Exploration activity bounced back in 2018 but declining performance points to the limitations of the global exploration drilling opportunity set and the urgent need for its renewal in 2019 and beyond. This is the key finding of Westwood’s 10 th annual ‘State of Exploration’ report which reviews global conventional exploration over the last five years and looks ahead at the prospects for 2019. Global exploration drilling is on the rise after the cutbacks triggered by the 2014 oil price crash and the lows in activity reached in 2017. In the downturn success rates had increased as companies high graded their portfolios to ensure that only the best prospects were drilled. Unfortunately, this didn’t last, and 2018 saw discovered volumes, average discovery size and success rates all decline. Discovered volumes from high impact drilling fell overall by 50% in the 2014-2018 period compared to the previous five years. Only a […]