REP announces H1 2014 exploration performance results

Richmond Energy Partners has announced the results of its analysis of global conventional oil and gas exploration drilling for 40 Mid-Cap and Large-Cap exploration and production (E&P) companies in H1 2014.

REP has also assessed potential the full-year 2014 performance by analysing exploration plans for the remainder of 2014.

Highlights

• Exploration drilling in H1 2014 was 28% down on H1 2013.
• Discovered volumes are down 49% on the same period in 2013.
• Success rates are being maintained but the average discovery size fell in H1 2014 to less than 50% of that recorded in 2012, largely due to the maturing offshore gas provinces in East Africa and the Mediterranean.
• New frontier drilling success continues to be elusive and the emerging pre-salt play in Angola is currently the hottest emerging play globally.
• REP forecasts that for the full year 2014, exploration drilling may be 16% down on 2013 with discovered volumes down by 36% on 2013 and almost 50% on 2012.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/exploration/05082014/exploration-drilling-results-for-h1-2014-1204/