The results from Wood Mackenzie’s annual Exploration Survey have been released. In the survey, the industry had their say on all things exploration, from budgets and technology to portfolios and peers.
Overall, the results show a continuing theme of optimism, and, on the whole, confidence is continuing to grow with indications showing the industry is firmly back in the black.
As in previous surveys, digitalisation was once again a major feature in the survey.
Wood Mackenzie says there are certain key technologies, such as seismic processing, machine learning and artificial intelligence, that stand out as fundamental to the digital revolution for exploration.
“Results from the survey back up our expectation that the exploration industry, led by the majors, will spend billions each year on digitalisation. With budgets like this, it’s no surprise we see involvement from the big tech giants.”
The survey also confirmed that efficiency gains mean the industry is now doing more with less as standard.
“And so money is once again flowing through the exploration pipeline, leading to a general sense of optimism.”
The survey respondents were also asked what makes a successful exploration company. The top five factors were:
- Entry into new basins
- Repositioning of portfolio
- Acquisition of other companies
- Clever farm-in deals
- Continued drilling success