Future exploration outlook

The exploration industry has evolved a lot over the last 10 years, largely driven by price volatility. Going forward, we expect the exploration sector’s near-term future to be stable, with relative demand certainty for oil and gas until 2030. In the longer-term, exploration's future is in highly dependent on the future demand for oil and gas. Nevertheless, the scene is set for advantaged exploration, as oil and gas barrels are explored more selectively. Explorers will no longer high grade their resources based purely on technical criteria but scoping for low carbon, low-cost resources that can be developed quickly. The sector continues to evolve and adapt to become more resilient and sustainable, playing a key role in adding value and cutting carbon to supply future demand and help fund the energy transition.