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» News & Insight » Westwood Insight » Westwood Insight: The State of Exploration in 2018 – a renewed optimism
May 9 2018
Renewed optimism is the theme for exploration in 2018, driven by higher oil prices and improving exploration performance. The cost of exploring has fallen more than 50% since 2013/14 and there are fewer companies competing for acreage. It could be argued that there has not been a better time to be exploring in the last decade. The geology economic to explore increases considerably above $60/barrel and in the first quarter of 2018 the oil price averaged $67/barrel. Success rates have improved as lower exploration budgets have led to companies being more selective.
The effort and money expended on finding another large deep water oil province in the Atlantic Margins has finally borne fruit in Guyana. Several big discoveries were made in 2017 to excite the industry. New geological models have emerged that make new geography in deep water look prospective and the opening of Mexico to IOCs has already led to successes. There are challenges too – frontier success rates remain stubbornly low and new oil plays like Guyana remain elusive. Exploration performance is very variable and still needs to improve further.
Westwood Energy has released its 2018 State of Exploration Report, the ninth edition of the definitive report covering global conventional oil and gas exploration. Key conclusions from the report are:
Keith Myers, President, Research
email@example.com or +44 (0)20 3794 5383
Westwood Global Energy Group has released its ninth annual State of Exploration Report, the definitive report covering global conventional oil and gas exploration.
The most detailed of its kind, the report analyses global conventional exploration performance over the past five years, together with exploration drilling plans for 2018. The analysis covers the key discoveries of 2017, the key plays explored and all frontier drilling. For the first time, the report also includes a 10-year lookback at global high impact exploration. The performance of 40 international E&P companies (the ‘W40’) is benchmarked. 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.
To arrange a demonstration of the Wildcat service or to purchase the State of Exploration Report, please visit Westwood Global Energy Group at http://www.westwoodenergy.com/research/wildcat/ or contact Rhona McFarlane at firstname.lastname@example.org (+44 (0)20 3794 5381).