Company Report

ExxonMobil oil and gas exploration summary



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Report summary

ExxonMobil has the most aggressive growth strategy of the Majors peer group. The portfolio has been rebuilt through the downturn via counter-cyclical exploration, M&A and discovered resource opportunity (DRO) access, allowing it to lock in rock-bottom costs. New projects will be brought online in a stronger price environment. The contrarian approach of investing in acreage and data is part of a revitalised exploration strategy embracing greater high-impact exploration. Recent success with the world-class Liza discovery and bolt-on finds in Guyana has emboldened this strategy. It now has a strong position in deepwater acreage, and much of it lies outside proven basins. Key elements of the strategy include exploring in basins with profitable hubs where discoveries can be tied back to existing infrastructure; and accessing and expanding in new areas, especially where there has been world-class exploration success.

What's included

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    ExxonMobil oil and gas exploration summary

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    ExxonMobil oil and gas exploration summary

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Table of contents

  • Executive summary
  • Investment and costs
    • Well data
  • Reserves and resources
  • Production
    • Resource additions from both legacy and new basins
    • Shifting focus to high-impact acreage brings higher costs but great potential

Tables and charts

This report includes 24 images and tables including:


  • Ten year performance summary
  • Top 40 discoveries (2008 to 2017)
  • Key organic unconventional plays
  • Full-cycle economics
  • SWOT Grid
  • Gross conventional exploration & appraisal wells by basin and sector


  • Basins drilled and all conventional & organic unconventional discoveries 2008-2017
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth
  • Net active acreage by water depth
  • Net active acreage by country

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