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.