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Total oil and gas exploration summary

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05 August 2019

Total oil and gas exploration summary

Report summary

Total’s portfolio is diversified across different resource themes, with the exception of unconventionals, where it lacks major exposure. A strong presence in LNG is underpinned by exposure to Australian LNG. It also has above-average exposure to deepwater resources relative to its peer group, largely due to a leading position in West Africa. Full-cycle conventional returns in both 2017 and 2018 comfortably exceed 10% under our Base price scenario. The overall figure in 2016 was also double digit, driven by a strong performance from unconventionals. The company's exploration has returned to value creation. This positive performance is a reflection of the change in Total’s exploration strategy announced in September 2015 by focusing on core and emerging basins.

Table of contents

  • Upstream strategy
  • Exploration strategy
  • Evolution of exploration strategy
    • Production from new field discoveriesand organic unconventionals, and as a proportion of all future production
  • Geographically diverse portfolio
  • Change to higher-risk strategy with deepwater targets
  • Chevron partnership starts to deliver in Gulf of Mexico
  • International unconventionals creating value
  • Lower 48 organic unconventionals position stymied by cost carry and low oil prices

Tables and charts

This report includes 21 images and tables including:

  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • 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
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 discoveries (2008 to 2017)
  • Key organic unconventional plays
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Full cycle value creation by year, incl. unconventionals
  • Exploration returns by by year, incl. unconventionals
  • Costs and development value by resource category
  • Exploration returns by water depth
  • Full-cycle economics

What's included

This report contains:

  • Document

    Total oil and gas exploration summary

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    Total oil and gas exploration summary

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  • Document

    Total oil and gas exploration summary 2009-2018.xls

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