2015 exploration results: Eni best in class

February 1, 2016

Publisher: GEOExPro

Prior to official results, the speculation for the year was that discovered volumes would continue the downward trend. Now the results show that the 2015 offshore-discovered volumes were 8.5 billion boe, of which 2.6 billion boe were liquids. This is slightly lower than the results in 2014, but considerably lower than the 18 billion boe yearly discovered volumes around 2010. In terms of activity ~600 offshore exploration wells were drilled through the year, resulting in total investment of 55 BUSD, 25% lower than 2014 values.

The chart above shows the 15 largest operators in terms of discovered offshore volumes in 2015. Topping off the list is Eni, with 3.7 billion boe of discovered resources last year. Most of these volumes are related to the Zohr discovery located in the Egyptian part of the Mediterranean. Kosmos Energy takes the second place with its discoveries in Mauritania. These discoveries may contribute to a new gas province on the western side of Africa - similar to what has happened in Mozambique and Tanzania where both Anadarko/Eni and BG/Statoil are planning for large LNG developments. Another important discovery was Exxon’s Liza discovery in Guyana; the resource estimate of 600 million boe makes this the largest oil discovery in 2015.

In many ways, 2015 became similar to previous years, where the discoveries were dominated by large African gas discoveries. Other regions had more disappointing results. Offshore Europe discovered 500 million boe with the Romanian’s Lira discovery as the main driver. In Asia, around 300 Million boe were discovered. There were no significant discoveries in the Middle East.

If we compared 2015 discovered offshore volumes with 2015 production, we would not be able to replace the volumes we produced during the year. In 2015, total offshore production was 16 billion boe, of which 9.7 billion boe was liquids, considerably lower than what was discovered. In the long term, this implies that it will become difficult to keep up offshore production volumes.




Espen Erlingsen, VP Analysis
Phone: +47 24 00 42 00
Mobile: + 47 41 44 77 61

Julia Weiss, VP Marketing
Phone: +47 24 00 42 90
Mobile: +47 48 29 87 61

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