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.