Tackling Challenges In Exploration: Driving Fundamental Change In Strategy And Execution

The exploration sector within oil and gas is at an inflection point. While global demand for hydrocarbons remains resilient—even under aggressive climate change scenario—supply is falling behind. Proven reserves (1P) have declined by 35% over the past 15 years, and exploration capital remains stuck at ~50% of pre-2015 levels.¹ Alarmingly, commercial success rates are deteriorating while discovery cost increases continue to outpace inflation, eroding returns and confidence in upstream reinvestment.

To reverse these trends, the industry must take bold, structural steps to reframe how exploration is conceived, structured, and executed. A new playbook must:

• Reevaluate strategy