This report details regional trends in conventional exploration from 2007-2016. 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 investment fell to just US$42 billion in 2016, half that of 2014 levels. In the face of collapsing oil prices, companies slashed budgets. Regions characterised by a large proportion of deepwater, frontier opportunities were hardest hit – the Middle East, following by North Africa and Sub-Sahara Africa, saw the biggest falls in spending. Our ten-year view shows a bleak picture in terms of value created thanks to the fall in global commodity prices. Only two of our eight regions achieved positive full-cycle value creation over the decade - Middle East and North Africa. Sub-Sahara Africa added more than 50 bnboe of conventional volume over the decade, following the opening of the East Africa gas province.