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17 Pages

Total oil and gas exploration summary

Total oil and gas exploration summary

Report summary

Total’s exploration performance has lagged behind that of its peers over the last 3 years. In September 2015, it revealed a new exploration strategy focused on delivering top quartile results. The refreshed strategy recognised the need to balance material volume additions through high-impact exploration, with lower-risk drilling. It will now invest 25% of its annual exploration budget on frontier prospects, down from 40% in previous years. A further 25% will be directed towards near-field exploration around existing discoveries, with the remaining 50% focused on core and emerging basins.

This report analyses Total’s recent conventional and unconventional exploration performance, and reviews its strategy for future success. It is one of a series reports which evaluates and benchmarks the exploration results of the top 40 exploration companies. It includes analysis of discovered volume, full-cycle value creation and returns, and is accompanied by a detailed excel download.

What's included?

This report includes 2 file(s)

  • Total oil and gas exploration summary PDF - 579.04 KB 17 Pages, 6 Tables, 18 Figures
  • Total.xls XLS - 653.50 KB


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.

  • Executive summary
    • Basins drilled and all conventional & organic unconventional discoveries 2006-2015
    • Ten year performance summary
  • Strategy
    • Upstream strategy
    • Exploration strategy
    • Evolution of exploration strategy
  • Investment and costs
  • Exploration
    • Well data
  • Reserves and resources
  • Production
  • Valuation
    • Highly diverse portfolio, but performance driven by legacy provinces
    • Faltering performance leads to higher-risk strategy
    • Early moves into international unconventionals delivers value
    • Lower 48 organic unconventionals position stymied by low oil prices

In this report there are 24 tables or charts, including:

  • Executive summary
    • Executive summary: Image 1
    • Executive summary: Table 1
  • Strategy
    • SWOT Grid
    • Net active exploration acreage by water depth
    • Net active exploration acreage by country
  • Investment and costs
    • Exploration & appraisal spend and reinvestment
    • Exploration & appraisal spend by water depth
    • Exploration & appraisal spend by basin maturity
    • Discovery costs by water depth
  • Exploration
    • Gross exploration & appraisal wells by basin and sector
    • Exploration wells drilled and spend per well
    • Exploration success rates
  • Reserves and resources
    • Top 40 discoveries (2005 to 2014)
    • Key organic unconventional plays
    • Volumes discovered by year
    • Volumes discovered by water depth
    • Volumes discovered by country
    • Volumes discovered by basin
  • Production
    • Production from new field discoveries and unconventionals
  • Valuation
    • Full-cycle economics
    • Full cycle value creation by year, incl. unconventionals
    • Exploration returns by by year, incl. unconventionals
    • Costs and development value by reserve category
    • Exploration returns by water depth
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