Asset Report

Global exploration trends 2024

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

The Global exploration trends report analyses high-level global trends in conventional exploration over 2014-2023. Exploration continues to play a significant role in the energy transition as the global oil and gas landscape moves towards a lower-emission future. 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. Just under 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 22 images and tables including:

  • Annual discoveries by commerciality
  • Success rates by maturity
  • Volumes discovered by hydrocarbon type
  • Volumes discovered by commerciality
  • Discovered resources by region (2014-2023)
  • Average discovery size
  • Average volume discovered per exploration well
  • Number of giant and large discoveries
  • Volumes in giant and non-giant discoveries
  • Ten largest oil discoveries of the decade (2014-2023)
  • Ten largest gas discoveries of the decade (2014-2023)
  • Net share of discovered resource by peer group
  • Peer group discovered resource by commerciality
  • 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:

  • Document

    Global exploration trends 2024

    PDF 1.86 MB

  • Document

    Global Exploration Trends 2014 2023.xlsx

    XLSX 547.33 KB