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.
Graeme Bagley presents presents the results of a study of over 500 wells drilled since 2008 with DHIs reported pre-drill and compares actual success rates against global exploration benchmarks for all wells.
Following the double whammy of the collapse in the oil price and the Covid-19 pandemic, exploration plans are being redrawn and the well count is expected to drop by as much as 35% on 2019 levels.