Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion barrel plays. The confidence carried over into 2020 but has evaporated in the face of the Covid-19 crisis and the collapse in oil prices. Short term plans are in a state of flux and exploration strategy is being reset again.
As well as dealing with the immediate crisis, societal pressure is building for a rapid transition to a low carbon future. It is in this context that Westwood has published its annual review of global exploration activity and performance over the last five years and the outlook for 2020 and beyond.