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Exploration trends - benchmarking by region

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14 June 2019

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

    • 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:

  • Document

    Exploration trends_benchmarking by region.pdf

    PDF 1.21 MB

  • Document

    Exploration trends_benchmarking by region.xls

    XLS 778.00 KB

  • Document

    Exploration trends - benchmarking by region

    ZIP 1.36 MB