Turning the Tide: Exploration Rejuvenating Asia Pacific’S Proven Basins and Igniting Frontier Hotspots?

Oil and gas exploration in the region remains a critical pathway in generating the much-needed resource growth. Currently, undeveloped resources all have specific technical and/or fiscal challenges, and are insufficient to address the projected increase in demand.

Recent exploration activity has seen drilling being mostly driven by NOCs in their home countries, whilst some IOCs are drilling less wells as they pivot exploration focus to other regions. We are also seeing the emergence of regional super-independents taking on more proven areas and focusing on core basins. New field wildcat drilling remains at comparable levels since 2020 however there are positive indications of companies progressing and strategically executing plans to test high graded prospects in focus and growth areas.

Total discovered volumes have shown an increasing trend since 2021 despite having a similar number of discoveries. Efficiency of exploration continues to be showcased, driven by core area focus approach. Proven play upside in mature basins has been the main driver for these significant discoveries although there was also notable contribution from emerging plays in frontier basins.

In addition to presenting recent exploration highlights, we will look at the planned outlook and how exploration plans are being coupled with energy transition initiatives.