Asset report

Exploration trends - benchmarking by basin maturity

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Report summary

This report details how conventional exploration in frontier basins has compared to exploration in emerging and mature basins over the decade 2006 2015. We analyse trends in E&A spend and wells drilled resources discovered discovery cost lead times expected development cost full cycle value creation and returns. Global exploration spend fell 35% in 2015. The frontier sector which has greatest exposure to deepwater and other high cost complex plays was hit hardest suffering a 45% decline in investment and a similar drop in exploration and appraisal wells. Mature basins contributed 43% of the discovered volumes over the decade but face the greatest commercial challenges. Emerging is the only maturity class to have delivered positive full cycle economics over the full ten year period. The report is accompanied by an excel download which details costs volumes and value on an annual basis.

What's included

This report contains

  • Document

    Exploration Trends by maturity.xls

    XLS 677.50 KB

  • Document

    Exploration trends - benchmarking by basin maturity

    PDF 601.94 KB

  • Document

    Exploration trends - benchmarking by basin maturity

    ZIP 816.48 KB

Table of contents

  • Key facts
  • Summary and key issues
  • Exploration
  • Reserves and resources
  • Development
  • Costs
  • Economic assumptions
  • Economic analysis

Tables and charts

This report includes 27 images and tables including:

Images

  • Annual volumes discovered
  • Average volumes discovered per well
  • Proportion of volumes by commerciality
  • Volumes discovered by Phase
  • Maturity classification
  • Exploration and appraisal spend
  • Drilling activity
  • Number of discoveries
  • Overall success rate
  • Lead times
  • WM Brent Oil Price Assumption, May 2015 vs May 2016
  • Economic analysis: Image 1
  • Economic analysis: Image 2
  • Annual value creation at the Base price
  • Annual full-cycle returns
  • Annual discovery costs
  • Discovery and expected development costs
  • Government take

Tables

  • Key facts
  • Assumptions
  • Volumes discovered and average discovery size
  • Basin maturity definition
  • Key facts by maturity
  • Exploration and appraisal spend and well count
  • Discovery count and success rate
  • Costs: Table 1
  • Value creation and returns

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