Analysis of the current status of global oil, gas, and associated resources exploration in 2023

Abstract

Based on commercial databases from S&P Global and Rystad Energy and public information from oil companies around the world, a systematic analysis has been conducted on the global hydrocarbon exploration investment, award of exploration blocks, exploratory drilling, new conventional oil and gas discoveries, and exploration of associated resources in 2023. In 2023, the global hydrocarbon exploration investment increased steadily and the total number and area of awarded exploration blocks increased significantly. The decline in the number and success rate of high-impact exploration wells directly affected the quantity of additional oil and gas reserves discovered globally in 2023. In recent years, the deepwater areas of passive margin basins have been the major targets for seeking medium- and large-sized conventional oil and gas fields. In 2023, however, the newly discovered onshore reserves were equivalent to the newly discovered offshore reserves, and fine exploration in mature blocks achieved significant results. Oil companies continued to plan and perform unconventional oil and gas exploration activities and accelerated access to associated mineral resources such as natural hydrogen and helium and other emerging industries. For Chinese oil companies international exploration business, it is recommended to: (1) continue the upstream investment to strengthen upstream services for consolidating the strategic position of oil and gas resources; (2) uphold oil and gas exploration activities by further deploying exploration activities in the deepwater areas of passive margin basins, deeply exploring mature basins, closely following hotspot basins, and gaining access to frontier basins; (3) follow the principle of integrated development to plan the exploration of associated resources while exploiting conventional and unconventional resources; and (4) make technological innovations to develop and improve core technologies and promote the application of artificial intelligence.