{"id":11561,"date":"2021-05-13T14:04:09","date_gmt":"2021-05-13T13:04:09","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/?p=11561"},"modified":"2025-04-17T13:08:09","modified_gmt":"2025-04-17T12:08:09","slug":"state-of-exploration-2021","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/reports\/state-of-exploration-2021","title":{"rendered":"State of Exploration 2021"},"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=”1744891602294-0″ tab_id=”1744891602294-3″][vc_column_text css=”” text_direction=”default”]\n

Report Summary<\/span><\/b>\u00a0<\/span><\/h2>\n

This is the\u00a0twelfth\u00a0edition of the State of Exploration report and it\u00a0is published\u00a0at a\u00a0time which\u00a0may\u00a0come to be\u00a0seen as a watershed\u00a0moment\u00a0in the global\u00a0energy\u00a0industry.\u00a0The drop in\u00a0oil\u00a0demand and\u00a0crash in the\u00a0oil price associated with the Covid-19 pandemic\u00a0combined with the\u00a0reality of the\u00a0approaching energy transition\u00a0has made many\u00a0oil and gas\u00a0companies\u00a0rethink the strategy of their entire business. Exploration is a part of that.\u00a02016-2020,\u00a0which is covered in this report,\u00a0was looking like the period when\u00a0the crash of 2014 was behind us\u00a0and\u00a0exploration\u00a0activity levels\u00a0were beginning to rebound.\u00a0Then things changed.\u00a02020 closed\u00a0surprisingly\u00a0well,\u00a0considering,\u00a0with the level of exploration activity and\u00a0associated\u00a0performance\u00a0looking far better than was imagined\u00a0in the middle of the year.\u00a02021 is\u00a0expected to see\u00a0relatively high levels of activity,\u00a0as wells deferred from 2020 for operational and budgetary reasons\u00a0are drilled.<\/p>\n

\"High
\nFigure 1: High impact exploration activity, discovered resources and success rates 2016-2020
\nSource: Westwood State of Exploration 2021 Report<\/h6>\n[\/vc_column_text][\/tab][tab icon_family=”none” title=”Report Contents” id=”1744891602325-8″ tab_id=”1744891602326-10″][vc_column_text]\n

Contents<\/h2>\n

Executive Summary
\nSection Highlights<\/p>\n

1. Introduction and Methodology<\/strong><\/p>\n

1.1 Dataset
\n1.2 Methodology
\n1.3 Report structure<\/p>\n

2. Global Exploration Review<\/strong><\/p>\n

2.1 Significant discoveries in 2020
\n2.2 High impact exploration drilling activity and performance
\n2.3 Frontier play exploration
\n2.4 Emerging play exploration
\n2.5 Key global oil and gas plays 2016-2020<\/p>\n

3. Frontier and High Impact Exploration Performance by Company<\/strong><\/p>\n

3.1 High impact exploration competitive landscape
\n3.2 High impact exploration by company
\n3.3 Frontier and follow-on exploration performance by company<\/p>\n

4. W32 Mid to Large Cap Peer Group Companies’ Exploration Performance<\/strong><\/p>\n

4.1 Introduction
\n4.2 Exploration performance – W32 peer group companies’ overview
\n4.3 Exploration performance – play maturity analysis
\n4.4 Infrastructure-led exploration vs. high-impact exploration
\n4.5 Exploration performance – water depth analysis
\n4.6 Exploration performance – primary target age analysis
\n4.7 Exploration performance – W32 company rankings
\n4.8 W32 companies’ – exploration efficiency ranking
\n4.9 Impact of exploration on reserves and reserve replacement ratios<\/p>\n

5. Pre-drill Predictions vs Post-drill Outcomes\u00a0<\/strong><\/p>\n

5.1 Drill-out risk profile trends
\n5.2 Review of Westwood pre-drill risking 2016-2020<\/p>\n

6. Accessing high impact prospects<\/strong><\/p>\n

6.1 Initial license award
\n6.2 Equity access mechanisms at the time of drilling
\n6.3 Country access at time of drilling
\n6.4 Company strategy<\/p>\n

7. Progressing Discovered Resources to Production<\/strong><\/p>\n

7.1 Resource progression
\n7.2 Discovered resource opportunities
\n7.3 commercialising frontier discoveries<\/p>\n

8. Exploration Strategy<\/strong><\/p>\n

8.1 W32 company exploration strategies
\n8.2 Super-major+ high impact exploration strategy
\n8.3 NOC high impact international exploration strategy
\n8.4 Exploration strategy and the energy transition<\/p>\n

9. Exploration Look-ahead<\/strong><\/p>\n

9.1 2021 YTD performance benchmarks
\n9.2 W32 company exploration look-ahead 2021
\n9.3 Frontier and High impact exploration lookahead 2021
\n9.4 Key wells to watch<\/p>\n

Glossary
\nDefinitions[\/vc_column_text][\/tab][tab icon_family=”none” title=”Purchase Options” id=”1744891602335-1″ tab_id=”1744891602335-2″][vc_column_text css=”” text_direction=”default”]Complete the form below to get in touch.[\/vc_column_text][\/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” 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=””]JTNDc2NyaXB0JTIwY2hhcnNldCUzRCUyMnV0Zi04JTIyJTIwdHlwZSUzRCUyMnRleHQlMkZqYXZhc2NyaXB0JTIyJTIwc3JjJTNEJTIyJTJGJTJGanMtZXUxLmhzZm9ybXMubmV0JTJGZm9ybXMlMkZlbWJlZCUyRnYyLmpzJTIyJTNFJTNDJTJGc2NyaXB0JTNFJTBBJTNDc2NyaXB0JTNFJTBBJTIwJTIwaGJzcHQuZm9ybXMuY3JlYXRlJTI4JTdCJTBBJTIwJTIwJTIwJTIwcG9ydGFsSWQlM0ElMjAlMjIxNDU2NTQxNDclMjIlMkMlMEElMjAlMjAlMjAlMjBmb3JtSWQlM0ElMjAlMjIxMmY5OGJmNS1hZTQ3LTQ5YjktYjgyMi03OGU2ZDcyZTQ4MDklMjIlMkMlMEElMjAlMjAlMjAlMjByZWdpb24lM0ElMjAlMjJldTElMjIlMEElMjAlMjAlN0QlMjklM0IlMEElM0MlMkZzY3JpcHQlM0U=[\/vc_raw_html][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

This is the twelfth edition of the State of Exploration report and it is published at a time which may come to be seen as a watershed moment in the global energy industry. <\/p>\n","protected":false},"author":6,"featured_media":11563,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[347,337,323,48,318,335,334,336,325],"tags":[102,367,368,59,58,231],"class_list":{"0":"post-11561","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-news","11":"category-reports","12":"category-sectors","13":"category-solutions","14":"category-subsectors","15":"category-wildcat","16":"tag-appraisal","17":"tag-dhis","18":"tag-direct-hydrocarbon-indicators","19":"tag-drilling","20":"tag-exploration","21":"tag-global-exploration"},"acf":[],"yoast_head":"\nState of Exploration 2021 - 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