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