30 / 60
ACTIVITY SURVEY
2016
page 30
5.2 Drilling Activity
Exploration
Despite efforts to stimulate exploration through the initiatives of the Exploration Task Force, activity continued to
decline in 2015 with only 13 exploration wells drilled.
Exploration budgets are particularly impaired by global capital constraints. The outlook is expected to worsen
this year with only seven to ten wells anticipated. With economic conditions making investment in exploration
drilling tougher than ever, there is much need for urgent government stimulus if anywhere close to the estimated
2-6 billion boe of yet-to-find potential is to be recovered.
Figure 18: Exploration Well Count and Forecast
0
5
10
15
20
25
30
35
40
45
50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Number of Wells Drilled including Sidetracks
Exploration Sidetracks
Exploration Wells
Source: Oil & Gas UK, OGA
7 - 10
Wells