The Global exploration trends report analyses high-level global trends in conventional exploration over 2009-2018. The cost of exploration is compared with the value of new field discoveries made. The exploration industry has faced a perfect storm of unfavourable circumstances over the last five years. Despite this, it has delivered robust oil and gas volumes per exploration well in new field discoveries - achieving structural cost reductions with innovative thinking on operations, well designs and data requirements, and ruthlessly re-focused portfolios. Over 250 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. We already see exploration returns of 13% in 2018, the highest calculated in over a decade.