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.
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.
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.
This report reviews high impact discoveries made between 2008-2016 in 30 countries, which have neither been sanctioned for development nor had any appraisal activity since 2016.
This report analyses the results of the 124 exploration wells drilled in the 2015 - 2019 period in the UK and Norway Central and Northern North Sea basins, as well as the results to date for 2020 and the outlook for the next 18 months.
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.
More oil and gas was discovered in stratigraphic traps than any other trap type in the last decade. Excelling in stratigraphic trap exploration is now key to top quartile exploration performance.
Westwood has investigated success rates for exploration wells which targeted the five direct hydrocarbon indicators (DHIs) most commonly reported by companies pre-drill.
Westwood Energy 2019 State of Exploration Report Available Now Westwood Global Energy Group has released...
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