Oil and gas exploration spending has been on a consistent downward trend in recent years. With investment budgets under renewed pressure in 2020, the share of exploration spending in total investment may hit historic lows.
South America and Africa are at the front of exploration market. Mexico, Brazil and Guyana will be the biggest exploration market in 2021.
In recent 5 years, 342 regions explored and 62% of discoveries belongs to 10 regions.