If no checkboxes are ticked, all results will be returned.
» News & Insight » Press Releases » Improved exploration performance along with higher oil prices drives renewed optimism, reveals 2018 State of Exploration report
May 8 2018
For immediate release
Improved exploration performance along with higher oil prices drives renewed optimism, reveals 2018 State of Exploration report
(Aberdeen, UK) – Tuesday, 8th May 2018 – Today, Westwood Global Energy Group unveiled its 9th annual State of Exploration Report – the definitive global benchmark for conventional oil & gas exploration. This essential report analyses global conventional exploration performance over the past five years, together with exploration drilling plans for 2018.
“With higher oil prices, improving exploration performance, and the cost of exploration falling more than 50% since 2013/14 plus fewer companies competing for acreage it could be argued that there has not been a better time to be exploring in the last decade”, commented Dr Keith Myers, President of Research at Westwood Global Energy Group. He added, “But there are challenges too with frontier success rates remaining stubbornly low and new oil plays continuing to be elusive. The focus continues to be on deep and ultra-deep water for high impact discoveries”
Key conclusions from the report include: –
The report analysis covers the key discoveries of 2017, the key plays explored and all frontier drilling. Importantly, and for the first time, the report also includes a 10-year lookback at global high impact exploration. Global exploration performance trends are benchmarked using a 40 international E&P company peer group (the ‘W40’). The 40 companies participated in 855 completed conventional wildcat wells between 2013 and 2017, drilled at a cost of $37.8bn and discovering 28.2 billion boe of oil and gas.
The State of Exploration report is available to purchase in hard copy and digital formats.
Visit Westwood Global Energy Group at www.westwoodenergy.com/research/wildcat/ or email Rhona McFarlane at firstname.lastname@example.org or telephone +44 (0)20 3794 5381 for more details.
– Ends –
Issued on behalf of Westwood Global Energy Group by Flourish PR Ltd
An abridged executive summary is available for journalists. For all media enquiries or to arrange an interview please contact: –
Flourish PR Press Office
Flourish PR Ltd
Tel: 01628 882 610
Notes to Editors
Below are graphs for inclusion if required. Photographs of Dr Keith Myers available on request. Please contact Flourish PR for more information.
Figure 1: Gross exploration wells drilled, success rates and discovered commercial resources for the W40 group of companies, 2013-2017.
About Westwood Global Energy Group (Westwood)
Westwood Global Energy Group is a leading provider of research, data analytics and consulting services to the global energy industry. Whilst we focus primarily on intelligence and insight for the worldwide exploration and oilfield services markets, our coverage also extends to the offshore renewables and power generation markets. Our analysis is independent, comprehensive and based on deep sector knowledge.
Westwood Global Energy 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. Following an active period of acquisitions, the group has combined the operations of Hannon Westwood, Richmond Energy Partners, Novas Consulting, Douglas-Westwood, Energent Group Software LLC, RigLogix, and JSI Services. Westwood Global Energy Group is headquartered in Aberdeen and has offices in London, Houston and Singapore.
To learn more, please visit www.westwoodenergy.com