| |
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


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
Requester's name : .............
Department : .............
Authoriser's Name : .............
Authoriser's signature : .............
Date : .............
Cost Centre : .............

Questions about this report?

Frequently Asked Questions
  • Europe: +44 131 243 4699
  • Americas: +1 713 470 1900
  • Asia Pacific: +61 2 8224 8898
contact us

Why Wood Mackenzie?

Wood Mackenzie, a Verisk Analytics business, has been a trusted source of commercial intelligence for the world's natural resources sector for more than 40 years, empowering clients to make better strategic decisions with objective analysis and advice.

We work across every sector of oil, gas, power, renewables, chemicals, metals and mining, covering more than 150 countries. Our proprietary data and models are at the core of everything we do, ensuring our independent asset and company valuations are thoroughly robust and that we offer an accurate forward-looking view of economic indicators such as market supply, demand and price trends.

Our 500+ analysts are based in the regions they cover, cultivating an unrivalled depth of understanding to help clients accurately identify new opportunities, define their strategy and improve business performance.

At every stage, our teams readily collaborate and share their insight to provide an integrated perspective across entire industries. It is this unique and rigorous analytical approach that ensures we are recognised as the industry standard by the world’s most innovative organisations.