Success rates rise and deepwater delivers: global exploration review of 2017 Report

Insight 24 January 2018

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Report summary

Explorers achieved significant success in 2017 as companies emerged from the downturn leaner and more focused on making smart portfolio decisions. We have seen a return to high impact exploration in ultra-deepwater and frontier basins after a period of focusing on low risk, low reward activity. Oil accounted for 56% of discovered volumes, a share last seen in 2008, with eight out of the top ten discoveries being oil weighted.

Executive summary
High impact exploration rewarded
- Costs heading in the right direction
- Big wins for ultra-deepwater
- Giant and large finds
- Company performance

Tables and charts

This report includes the following images and tables:

Oil & gas volumes discovered by year
Increases from our initial estimate of global new field resources discovered (2012-2017)
Conventional new field discovery costs

Exploration well success rates
Onshore wells and success rate
Shelf wells and success rate
Deepwater wells and success rate
Ultra-deepwater wells and success rate
Conventional new field volumes discovered
Offshore Volumes discovered
Distribution of giant and large oil and gas discoveries (discovery well names shown)
Volumes discovered with mega-plays highlighted
5 more item(s)...