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.