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Occidental Petroleum oil and gas exploration summary

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Report summary

Conventional exploration is no longer viewed as a key growth theme for Occidental, adding just 0.4 billion boe of resource over the last decade. Oxy radically reshaped its business and strategy in 2014/15, becoming more streamlined. The portfolio is centred on two areas – onshore US and the Middle East, focused on large, long-lived liquids-rich resource plays. Growth is based on two key strengths: Permian Basin resource plays, and EOR. Portfolio build in the US has relied mostly on acquisition, with exploration spend much lower than other large independents. The company is absent from deepwater and has completed few international wildcats over the past decade, focused instead on onshore around legacy positions in Latin America, North Africa and the Middle East. Its preference is for low exploration risk, in contrast to a willingness to accept much higher engineering risk. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.

What's included

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    Occidental Petroleum.xls

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    Occidental Petroleum oil and gas exploration summary

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Table of contents

    • Basins drilled and all conventional & organic unconventional discoveries 2007-2016
    • Upstream strategy
    • Exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
  • Reserves and resources
  • Production
    • Conventional exploration is not a key growth mechanism
    • Unconventional resource plays, particularly the Permian, drive future growth

Tables and charts

This report includes 24 images and tables including:


  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Reserves and resources: Image 3
  • Reserves and resources: Image 4
  • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Executive summary: Image 1
  • Net active exploration acreage by water depth
  • Net active conventional acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth


  • Top 40 discoveries (2007 to 2016)
  • Reserves and resources: Table 2
  • Full-cycle economics
  • Ten year performance summary
  • SWOT grid
  • Gross exploration & appraisal wells by basin and sector

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