Total has a geographically diverse exploration portfolio. It has a large exposure to deepwater, particularly in West Africa, and a portfolio that ranks second only to Shell amongst the Majors. Total’s exploration performance has lagged behind that of its peers and its strategy is now to balance material volume additions through high-impact exploration, with lower-risk drilling. It will invest 25% of its annual exploration budget on frontier prospects, a further 25% in near-field exploration around existing discoveries, and 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.