Oil and gas exploration: 2023 in review

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Our analysis of the global oil and gas exploration sector shows that full-cycle value creation and returns remained positive. Total volumes of around 11 billion boe with around 3 billion boe currently classified as commercial or economically viable. Spend and well numbers remained relatively flat as the industry settles into the new-normal. 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.

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