Asset Report
Global exploration trends 2023
Report summary
The Global exploration trends report analyses high-level global trends in conventional exploration over 2013-2022. The industry has been continually evolving over the last 10 years, with exploration performance rising to the challenge in recent years. It has continued to deliver robust oil and gas volumes per exploration well in new field discoveries - achieving structural cost reductions and ruthlessly re-focused portfolios. Over 200 billion boe of new resource was found over the decade. Exploration has made its long-overdue recovery to making double-digit returns and creating value. Our latest view of exploration results confirms all the hard work to cut costs and commercialise discoveries is bearing fruit.
Table of contents
- Discovery count and success rate
- Exploration spend trends
- Exploration full cycle economics
- Oil and gas prices
- Fundamental principles
- Exploration spend
- Well and play maturity definition
Tables and charts
This report includes 23 images and tables including:
- Annual discoveries
- Success rates by maturity
- Percentage of E&A spend by peer group
- Deepwater spend by peer group
- Volumes discovered by hydrocarbon type
- Volumes discovered by commerciality
- Discovered resources by region (2013-2022)
- Average discovery size
- Average volume discovered per exploration well
- Top 20 giant oil and gas finds by well maturity (2013-2022)
- Number of giant and large discoveries
- Volumes in giant and non-giant discoveries
- Ten largest oil discoveries of the decade (2013-2022)
- Ten largest gas discoveries of the decade (2013-2022)
- Net volumes share by peer group
- Discovery cost by resource commerciality
- Discovery cost by water depth
- Annual value creation
- Annual development value
- Annual full-cycle returns
- New field development value versus post-tax exploration spend
- WM Brent Oil Price Assumption
- WM Henry Hub Gas Price Assumption
What's included
This report contains:
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