Insight
Exploration alchemy: sustaining ingredients for recent success
Report summary
We identified four key ingredients for exploration's recent return to profitability: high proportion of oil in commercial volumes; low exploration spend; strong performance of deepwater, and low government share. By analysing our forward-looking tools, we predicted whether these trends would continue, and why. Oil will continue to be the main focus for explorers in the next 5-10 years. Spend will tick up but remain well below the highs of the boom years. Deepwater will sustain its outperformance in the near to medium term. Government share will rise.
Table of contents
- Executive Summary
- Making more from less
-
Will oil continue to dominate?
- Will exploration spend continue to trend lower?
- Will deepwater sustain its recent outperformance?
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Will government share continue at current low rates?
- Conclusion
Tables and charts
This report includes 15 images and tables including:
- Volumes discovered and full-cycle rates of return
- Full-cycle IRR by setting
- Development value, discovery and development costs of commercial discoveries
- Future exploration in oil-prone vs gas-prone basins
- Average discovery size by setting
- Success rates by setting for commercial and economically viable discoveries
- Prospect discovery and development cost ranges
- Prospective volume, future value creation and prospect average size
- Government share of full-cycle value
- Government share by maturity 2009-2018
- Planned exploration wells to end-2020 by maturity index and water depth
- Breakeven components of key prospects
- Exploration spend and spend per well by setting
- Exploration wells drilled
- Exploration Service offerings
What's included
This report contains:
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