{"id":4654,"date":"2016-05-06T09:57:48","date_gmt":"2016-05-06T09:57:48","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=4654"},"modified":"2017-01-25T08:38:41","modified_gmt":"2017-01-25T08:38:41","slug":"richmond-energy-partners-publishes-2016-state-of-exploration-report","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/richmond-energy-partners-publishes-2016-state-of-exploration-report\/","title":{"rendered":"Richmond Energy Partners publishes 2016 State of Exploration Report"},"content":{"rendered":"<p>Richmond Energy Partners (REP) has published its seventh annual \u2018State of Exploration\u2019 report, which benchmarks the performance of international conventional oil and gas exploration.<\/p>\n<p>In a world awash with the stuff, new oil discoveries continue to be elusive. Global exploration drilling in 2016 is forecast to be down 73% on 2014 with discovered oil volumes at a decade low, according to Richmond Energy Partners\u2019 annual \u2018The State of Exploration\u2019 report.<\/p>\n<p>Dr Keith Myers, Managing Director, comments,\u00a0\u201cIndustry has responded to the downturn by slashing exploration budgets by over 70% on average. Sustained oil prices above $60 per barrel are needed to stimulate exploration.\u00a0 The geology economic to explore at $40\/bbl is actually quite limited\u201d.<\/p>\n<p>The report is based on the analysis of more than 1100 exploration wells and covers a total of $49bn of exploration drilling spend since 2010.<\/p>\n<p>A few highlights from the report:<\/p>\n<ul>\n<li>Commercial oil discoveries fell to an 8-year low in 2015 as plays mature and the frontier programme fails to replenish prolific emerging oil plays. $17bn of frontier drilling spend over 5-years generated 16 new commercial plays in 12 different basins at a commercial success rate of 8%.<\/li>\n<li>Headline drilling finding costs fell in 2015 due to some large deep water discoveries in Mauritania and Egypt, but oil finding costs reached an 8-year high of $4.3\/bbl.<\/li>\n<li>Fewer than half of the 40 study group companies replaced production through conventional exploration over 5 years, though 25% made discoveries that transformed their resource bases. This leaves the door open to more M&amp;A activity.<\/li>\n<li>$60\/bbl is a critical oil price floor to sustain offshore exploration in the long term. Below this level, even allowing for cost reductions, the number of commercial discoveries decreases such that at $40\/bbl only 40% of the discoveries potentially commercial at $60\/bbl are economically viable. Of the 57 offshore oil plays explored that delivered discoveries in the study period, only 12 delivered discoveries of a size potentially commercial at $40\/bbl.<\/li>\n<li>Exploration drilling completions in 2016 are expected to be 57% below 2015 levels and down 73% from the 2014 pre oil price crash levels. A diminished frontier campaign continues with 19 wells planned and a continued focus on the Atlantic Margins.<\/li>\n<\/ul>\n<p>Dr Keith Myers said,\u00a0\u201cIndustry has learned some hard lessons from the downturn \u2013 many companies overcommitted to drilling wells in order to access acreage. \u2018The State of Exploration\u2019 report makes it clear that the increased drilling did not lead to more success and that the risks of certain plays were systematically underestimated.<\/p>\n<p>While exploration strategy is being reset across the industry, there is a real opportunity for companies. The transition from financial crisis, to a growth crisis once oil prices recover, will be rapid. Those that can maintain investment and upgrade their portfolio through the cycle will be the ones to prosper\u201d.<\/p>\n<p>Richmond Energy Partners was formed in 2006 and provides\u00a0expert intelligence on international conventional oil and gas exploration for company strategy, business development and performance benchmarking.REP is part of the ESIA group of companies including Hannon Westwood, Douglas Westwood and Novas Consulting.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Richmond Energy Partners (REP) has published its seventh annual \u2018State of Exploration\u2019 report, which benchmarks the performance of international conventional oil and gas exploration. In a world awash with the &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/richmond-energy-partners-publishes-2016-state-of-exploration-report\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":4655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[4413,4409,4415,4412,4408,4410,4414,1881,4407,4411],"class_list":["post-4654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-commercial-oil-discoveries","tag-douglas-westwood","tag-dr-keith-myers","tag-exploration-drilling-completions","tag-hannon-westwood","tag-novas-consulting","tag-oil-discoveries","tag-oil-price","tag-richmond-energy-partners","tag-state-of-exploration-report","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/05\/image004.png?fit=296%2C417&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1d4","jetpack-related-posts":[{"id":2641,"url":"https:\/\/www.oilnewskenya.com\/index.php\/exploration-slows-kenya-rig-count-falls\/","url_meta":{"origin":4654,"position":0},"title":"Exploration slows down in Kenya as rig count falls","author":"","date":"February 27, 2015","format":false,"excerpt":"The number of drilling rigs in Kenya is expected to significantly fall in Kenya in 2015 as oil companies cut down on exploration as well as the main players\u2019 ramp up their exploration and appraisal program. According to Africa Oil a joint partner with Tullow Oil in blocks 10BB, 