Insight
Oil and gas exploration: 2025 in review
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Report summary
Exploration in 2025 returned to positive value creation. Total discovered volumes of around 11 billion boe with around 4.3 billion currently classified as commercial or economically viable. Spend and well numbers has dropped slightly from 2024 levels as explorers remained disciplined under lower oil prices whilst rebuilding acreage positions. 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 commercial and economically viable new resources.
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