Asset report

Exploration trends - benchmarking by basin

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Report summary

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.

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    Exploration trends benchmarking by basins.pdf

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Table of contents

  • Key facts
      • Exploration wells drilled and E&A spend by basin
      • Number of wells versus success rate
      • Commercial success rates: low oil prices presenting additional challenges to commerciality
      • Total volumes by basin and commerciality
      • Volumes discovered versus E&A spend
      • Average discovery size: larger discoveries are generally required to assure commerciality
      • Discovery costs: basins with lowest discovery costs are mostly onshore
      • Value creation: giant offshore discoveries and low-cost onshore basins created most value
      • Internal rate of return: onshore basins have higher returns due to short lead times, while gas-prone basins tend to achieve lower returns due to market conditions and prices

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  • Summary and key issues: Image 1


  • Key facts

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