Global high-impact exploration in 2017 is “expected to match 2016 in both activity and success rates, and with a marked improvement in commercial oil volumes discovered and lower finding costs,” according to a new report. “High impact drilling commercial success rates have remained constant around the ‘1 in 4’ level for the past five years, but in 2017 resources discovered per high impact well drilled increased to 104m boe from 71m boe in 2016. Coupled with a dramatic fall in the average well cost to $48m per well, finding costs dropped to below $0.50/bbl, the lowest since 2011,” said analyst Westwood Energy’s 2017 Exploration Highlights report.
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