{"id":11443,"date":"2021-04-22T09:43:45","date_gmt":"2021-04-22T08:43:45","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/?p=11443"},"modified":"2025-04-17T13:08:29","modified_gmt":"2025-04-17T12:08:29","slug":"state-of-exploration-farm-outs-report","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/reports\/global-ea\/state-of-exploration-farm-outs-report","title":{"rendered":"State of Exploration Farm-Outs Report"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][tabbed_section style=”default” tab_change_animation=”fade” alignment=”left” spacing=”default” tab_color=”Accent-Color” vs_content_animation=”fade” vs_link_animation=”opacity” vs_navigation_alignment=”left” vs_navigation_width_2=”25%” vs_navigation_func=”default” vs_navigation_width=”regular” vs_navigation_spacing=”15px” vs_navigation_mobile_display=”visible” vs_tab_spacing=”5%”][tab icon_family=”none” title=”Report Summary” id=”1744891604304-3″ tab_id=”1744891604304-0″][vc_column_text]The 2020 oil price crash and Covid-19 pandemic were the catalysts for a 60% decrease in farm-out activity (outside of\u00a0<\/span><\/span>N.America<\/span><\/span>) in comparison to 2019. Deal terms remain flat with 50% of deals on ground floor terms. The two highest value deals were both in emerging plays and were completed by NOC\u2019s farming out to Supermajors. Despite the lower activity levels, exploration performance from farm-out wells is at a five-year high, with a 38% commercial success rate driven by improved performance in maturing\/mature play wells across NW Europe.<\/span><\/span>\u00a0<\/span>[\/vc_column_text][image_with_animation image_url=”11439″ image_size=”full” animation_type=”entrance” animation=”Fade In” animation_easing=”default” animation_movement_type=”transform_y” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_column_text]\n
Figure 1: Exploration farm-out deals since 2010 with Average Brent Spot price
\nSource: Westwood Wildcat and EIA<\/h6>\n[\/vc_column_text][divider line_type=”No Line” custom_height=”20″][vc_column_text]The report covers:<\/p>\n
    \n
  • Exploration Farm-Outs in 2020<\/li>\n
  • Deal-making by Company<\/li>\n
  • Deal Terms<\/li>\n
  • Exploration Performance from Farm-Out Drilling<\/li>\n<\/ul>\n[\/vc_column_text][\/tab][tab icon_family=”none” title=”Table of Contents” id=”1744891604427-6″ tab_id=”1744891604427-4″]
    \n
      \n
    • Summary<\/li>\n
    • Introduction\n
        \n
      • Definitions<\/li>\n<\/ul>\n<\/li>\n
      • Exploration Farm-outs in 2020\n
          \n
        • Overall activity levels<\/li>\n
        • Farm-outs by region<\/li>\n
        • Deals by water depth<\/li>\n
        • Deal type by play maturity<\/li>\n
        • Equity traded<\/li>\n<\/ul>\n<\/li>\n
        • Deal-making by Company\n
            \n
          • Farm-outs by peer group in 2020<\/li>\n
          • Most active farm-in companies<\/li>\n
          • Most active farm-out companies<\/li>\n
          • Net farm-in\/out deal value by company<\/li>\n
          • Net changes in equity<\/li>\n<\/ul>\n<\/li>\n
          • Deal terms\n
              \n
            • Exploration deal value<\/li>\n
            • Promote levels<\/li>\n
            • Licence value<\/li>\n
            • Time from deal announcement to deal completion<\/li>\n
            • Time from deal completion to well completion<\/li>\n<\/ul>\n<\/li>\n
            • Exploration performance from farm-out drilling\n
                \n
              • 2020 exploration performance<\/li>\n
              • Farm-out discoveries of 2020<\/li>\n<\/ul>\n<\/li>\n
              • Discussion<\/li>\n
              • Conclusions<\/li>\n<\/ul>\n <\/div>[\/tab][\/tabbed_section][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][divider line_type=”No Line” custom_height=”50″][vc_column_text]Please contact our Sales team for more information and questions regarding the report.[\/vc_column_text][nectar_btn size=”small” button_style=”regular” button_color_2=”Accent-Color” icon_family=”none” url=”mailto:sales@westwoodenergy.com” text=”Email our sales team”][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#4a7afa” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” gradient_type=”default” shape_type=””][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid” column_padding_type=”default” gradient_type=”default”][nectar_animated_title heading_tag=”h6″ style=”color-strip-reveal” color=”Accent-Color” text=”Request more information”][vc_raw_html css=””]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[\/vc_raw_html][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

                Exploration performance from farm-out wells is at a five-year high, with a 38% commercial success rate driven by improved performance in maturing\/mature play wells across NW Europe. <\/p>\n","protected":false},"author":6,"featured_media":11444,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[347,337,323,318,335,334,336,325],"tags":[102,59,58,460,117,231,230],"class_list":{"0":"post-11443","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exploration-and-production","8":"category-global-ea-subsectors","9":"category-global-ea","10":"category-reports","11":"category-sectors","12":"category-solutions","13":"category-subsectors","14":"category-wildcat","15":"tag-appraisal","16":"tag-drilling","17":"tag-exploration","18":"tag-farm-out","19":"tag-farm-outs","20":"tag-global-exploration","21":"tag-state-of-exploration"},"acf":[],"yoast_head":"\nState of Exploration Farm-Outs Report - 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