Its three core responsibilities are to:
- Ensure the safety of people and assets in its operations.
- Grow production while delivering best-in-class profitability.
- Achieve operational excellence so that its activities are acceptable to all stakeholders.
With over 16,000 employees, Exploration & Production is present in some 50 countries worldwide.
Investing in Exploration to Find New Production Potential
The Exploration & Production business segment continuously strives to renew and develop its portfolio of oil and gas assets in often-complex environments.
The traditional method of adding new reserves, exploration consists of four main steps:
- First, seismic and geophysical surveys are conducted to evaluate the potential of the geological prospect.
- This is followed by an exploratory well to confirm the presence of oil or gas. If so, the geological prospect proves to be an oil or gas field.
- The data from the exploration well and the subsequent appraisal wells are then analyzed to provide a first assessment of the properties of the reservoir and the hydrocarbons it contains.
- Then, more detailed studies are performed to determine the feasibility and the profitability of developing the field. Based on the results, a decision is made on whether or not to launch the development of the field.
In 2014, the exploration spending amounted to €2.6 billion were made primarily in Angola, Brazil, Norway, South Africa, Iraq, Malaysia, Côte d’Ivoire, Indonesia and Libya.
A Promising Outlook
Thanks to the many development projects now underway, our production should grow to about 2.8 millions barrel of oil equivalent per day in 2017, compared with a production of 2.1 million barrels per day in 2014. Reaching this goal also requires minimizing the decline of the fields already in production.