ExxonMobil's integrated business model continues to serve it well during the oil price downturn; its scale and diversity have help protect it. In the past it followed a highly successful strategy of resource capture through accessing Discovered Resource Opportunities in the Middle East and in unconventional oil and gas. However, increasing resource access challenges and tougher terms led the company to refocus on exploration. It has a strong position in deepwater acreage, second only to Shell among the Majors. Much of the acreage lies outside proven basins, but the discovery of the world-class Liza field in Guyana is justifying this approach. Key elements of future strategy include exploring in the most profitable areas where discoveries can be tied back to existing infrastructure; accessing new areas with high-impact potential, including Guyana and the US Gulf of Mexico; and resuming activity in the Russian Arctic and deepwater Black Sea if sanctions are lifted in the future.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.
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Company report | Aug 2016
ExxonMobil oil and gas exploration summary
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