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ACTIVITY SURVEY
2016
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Figures 21 and 22 show that, in comparison to the last three years, exploration was significantly more successful
in 2015. In addition to discovering larger volumes than in each of the last three years, the success per exploration
well was also greater, with each well discovering on average 12 million boe compared with an average over the
decade of just seven million boe. Looking forward to 2016, while drilling activity may reduce further, at least two
wildcat wells
13
targeting more than 100 million boe are expected to be drilled, signalling the shift towards higher
risk but potentially higher value opportunities.
Figure 21: Recoverable Reserves Discovered
0
50
100
150
200
250
300
350
400
450
500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Total Recoverable Volumes Discovered (Million boe)
Source: Oil & Gas UK, OGA, Wood Mackenzie
Figure 22: Volumes Discovered per Exploration Well
0
2
4
6
8
10
12
14
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Volumes Discovered per Exploration Well (Million boe)
Source: Oil & Gas UK, OGA, Wood Mackenzie
13
Wildcat wells – drilling for oil or gas in an unproven area that has no historic production and has not been
explored in the past.