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ExxonMobil oil and gas exploration summary

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31 July 2019

ExxonMobil oil and gas exploration summary

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.

Table of contents

  • Upstream strategy
    • Evolution of exploration strategy
  • Well data
  • 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 21 images and tables including:

  • Gross conventional exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 discoveries (2009 to 2018)
  • Key organic unconventional plays
  • 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
  • Full-cycle economics
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by resource category
  • Exploration returns by water depth
  • Net active acreage by water depth
  • Net active acreage by country
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth

What's included

This report contains:

  • Document

    ExxonMobil oil and gas exploration summary

    PDF 985.77 KB

  • Document

    ExxonMobil oil and gas exploration summary

    ZIP 1.14 MB

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