Exploration trends - benchmarking by play maturity
Maturity is a defining element of exploration portfolio, programme and strategy. Companies must decide between the greater risks and rewards of frontier opportunities versus smaller, safer bets in mature plays. Optimal timing of play entry is a critical contributor to exploration outperformance. Our analysis of exploration results over the past decade reveals that frontier exploration is generally better than mature alternatives. Big volumes in new plays offer better returns than near-field drilling for smaller prospects close to infrastructure.