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Global exploration trends

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29 June 2017

Global exploration trends

Report summary

The Global exploration trends report analyses high-level global trends in conventional exploration over 2007-2016. The cost of exploration is compared with the value of new field discoveries made. Trends in the exploration industry have made it a tough place to operate in recent years, although the sector has consistently delivered robust oil and gas volumes in new finds, with close to 250 billion boe found. Value and returns, however, have plunged as the collapse in oil prices compounds an already difficult environment for converting resources into commercial reserves.

Table of contents

  • Key facts
  • Summary and key issues
    • Exploration & appraisal spend and well count
      • Discovery count and success rate
    • Declining volumes
    • Oil reducing, gas increasing
    • Average discovery size is positive but commercial volumes falling
    • Discovery and development costs
    • Oil and gas prices
    • Exploration full cycle economics
      • Upside in recent exploration results

Tables and charts

This report includes 27 images and tables including:

  • Key facts
  • Assumptions
  • Volumes discovered and average discovery size
  • Exploration and appraisal spend and well count
  • Exploration and appraisal spend
  • Drilling activity
  • Signature bonus payments by year
  • Total signature bonus payments by country
  • Distribution of giant oil and gas fields
  • Giant discoveries (2007-2010)
  • Giant discoveries (2011-2012)
  • Giant discoveries (2013-2016)
  • Discovery and development costs
  • Discovery plus development costs and government take
  • Annual discovery cost
  • Development costs by discovery year
  • Discovery plus development costs by discovery year
  • Annual state share of value creation
  • WM Brent Oil Price Assumption
  • Value creation and returns
  • Annual value creation
  • Annual full-cycle returns
  • Discovery count and success rate
  • Annual discoveries
  • Trends in overall success rates
  • Growth of commercial success rates
  • Change in historical view of value creation

What's included

This report contains:

  • Document

    Global exploration trends

    PDF 509.35 KB

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    Global exploration trends

    ZIP 743.15 KB

  • Document

    Global Exploration Trends.xls

    XLS 642.00 KB