This report details regional trends in conventional exploration from 2006-2015. We analyse exploration performance across eight regions: Asia Pacific, Europe, North America, Latin America, North Africa, Sub-Sahara Africa, Russia & Caspian and Middle East.
Global exploration spend fell 35% in 2015. Regions characterised by a large proportion of deepwater, frontier opportunities were hardest hit – e.g investment in Sub-Sahara Africa dropped 47%.
The oil price crash also had a significant impact on value creation. Only four out of eight regions achieved positive full-cycle value creation over the full decade, and just two (Asia-Pacific & North Africa) delivered positive value for 2011-2015. Regions with most exposure to high-cost plays failed to create value in either 5-yr period.
Sub-Sahara Africa and Latin America outperformed on a volume basis, adding >50 bnboe of resource, largely due to opening of new mega-plays (East African gas and Brazilian pre-salt, respectively).
This report includes 3 file(s)
- Exploration trends - benchmarking by region PDF - 532.26 KB 5 Pages, 3 Tables, 1 Figures
- Exploration Trends by region.xls XLS - 753.50 KB
- Exploration trends benchmarking by region.pdf PDF - 3.30 MB