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8 Pages

Fewer wells but sharper focus: global exploration review of 2016


Fewer wells but sharper focus: global exploration review of 2016

Report summary

We may come to see 2016 as a turning point for conventional exploration. With sustained low oil prices and corresponding pressure on discretionary spend dictating further deep budget cuts, the inevitable result was far fewer wells drilled and far less new volume being added – just 7.6 bnboe in 2016. Despite this, aspects of the 2016 exploration results can be seen as something of an achievement. Discovery costs were below 2014 levels for the second year in a row, and the average field discovery size held up at well over 50 mmboe. Volumes discovered per exploration well were the same as in 2015. Key discoveries in US Alaska, Senegal, Myanmar and Papua New Guinea have again provided a timely reminder of the potential upside from frontier exploration. As explorers focus on acreage re-load for the longer term, the sector looks set to emerge from the extremely tough last two years, leaner and more efficient, making smarter portfolio choices and able to achieve more, with less.

What's included?

This report includes 2 file(s)

  • Fewer wells but sharper focus: global exploration review of 2016 PDF - 481.06 KB 8 Pages, 2 Tables, 9 Figures
  • Global Exploration 2016 in review.xls XLS - 280.00 KB

Description

This Oil and Gas Exploration Insight report highlights the key issues surrounding this topic, and draws out the implications for those involved.

For participants, suppliers and advisors who want to look at the trends, risks and issues of this topic, this report gives you an expert point of view to help inform your decision making.

Wood Mackenzie provides accurate and in-depth analysis to help you navigate the ever-changing challenges of oil and gas exploration so you can make key commercial decisions.

  • Deep investment cuts feed through to poorer results...
  • ...and yet the seeds of recovery may already have been sown
  • Giant and large finds
  • Play openers
  • Company performance
  • Results against 2016 predictions - how did we do?

In this report there are 11 tables or charts, including:

  • Deep investment cuts feed through to poorer results...
    • Conventional new field volumes discovered
    • Volumes discovered - excluding mega-plays
  • ...and yet the seeds of recovery may already have been sown
    • Increases from our initial estimate of global new field resources discovered (2011-2016)
    • Conventional new field discovery costs
    • Exploration well success rates
  • Giant and large finds
    • Distribution of giant and large oil and gas discoveries (discovery well names shown)
  • Play openers
    • Play openers, and key follow-up discoveries
  • Company performance
    • Top 30 companies by conventional new field volumes discovered
    • Top 15 countries by conventional new field volumes discovered
  • Results against 2016 predictions - how did we do?
    • E&A drilling by basin maturity
    • Proportion of E&A drilling activity
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