The Exploration trends benchmarking by basin report quantifies conventional exploration performance of over 500 basins worldwide for the decade 2007 2016. The cost of exploration is compared with the value of new field discoveries made over the decade. Exploration spend was focused on key basins predominantly in deepwater. The top 20 basins by E&A investment accounted for 46% of spend and 39% of all wells drilled. The top 20 basins by volume contributed 55% of the 245 bnboe discovered resources and they included deepwater basins in the Americas Africa and Australia plus Middle East onshore basins. Sustained low oil prices have restricted value creation. The highest value basins were found in deepwater Brazil and Guyana plus onshore basins in China Egypt Iraq and Algeria and shallow water areas in Norway.