Oil and gas exploration: 2022 in review Report

Insight 12 January 2023

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Report summary

Our analysis of the global oil and gas exploration sector shows that full-cycle value creation and returns were the highest in more than a decade. Total volumes of around 20 billion boe are a return to pre-Covid levels despite a 50% drop in the number of exploration wells. We review costs, resources and returns to identify the themes, countries and companies that performed best over the year just ended. We project oil and gas production and free net cash flow that could be delivered by the commercial and economically viable new resources.