Exploration trends - benchmarking by water depth

This report analyses global trends in conventional exploration by water depth setting over 2014-2023. The cost of exploration is compared with the value of new field discoveries made in four key water depth categories: onshore; shelf, deep- and ultra-deepwater. The two deepwater sectors delivered 40% of the total resource found over the decade and accounted for 10% of total exploration wells. High costs are offset by large discovery sizes and high average volumes per well. Most discoveries were made onshore, where costs are much lower, but tougher fiscal terms often limit returns. Full details are available to download in pdf and excel format.