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Wood Mackenzie study: Exploration will return to profitability in 2017
Dec 19: A new study by Wood Mackenzie shows that exploration should return to profitability in 2017 after five years of only single-digit returns.
8Smarter portfolio choices and lower costs are already paying off.
8The study finds that exploration in 2017 will continue its transformation to a smaller, more efficient industry.
8Overall investment will at best match 2016 year’s spend of around US$40bn, and may yet fall further.
8The best discoveries are likely to come from new plays and frontiers, says Wood Mackenzie, with more than half the volumes expected to be found in deep water.
8The industry has cut exploration deeper than other upstream spending, but if the Brent price rises sharply, recovery in exploration spend will follow a year or two later.
8Emerging exploration themes in 2017 include exploration for pipe gas opportunities near under-supplied markets such as parts of North Africa, Eastern Europe and Latin America; the
de-emphasis of over-supplied LNG plays; and the shunning of high-cost frontiers.
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