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Global exploration trends

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09 July 2018

Global exploration trends

Report summary

The Global exploration trends report analyses high-level global trends in conventional exploration over 2008-2017. The cost of exploration is compared with the value of new field discoveries made. The exploration industry has faced up to something of a perfect storm of disadvantageous circumstances over the last four years. Despite this, it has delivered robust oil and gas volumes per well in new discoveries, achieved some structural cost reductions with innovative thinking on operations, well designs and data requirements, and ruthlessly re-focused portfolios. Over 240 billion boe of new resource was found over the decade. Returns are improving and the industry should return to positive value creation with just an average level of reserves creep from the 2017 discoveries. The sector has emerged from the furnace tougher and more resilient than before, making smarter portfolio choices and able to do more with less capital. Full details are available to download in pdf and excel format.

Table of contents

  • Key facts
  • Summary and key issues
    • Exploration & appraisal spend and well count
      • Discovery count and success rate
    • Volume decline halted
    • Oil volumes bounced back in 2017
    • 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 26 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 (2008-2010)
  • Giant discoveries (2011-2012)
  • Giant discoveries (2013-2017)
  • 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
  • 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 952.17 KB

  • Document

    Global exploration trends

    ZIP 1.00 MB

  • Document

    Global Exploration Trends.xls

    XLS 540.00 KB

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