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Exploration trends - benchmarking by water depth

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14 June 2019

Exploration trends - benchmarking by water depth

Report summary

This report analyses global trends in conventional exploration by water depth setting over 2009-2018. 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 almost half of the more than 253 billion boe of resource found over the decade, with high costs offset by large discovery sizes and high average volumes per well. Twice as many wells were drilled in shelf plays, and finds were often commercialised faster than in the deepwater, although discovery sizes were smaller. Most discoveries were made onshore, where costs are much lower, but tough fiscal terms often limit returns. Full details are available to download in pdf and excel format.

Table of contents

    • Scope of report
    • Key messages
    • Exploration investment and activity
    • Exploration and appraisal spend
    • Average spend per well
    • Drilling by water depth
    • Reserves and resources
    • Volumes discovered
    • Number of giant (>500 mmboe) discoveries
    • Discovery and development costs
    • Discovery and development costs
    • Government take
    • Lead times from discovery to first production
    • Economic assumptions
    • Brent oil price assumptions
    • Economic analysis
    • Full-cycle value creation by year
    • Full-cycle returns

Tables and charts

No table or charts specified

What's included

This report contains:

  • Document

    Exploration trends_benchmarking by water depth.pdf

    PDF 1.40 MB

  • Document

    Exploration trends_benchmarking by water depth.xls

    XLS 973.00 KB

  • Document

    Exploration trends - benchmarking by water depth

    ZIP 1.53 MB