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PETRONAS oil and gas exploration summary

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27 September 2019

PETRONAS oil and gas exploration summary

Report summary

Exploration is important for PETRONAS’s medium- and long-term growth. Going forward, PETRONAS’s exploration will follow two clear themes. Firstly, the NOC endeavours to sustain existing production in mature positions, including Malaysia, Southeast Asia and Egypt, by infrastructure-led exploration, increased appraisals, and selective acreage reload. Secondly, outside its mature regions, PETRONAS will prioritise high-impact exploration. During the downturn, the NOC proactively reloaded acreage in a number of global exploration hotspots, including deepwater Mexico and West Africa. These areas provide PETRONAS with opportunities for significant exploration potential and could set it up for a period of improved exploration performance. PETRONAS has the funds and capabilities to nourish its exploration appetite. We expect 2019-2020 annual exploration and appraisal activity to slightly increase, with annual budget of around US$1 billion.

Table of contents

  • Upstream strategy
  • Exploration outlook
  • Evolution of exploration strategy
  • Well data
  • Scope of this report
  • Lack of commercial success impacts value
  • Mixed exploration results in South East Asia
  • Organic unconventional effort pays off

Tables and charts

This report includes 23 images and tables including:

  • Net active exploration acreage by water depth
  • Net active exploration acreage, excl. Malaysia
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Gross exploration & appraisal wells by basin and sector (2009-2018)
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 discoveries (2009 to 2018)
  • Key organic unconventional plays
  • 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 from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Full-cycle economics
  • Global full cycle value creation by year, with uncons
  • Global exploration returns by year, with uncons
  • Costs and development value by resource category
  • Exploration returns by water depth

What's included

This report contains:

  • Document

    PETRONAS oil and gas exploration summary

    ZIP 1.14 MB

  • Document

    PETRONAS oil and gas exploration summary

    ZIP 1.16 MB

  • Document

    PETRONAS oil & gas exploration summary.xls

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