Global exploration: 5 things to watch in 2023

Our outlook for global exploration, highlighting the themes to watch in 2023 and beyond. Market and geopolitical conditions create a revitalised opportunity for exploration. Strong fundamentals support more exploration but expect companies to continue seeking portfolio improvement over growth. Wildcatting will continue to be led by the Majors and Larger NOCs, the latter playing an increasingly important role in the sector. Selective frontier exploration in deep and ultra-deepwater will continue. Expect only a small rise in exploration and well counts in 2023 despite record profits. Capital discipline will hold. Exploration will play its part in alleviating the energy supply crisis, particularly where Europe shifts away from Russian dependency. Expect subtle internal messaging that the mandate to explore is back.