Asset Report

Exploration trends - benchmarking by basin maturity

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07 July 2016

Exploration trends - benchmarking by basin maturity

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.

Table of contents

Tables and charts

This report includes 27 images and tables including:

  • Key facts
  • Assumptions
  • Volumes discovered and average discovery size
  • Annual volumes discovered
  • Average volumes discovered per well
  • Proportion of volumes by commerciality
  • Volumes discovered by Phase
  • Basin maturity definition
  • Maturity classification
  • Key facts by maturity
  • Exploration and appraisal spend and well count
  • Exploration and appraisal spend
  • Drilling activity
  • Discovery count and success rate
  • Number of discoveries
  • Overall success rate
  • Lead times
  • Costs: Table 1
  • WM Brent Oil Price Assumption, May 2015 vs May 2016
  • Value creation and returns
  • 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

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