Westwood Insight – The State of Exploration 2022

Oil and gas exploration in 2021 was remarkably resilient despite the COVID-19 pandemic and accelerating energy transition. The high impact well count was maintained year on year, but performance dropped significantly both in terms of discovered resources and success rates.

State of Exploration Farm-Outs Report

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.

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State of Exploration 2020

This is the eleventh edition of the State of Exploration report and it comes at a particularly difficult time. The report covers 2015-2019, the five-year period after the 2014 price crash through to 2019 when confidence was returning, drilling activity was increasing, and performance was improving on the back frontier success made over the last 10 years It was not to last.