Asset Report

Exploration trends - benchmarking by region

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17 December 2020

Exploration trends - benchmarking by region

Report summary

This report details regional trends in conventional exploration over 2010-2019. We analyse exploration performance across eight regions: Asia Pacific, Europe, Latin America, Middle East, North Africa, North America, Russia & Caspian and Sub-Sahara . Global investment fell to US$35 billion in 2019, around a third 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 two 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 11% in 2019, the highest calculated in over a decade. Full details are available to download in pdf and excel format.

Table of contents

    • Scope of report
    • Regional basin groupings
    • Key messages
    • Exploration investment and activity
    • Exploration and appraisal spend
    • Average spend per exploration 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 look like?
    • Discovery and development costs
    • Discovery and development costs
    • Lead times from discovery to production
    • Economic analysis
    • Five-year full-cycle returns and value creation trends
    • Five-year full-cycle returns at the Base price
    • Ten year full-cycle value creation at Base & High price
    • Economic assumptions
    • Oil and gas price assumptions

Tables and charts

This report includes 1 images and tables including:

  • Regional basin groupings

What's included

This report contains:

  • Document

    Exploration Trends Benchmarking By Region Slides

    PDF 1.25 MB

  • Document

    Explorartion Trends Benchmarking By Region

    XLSX 308.25 KB