Statoil’s overall investment-led growth strategy has had exploration at its core with large exploration successes and focused acquisitions through the middle of the last decade. However, low oil prices and weakening exploration performance have put finances and the investment-led growth strategy under pressure, with budget cuts amongst the steepest of the Majors. Despite this, Statoil will have the highest reinvestment rate in the Majors peer group as exploration remains a core part of its strategy. The company has moved aggressively to reload its exploration portfolio to improve its longer-term prospects. Acreage reloading since the start of 2015 has been well ahead of its Majors peer group.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.
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Company report | Aug 2016
Statoil oil and gas exploration summary
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