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.