Asset Report
Exploration trends - benchmarking by region
Report summary
This report details regional trends in conventional exploration over 2009-2018. We analyse exploration performance across eight regions: Asia Pacific, Europe, Latin America, Middle East, North Africa, North America, Russia & Caspian and Sub-Sahara Africa. Global investment fell to US$29 billion in 2018, just 31% of peak investment in 2014. Regions characterised by a large proportion of deepwater, frontier opportunities generally saw the largest cuts, but all regions experienced big falls in investment. Our ten-year view shows a bleak picture in terms of value created, with only three of our eight regions achieving positive full-cycle value creation. Nevertheless, returns have improved and exploration has made its long-overdue recovery to making double-digit returns and creating value. We already see exploration returns of 13% in 2018, the highest calculated in over a decade. Full details are available to download in pdf and excel format.
Table of contents
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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 (> 500 mmboe) discoveries
- What does the average discovery in each region look like?
- Discovery and development costs
- Discovery and development costs
- Government take
- Lead times from discovery to production
- Economic assumptions
- Brent oil price assumptions
- Economic analysis
- Ten year full-cycle value creation at Base price (2009-2018)
- Five year full-cycle value creation trend (2009-2013 vs. 2014-2018)
- Full-cycle returns
Tables and charts
This report includes 1 images and tables including:
- Average discovery size and oil-gas split by region
What's included
This report contains:
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