13T\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/IMG-20150127-WA0012.jpg?fit=900%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/IMG-20150127-WA0012.jpg?fit=900%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/IMG-20150127-WA0012.jpg?fit=900%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/IMG-20150127-WA0012.jpg?fit=900%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":167,"url":"https:\/\/www.oilnewskenya.com\/index.php\/oil-search-gets-boost-with-new-drilling-in-northern-kenya\/","url_meta":{"origin":4654,"position":1},"title":"Oil search gets boost with new drilling in Northern Kenya","author":"Samuel Kamau Mbote","date":"December 8, 2013","format":false,"excerpt":"By Business Daily - Canadian oil and gas explorer Africa Oil Corp awarded Weatherford International Ltd a contract for a drilling rig for an exploration well it plans to sink in northern Kenya, with its partners, later in the year. The exploration firm and its joint venture partners hold exploration\u2026","rel":"","context":"In &quot;News by others&quot;","block_context":{"text":"News by others","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/news-by-others\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13304,"url":"https:\/\/www.oilnewskenya.com\/index.php\/equatorial-guinea-africa-oil-panoro-energy-awarded-offshore-blocks\/","url_meta":{"origin":4654,"position":2},"title":"EQUATORIAL GUINEA: Africa Oil, Panoro Energy Awarded Offshore Blocks","author":"","date":"February 20, 2023","format":false,"excerpt":"Africa Oil has announced that it has signed two production sharing contracts (PSCs) with the Republic of\u00a0Equatorial Guinea\u00a0for offshore Blocks EG-18 and EG-31. These PSCs are subject to ratification by the country's government. Africa Oil will hold eighty per cent (80%) operated interests in each block with the balance to\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Equatorial-Guinea-offshore-EG-01-1.jpg?fit=700%2C427&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Equatorial-Guinea-offshore-EG-01-1.jpg?fit=700%2C427&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Equatorial-Guinea-offshore-EG-01-1.jpg?fit=700%2C427&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Equatorial-Guinea-offshore-EG-01-1.jpg?fit=700%2C427&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":2922,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-oil-gas-upstream-sector-fact-file-shortened\/","url_meta":{"origin":4654,"position":3},"title":"Kenya Oil and Gas (upstream) sector fact file &#8211; shortened","author":"","date":"May 15, 2015","format":false,"excerpt":"Source: Ministry of Energy and Petroleum 1950-1992: \u00a030 wells drilled by international oil companies in Kenya\u2019s sedimentary basins. Two more wells drilled in the period stretching to 2010. None of them was a discovery. Basically 1992 to 2005 was a dormant period that saw zero wells drilled. 2012: Ngamia 1\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/human-rights.jpg?fit=668%2C444&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/human-rights.jpg?fit=668%2C444&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/human-rights.jpg?fit=668%2C444&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13416,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-africa-oil-announces-new-cpr-for-prospective-resources-in-block-3b-4b-orange-basin\/","url_meta":{"origin":4654,"position":4},"title":"SOUTH AFRICA: Africa Oil Announces New CPR for Prospective Resources in Block 3B\/4B, Orange Basin","author":"","date":"March 9, 2023","format":false,"excerpt":"Highlights RISC has reviewed the prospective resources and probability of geological success of an inventory of exploration prospects within Block\u00a03B\/4B\u00a0and have reported total unrisked gross P50 prospective resources of approximately 4 billion barrels of oil equivalent (boe). Probability of success ranges from 11% to 39% over the 24 prospects identified.\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":15630,"url":"https:\/\/www.oilnewskenya.com\/index.php\/libya-eni-awarded-the-offshore-exploration-license-o1\/","url_meta":{"origin":4654,"position":5},"title":"LIBYA: Eni Awarded the Offshore Exploration License O1","author":"","date":"February 12, 2026","format":false,"excerpt":"Eni has been awarded the offshore exploration License O1 following the Libyan NOC\u2019s competitive 2025 open licensing round. The concession has been granted to a consortium led by Eni in partnership with QatarEnergy, marking a significant step forward in strengthening Eni\u2019s upstream position in the country. Covering approximately 29.000 sqkm,\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2026\/02\/11022026_QatarEnergy_Wins_Libya_Offshore_Exploration_License-819x1024-1.webp?fit=819%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2026\/02\/11022026_QatarEnergy_Wins_Libya_Offshore_Exploration_License-819x1024-1.webp?fit=819%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2026\/02\/11022026_QatarEnergy_Wins_Libya_Offshore_Exploration_License-819x1024-1.webp?fit=819%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2026\/02\/11022026_QatarEnergy_Wins_Libya_Offshore_Exploration_License-819x1024-1.webp?fit=819%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=4654"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4654\/revisions"}],"predecessor-version":[{"id":4656,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4654\/revisions\/4656"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/4655"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=4654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=4654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=4654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}