Westwood Insight – Norway State of Exploration 2012-2021

Exploration activity over the last decade has been impacted by two major oil price crashes and a global pandemic, which have resulted in large fluctuations in drilling costs, exploration performance and discovered volumes. Despite the maturity of the Norwegian Continental Shelf (NCS), Norway continues to be a global hotspot for exploration.

Westwood Insight – The State of Exploration 2022

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.

State of Exploration Farm-Outs Report

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.