ExxonMobil Named Top Oil, Gas Explorer of 2018
The designation was given to the U.S. supermajor based on three performance measurements: the number of exploration wells, net discovered resources and the value creation from wildcat exploration during 2018.
Fueled by substantial investments in Guyana, ExxonMobil tops the list. In 2018, the company drilled 2.7 net wildcat wells in Guyana and discovered almost 2 billion barrels in additional gross resources in the Stabroek block.
“ExxonMobil was exceptional, both in terms of discovered volumes and value creation from exploration,” Rystad Energy head of upstream research Espen Erlingsen stated in a report sent to Rigzone. “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.”
Hess Corporation and CNOOC – both partners in ExxonMobil’s Stabroek block – ranked at second and third, respectively, in terms of value creation in 2018. Rystad maintains that they also benefited from Guyana’s success.
Total S.A. came in as the second-best oil major, having created about $2.2 billion in valuation from 2018 exploration.
UK-based Savannah Petroleum held the highest value creation per barrel of oil equivalent in 2018, thanks to its work in Africa. Rystad believes the resources discovered in Niger Block R3/R4 have a net present value of more than $10 per barrel of oil equivalent.
Russian independent Novatek had the greatest amount of discovered resources in 2018, at 935 million barrels of oil equivalent.
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