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PETRONAS oil and gas exploration summary

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31 October 2018

PETRONAS oil and gas exploration summary

Report summary

PETRONAS' Malaysian portfolio is the back-bone of its exploration, attracting around two thirds of wells and spend. In light of a lower exploration budget, the domestic portfolio is more central. In the near-term, PETRONAS will prioritise infrastructure-led exploration and appraisal and continue to commit to domestic exploration while offering incentives to encourage IOCs. Long-term, international exploration will need to play a pivotal role if PETRONAS is to grow a sustainable global portfolio. As oil price bounces back, the company has both financial and technical capabilities to return to exploration. The NOC has been successful in bidding rounds in Mexico and is committed to developing its unconventional acreage in Argentina. Combined with lower-risk exploration campaigns nearer to home, this could set it up for a period of improved exploration performance.

Table of contents

  • Executive summary
    • Upstream strategy
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
    • Scope of this report
    • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
    • Lack of commercial success impacts value
    • Onshore African oil maturing and struggling, offshore acreage yet to be explored
    • Struggled to build critical mass beyond Sub Saharan Africa and Asia

Tables and charts

This report includes 25 images and tables including:

  • Basins drilled and all conventional & organic unconventional discoveries 2008-2017
  • Ten year performance summary
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Full-cycle economics
  • SWOT grid
  • Net active exploration acreage by water depth
  • Net active exploration acreage, excl. Malaysia
  • Gross exploration & appraisal wells by basin and sector (2008-2017)
  • Exploration wells drilled and spend per well
  • Top 40 discoveries (2008 to 2017)
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Volumes discovered by country (excluding Malaysia)
  • Volumes discovered by basin (excluding Malaysia)
  • Production: Image 1
  • Valuation: Image 1
  • Global exploration returns by year, with uncons
  • Valuation: Image 3
  • Valuation: Image 4
  • Valuation: Image 5

What's included

This report contains:

  • Document

    PETRONAS oil and gas exploration summary

    PDF 1017.60 KB