Research firm Rystad Energy named the US major ExxonMobil as top oil and gas explorer of 2018
The US company was chosen based on its significant investment in Guyana, according to the firm’s annual exploration review.
In 2018, ExxonMobil drilled 2.7 net wildcat wells in Guyana, and discovered close to two billion barrels of additional gross resources in the Stabroek block (which includes the giant Liza discovery).
In order to measure performance, Rystad Energy examined the number of exploration wells, net discovered resources and the value creation from wildcat exploration (wells drilled in new prospects) in 2018.
Espen Erlingsen, Rystad Energy head of upstream research, said, “ExxonMobil was exceptional, both in terms of discovered volumes and value creation from exploration.”
“Last year, Rystad Energy witnessed the revival of offshore exploration activity. Improved market conditions and operational efficiencies, along with sustained cost deflation, allowed many E&P players to move forward with promising high impact exploration campaigns in 2018,” he added.
Hess and CNOOC are second and third in terms of value creation in 2018. However, both are partners in ExxonMobil’s Stabroek block and have therefore benefited from Guyana’s success.
Total ranks as the second best oil major with a valuation of approximately US$2.2bn from the 2018 exploration.
Savannah Petroleum was the company with the highest value creation per boe last year. Rystad Energy estimated that the resources discovered in Niger Block R3/R4 have a net present value of more than US$10 per boe.
Russian independent Novatek had the greatest amount of discovered resources in 2018, at 935mn boe. The volumes of Novatek stem from the discovery of North Obskoye in the Kara Sea.
“Top E&P companies registered many exploration successes in 2018, as majors and minnows alike made significant discoveries, but ExxonMobil was exceptional,” he concluded.
