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The Majors are not spending price windfall on exploration
Source: company annual reports (BP, Chevron, ConocoPhillips, ExxonMobil, Eni, Repsol-YPF, Shell, Statoil and Total). Consolidated subsidiaries only
Brent Oil price
2
4
6
8
10
12
1998
1999
2000
2001
2002
2003
2004
Text Box: Exploration Spend (US$ bn)
Exploration Spend (US$ bn)
0
5
10
15
20
25
30
35
40
45
Text Box: Brent Oil Price (US$/bbl)
Brent Oil Price (US$/bbl)