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Occidental Petroleum oil and gas exploration summary

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26 September 2019

Occidental Petroleum oil and gas exploration summary

Report summary

Conventional exploration is no longer viewed as the 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 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.

Table of contents

  • Upstream strategy
    • SWOT grid
  • Evolution of exploration strategy
  • Well data
  • Near field conventional exploration continues
  • Unconventional resource plays, particularly the Permian, drive future growth

Tables and charts

This report includes 21 images and tables including:

  • Net active exploration acreage by water depth
  • Net active conventional acreage by country
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Gross exploration & appraisal wells by basin and sector (2008-2017)
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 discoveries (2009 to 2018)
  • Key organic unconventional plays
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Full-cycle economics
  • 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

What's included

This report contains:

  • Document

    Occidental oil and gas exploration summary 2009-2018.xlsx

    XLSX 295.70 KB

  • Document

    Occidental Petroleum oil and gas exploration summary

    PDF 1.08 MB

  • Document

    Occidental Petroleum oil and gas exploration summary

    ZIP 1.24 MB

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