Asset Report
Exploration trends - benchmarking by water depth
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Report summary
This report analyses global trends in conventional exploration by water depth setting over the period 2007-2016. The cost of exploration is compared with the value of new field discoveries made in three key water depth categories: onshore; shelf (offshore wells drilled in less than 400 metres of water); and deepwater (wells drilled in water depths of over 400 metres). Deepwater delivered nearly 50% of all volumes but more wells were drilled in shelf plays. Lower oil prices have made it very challenging to convert discovered resources in the deepwater into commercial reserves.
What's included
This report contains
Table of contents
- Key facts
- Summary and key issues
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Exploration
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Exploration & appraisal spend and well count
- Discovery count and success rate
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Exploration & appraisal spend and well count
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Reserves and resources
- Volumes discovered and average discovery size
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Development
- Lead times
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Costs
- Discovery and development costs
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Economic assumptions
- Oil and gas prices
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Economic analysis
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Exploration full cycle economics
- Government take
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Exploration full cycle economics
Tables and charts
This report includes 24 images and tables including:
Tables
- Global database
- Assumptions
- Exploration and appraisal spend and well count
- Reserves and resources: Table 1
- Discovery and development costs
- Value creation and returns
- Discovery count and success rate
Images
- Exploration and appraisal spend
- Exploration and appraisal well numbers
- Annual volumes discovered
- Average volumes discovered per well
- Proportion of volumes by commerciality
- Volume discovered by phase
- Lead times
- Annual discovery costs
- Discovery and expected development costs
- WM Brent Oil Price Assumption
- Value creation under three price scenarios
- Unit development value
- Annual value creation at the Base price
- Annual full-cycle returns
- Annual discoveries
- Trends in overall success rate
- Government take
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