Insight
How will NOC explorers adjust to the crisis?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Conventional exploration is important for most NOCs’ future production. They spend more than most Majors, investing 12%-35% of their upstream budgets in exploration. But cuts are inevitable in the present environment. We summarise potential reactions from 11 top-spending NOCs, which shows the level of cuts to exploration budget will vary widely among the different NOCs subject to multiple strategic considerations.
Table of contents
- Headline numbers and themes
- Strategic considerations for exploration cuts
- Detailed exploration budget revisions by NOCs
- Implications
Tables and charts
This report includes the following images and tables:
- NOCs’ exploration strategic drivers
- Summary of exploration budget revisions by leading NOC explorers
What's included
This report contains:
