I think I can safely say that we have delivered on our exploration strategy. And our exploration strategy is really quite simple is about three things, is about early access at scale, is about drilling more high-impact wells, and it’s about exploiting our core positions. Early access at scale is the kind it says itself, but it’s really enabling larger acreage uptake at lower cost. Yes, maybe some more risk, but at the same time also potentially more reward, and ideally if you get in early, you should be able to do this at lower cost, although as you are probably aware, there is a huge and maybe ever increasing global competition for exploration acreage.And then high-impact wells, when we did our strategy work in 2009, we kind of concluded that sort of we weren’t making very many high-impact discoveries if any over the last few years. When we started digging into this, we said well, it wasn’t really surprising, because we weren’t drilling hardly any high-impact wells either. And these are normally somewhat higher risk. You don’t find high-impact or don’t make high-impact discoveries on every other well. I guess, we have the last 18 months, but that’s not normal. The chance of success here is more likely to be one in five or one in six and it doesn’t mean if you drill five, you make one discovery or if you drill six, you make discovery, sometimes, you have to drill 10 or more in order to do that.
Statoil ASA's Management Hosts Exploration Seminar (Transcript)
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