-term portfolio renewal options. But the company’s emphasis on deepwater and frontier prospects means value destruction is a risk. High grading the diverse range of drilling options will remain an important theme to ensure the correct risk/reward balance. 

Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration outlook
  • Investment and costs
    • Well data
  • Reserves and resources
    • Production from new field discoveries, organic unconventionals and as a proportion of all future production
    • Securing long term growth through exploration
    • Successful returns as the Norwegian master
    • North America key growth area - unconventionals
    • Deepwater focus
      • Tanzania
      • Canada (East Coast)
      • Brazil
      • Gulf of Mexico
      • Angola
    • Appraisal upsides

Tables and charts

This report includes 24 images and tables including:

  • Executive summary: Image 1
  • 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
  • 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
  • Full-cycle economics
  • Strategy: Table 1
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Gross conventional exploration and appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rate
  • Production: Image 1
  • Valuation: Image 1
  • Valuation: Image 2
  • Valuation: Image 3
  • Exploration returns by water depth

What's included

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