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7 Pages

Exploration has a development problem - what will it take to fix?

Exploration has a development problem - what will it take to fix?

Report summary

Exploration has a development problem.  The industry is struggling to commercialise its new discoveries and its returns are suffering as a result.  We expect that full cycle economics will improve from their current abyss, as better capital discipline and many other factors drive performance.  A majority of the industry shares our optimistic outlook.  Encouraging results from recent drilling suggest that many explorers are already beginning to turn the corner towards recovery. 

What's included?

This report includes 1 file(s)

  • Exploration has a development problem - what will it take to fix? PDF - 511.50 KB 7 Pages, 1 Tables, 7 Figures


This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • Executive summary
    • Returns from investment in exploration have fallen uncomfortably low
    • Increasingly complex new field resources are not converting to reserves
    • What does the exploration industry need to do to fix its problem?
    • Exploration returns will recover

In this report there are 8 tables or charts, including:

  • Executive summary
    • Not an issue: total volumes and mean discovery size
    • Exploration has a development problem - what will it take to fix?: Image 2
    • Might become an issue: proportion of gas versus oil
    • Heart of the problem: rising costs suppress returns
    • Discoveries by resource commerciality
    • New developments by easy and hard reserve themes
    • Traffic light drivers of exploration returns
    • Matrix of possible solutions by opportunity type
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