Asset Report

Exploration trends - benchmarking by basin

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17 June 2019

Exploration trends - benchmarking by basin

Report summary

This Exploration trends - benchmarking by basin report quantifies conventional exploration performance of over 500 basins worldwide for the decade 2009-2018. The cost of exploration is compared with the value of new field discoveries made. Investment continues to be focused on key basins, predominantly in deepwater. The top 20 basins by E&A investment (located in just 11 countries) represent 46% of spend but only 26% of all wells drilled. The oil price fall from late-2014 saw a shift to lower-cost onshore and shelf basins, but deepwater continues to deliver the largest volumes. The highest-value basins were found in deepwater Brazil, Israel and Mozambique plus onshore basins in Iraq, Pakistan, Oman, China, Egypt and Algeria and shelf areas in Norway. Exploration may have a diminished role to play in most company's future resource replacement strategy, but it is a more streamlined and profitable contributor. Full details are available to download in pdf and excel format.

Table of contents

  • Scope of report
  • Key messages
    • Total wells drilled by basin
    • Top 20 basin by exploration and appraisal wells drilled
    • Top 20 basins by exploration and appraisal spend
    • Success rate versus number of exploration wells
    • Commercial success rates
    • Total volumes discovered by basin
    • Top 20 basins by volume and commerciality
    • Top 20 basins by average discovery size
    • Discovery costs versus total volumes discovered
    • Top 20 basins with lowest discovery costs
    • Brent oil price assumptions
    • Internal rate of return versus value creation (NPV10)
    • Top 20 basins by value creation

Tables and charts

No table or charts specified

What's included

This report contains:

  • Document

    Exploration trends_benchmarking by basin.pdf

    PDF 2.08 MB

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