Conventional exploration is no longer a key growth theme for Occidental, adding just 0.3 billion boe of resource over the last decade. Oxy radically reshaped its business and strategy in 2014/15, becoming more streamlined. Growth is based on two key strengths: Permian Basin resource plays and EOR. The portfolio is centred on two areas – onshore US and the Middle East, with the development of large, long-lived liquids-rich resource plays being the primary focus. Portfolio build in the US has relied mostly on acquisition. Exploration spend has been much lower than other large independents, and in 2014/2015, dwindled to almost nothing. 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.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.
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Company report | Oct 2016
Occidental Petroleum oil and gas exploration summary
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