Asset Report

Exploration trends - benchmarking by region

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31 August 2017

Exploration trends - benchmarking by region

Report summary

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. 

Table of contents

  • Key facts
    • Key trends
      • Scope of report
        • Regional basin groupings
      • Key messages
      • Exploration investment and activity
        • Exploration and appraisal spend
        • Average spend per well
        • Drilling by region
        • Discoveries and success rates
      • Reserves and resources
        • Total volumes discovered (by commerciality)
        • Number of giant discoveries (> 500 mmboe) discoveries
        • What does the average discovery in each region look like?
      • Discovery and development costs
        • Discovery and development costs
        • Lead times from discovery to development
      • Economic assumptions
        • Brent oil price assumptions
        • Economic analysis
        • Ten year full-cycle value creation at Base price (2007-2016)
        • Five year full-cycle value creation trend
        • Full-cycle returns

Tables and charts

This report includes 4 images and tables including:

  • Key facts - global summary
  • Assumptions
  • Key facts by region
  • Summary and key issues: Image 1

What's included

This report contains:

  • Document

    Exploration Trends by region.xls

    XLS 777.50 KB

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    Exploration trends benchmarking by region.pdf

    PDF 2.35 MB

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    Exploration trends - benchmarking by region

    PDF 506.22 KB

  • Document

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    ZIP 2.97 MB