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The Majors’ exploration reload
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Report summary
All seven of the largest international oil companies have shifted their exploration strategies into overdrive. Since 2021, the Majors have captured over 2,200 blocks spanning 1.9 million km² of gross acreage. Annual net acreage captured has increased tenfold, hitting a record in the first eight months of 2026 alone. Africa accounts for 56% of all acreage captured, ultra-deepwater now represents 73% of new positions, and 88% of acreage has been taken as operator. Chevron and ExxonMobil lead the cumulative rankings.
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