{"id":8857,"date":"2019-05-24T00:00:00","date_gmt":"2019-05-24T00:00:00","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/supermajor-oil-companies-lead-the-way-in-high-impact-exploration\/"},"modified":"2022-09-07T02:53:06","modified_gmt":"2022-09-07T01:53:06","slug":"supermajor-oil-companies-lead-the-way-in-high-impact-exploration","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/news\/supermajor-oil-companies-lead-the-way-in-high-impact-exploration","title":{"rendered":"Supermajor Oil Companies Lead the Way in High Impact Exploration"},"content":{"rendered":"\r\n<p><strong><em>(Aberdeen, UK) Friday, 24<sup>th<\/sup> May 2019<\/em><\/strong><strong> \u2013 <\/strong>The largest oil companies are playing an increasingly important role in high impact exploration but performance was down in 2018, limited by a lack of depth in the quality of global drilling opportunities, according to experts at research consultancy, <a href=\"https:\/\/www.westwoodenergy.com\/\">Westwood Global Energy Group<\/a>.<\/p>\r\n\r\n\r\n\r\n<p>It\u2019s 10<sup>th<\/sup> annual <a href=\"https:\/\/www.westwoodenergy.com\/news\/westwood-insight\/the-state-of-exploration-2019\/\">\u2018State of Exploration\u2019<\/a> report reviewed global conventional exploration over the last five years and looked ahead at the prospects for 2019.<\/p>\r\n\r\n\r\n\r\n<p>The report reveals that the industry is following a twin track strategy, increasing short cycle exploration over the period in mature basins with existing infrastructure whilst maintaining the hunt for new petroleum provinces, particularly in deep water.<\/p>\r\n\r\n\r\n\r\n<p>Companies are also moving away from onshore frontier drilling opportunities in areas such as sub-Saharan Africa, due to the time (16 years or more) that some have taken to commercialise. \u00a0Above-ground challenges including lack of infrastructure and political\/regulatory hurdles are effectively ruling these out, together with an anticipation of the energy transition for some companies.<\/p>\r\n\r\n\r\n\r\n<p>Other key findings from the State of Exploration report are: &#8211;<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Exploration drilling increased by nearly 30 per cent in 2018 compared to 2017 but performance was down, with fewer big discoveries and a lower commercial success rate.<\/li>\r\n<li>Discovered volumes from high impact drilling fell overall by 50 per cent in the 2014-2018 period compared to the previous five years.<\/li>\r\n<li>In 2019, high impact drilling is forecast to increase by 20 per cent to around 80 wells, with more high impact wells planned in maturing and mature plays, especially North West Europe and Mexico.<\/li>\r\n<li>Supermajors participated in over 50 per cent of the high impact wells in 2018 (up from 34 per cent in 2015) and over 70% of high impact wells in 2019 to-date.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>Dr Keith Myers, President Research for Westwood Global Energy Group, explains the findings.\u00a0 He said: \u201cWhilst exploration is recovering, it\u2019s from a very low base. \u00a0There\u2019s an acknowledgement amongst many exploration companies that it may never again reach 2014 levels.<\/p>\r\n\r\n\r\n\r\n<p>\u201cThere are three main reasons for this. \u00a0First, the quality of the drilling portfolio globally is declining overall; despite improved drilling numbers there has been decrease in discovered volumes, average discovery size, and success rates. \u00a0Second is the competition from the US onshore for reserves replacement capital.\u00a0 \u00a0\u00a0Third is the looming energy transition away from fossil fuels that is starting to impinge on exploration thinking. \u00a0<\/p>\r\n\r\n\r\n\r\n<p>\u201cThe competitive landscape is changing with the largest companies like Total, Equinor and Exxon now leading the way on conventional high impact drilling, which is forecast to increase by 20 per cent this year. \u00a0At the same time, mature regions such as North West Europe are seeing a renaissance, as explorers focus on trying to find more hidden gems.\u201d<\/p>\r\n\r\n\r\n\r\n<p>The State of Exploration Report covers all high impact and frontier drilling, key discoveries of 2018, key plays explored and all frontier drilling. \u00a0Exploration performance trends were analysed using a benchmark group of 36 international E&amp;P companies that participated in 756 conventional wildcat wells between 2014 and 2018, drilled at a cost of $28.3bn and discovering 22.4bnboe of oil and gas.<\/p>\r\n\r\n\r\n\r\n<p>For more information on how to purchase the report, visit: <a href=\"https:\/\/www.westwoodenergy.com\/product\/the-state-of-exploration-2019\/\">https:\/\/www.westwoodenergy.com\/product\/the-state-of-exploration-2019\/<\/a> .<\/p>\r\n\r\n\r\n\r\n<p><strong>-ENDS-<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Issued on behalf of Westwood Global Energy Group by Flourish PR Ltd<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>For all media enquiries or to arrange an interview please contact: &#8211;<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Flourish PR Press Office<br \/>Flourish PR Ltd<br \/>Tel : 01628 882 610<br \/>Email : <a href=\"mailto:press@flourishpr.co.uk\">press@flourishpr.co.uk<\/a><br \/><a href=\"http:\/\/www.flourishpr.co.uk\">www.flourishpr.co.uk<\/a><\/p>\r\n\r\n\r\n\r\n<p><strong>Notes to Editors<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>About Westwood Global Energy Group (Westwood)<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Westwood Global Energy Group is a leading provider of research, data analytics and consulting services to the global energy industry. We focus primarily on intelligence and insight for the worldwide exploration and oilfield services markets. Our analysis is independent, comprehensive and based on deep sector knowledge.<\/p>\r\n\r\n\r\n\r\n<p>Westwood Global Energy Group was formed in January 2015 by Energy Ventures, an energy specialist private equity firm with a vision to build a leading player in the business intelligence and data analytics space. Westwood Global Energy Group is headquartered in Aberdeen and has offices in London, Houston and Singapore. To learn more, please visit www.westwoodenergy.com<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>(Aberdeen, UK) Friday, 24th May 2019 \u2013 The largest oil companies are playing an increasingly&#8230;<\/p>\n","protected":false},"author":1,"featured_media":9642,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[353,347,337,48,50,335,334,336,325],"tags":[165,59,58,231,263,230],"class_list":{"0":"post-8857","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all_articles","8":"category-exploration-and-production","9":"category-global-ea-subsectors","10":"category-news","11":"category-press-releases","12":"category-sectors","13":"category-solutions","14":"category-subsectors","15":"category-wildcat","16":"tag-discovery","17":"tag-drilling","18":"tag-exploration","19":"tag-global-exploration","20":"tag-soe","21":"tag-state-of-exploration"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - 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