This is the sixteenth edition of Westwood’s State of Exploration Report. The 2025 edition of the State of Exploration analyses conventional high impact exploration drilling activity and performance in 2024, over the last five years of 2020-2024, and provides a longer lookback at industry trends over the 15 year period 2010-2024.
The report discusses the significant discoveries of 2024 and analyses exploration trends by basin and play. It also considers company activity and performance to provide insight on the drivers behind exploration success. The role of infrastructure led exploration is discussed, and resource progression and cycle times of high impact discoveries are also benchmarked.
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Executive Summary
Section 1 – Introduction and Methodology
Section 2 – Global High Impact Exploration Review
2.1 2024 overview and significant discoveries
2.2 High impact exploration 2020-2024
2.3 Key global oil and gas basins 2020-2024
2.4 Frontier play exploration
2.5 Emerging play exploration
Section 3 – Company Performance
3.1 High impact exploration by peer group
3.2 The 20 most active high impact explorers – activity and portfolio
3.3 The 20 most active high impact explorers – performance
Section 4 – Long Term Exploration Trends 2010-2024
4.1 Overall activity and performance
4.2 Exploration trends and performance
Section 5 – Hight Impact Versus Infrastructure Led Exploration
5.1 Offshore ILX and non-ILX drilling
5.2 ILX versus HI exploration
5.3 Company ILX strategy and performance
Section 6 – High Impact Resource Progression and Cycle Times
6.1 High impact project sanctions in 2024
6.2 Status of high impact discoveries and discovered resources 2010-2024
6.3 High impact exploration and development cycle times
Glossary and Definitions
