Why explorers should worry about M&A

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The exploration industry should be worried about the weak state of the upstream asset market. Buyers want advantaged resources but many sellers are offering the opposite. Its hardly surprising that deal flow is quiet and prices are low. Most explorers sell some of their discoveries. We see problems both for those that develop their finds, and especially for those ‘E’ companies that don’t. Is the specialist ‘E’ company model dead? Not necessarily.

Table of contents

  • Executive summary
  • A weak asset market is bad news for explorers
  • Exploration without development is a proven high-returns strategy
  • So why should explorers develop their discoveries?
  • Is the ‘E’ company business model dead?
  • Does that clear the way for the Majors and NOCs?

Tables and charts

This report includes 1 images and tables including:

  • Exploration returns 2010-2019 for selected companies showing impact of discovery disposals

What's included

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    Why explorers should worry about M&A

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