Exploration trends - benchmarking by region

This report details regional trends in conventional exploration over 2014-2023. We analyse exploration performance across eight regions: Asia Pacific, Europe, Latin America, Middle East, North Africa, North America, Russia and the Caspian and Sub-Sahara. Exploration continues to play a significant role in the energy transition as the global oil and gas landscape moves towards a lower-emission future. It has continued to deliver robust oil and gas volumes per exploration well in new field discoveries - achieving structural cost reductions and ruthlessly re-focused portfolios. Just under 200 billion boe of new resource was found over the decade. Exploration has made its long-overdue recovery to making double-digit returns and creating value. Our latest view of exploration results confirms all the hard work to cut costs and commercialise discoveries is bearing fruit.