Find out more about the Queensland Curtis LNG project in Australia.
We are focused on becoming a world-leading exploration and production (E&P) and LNG company.
Our strategy is driven by highly distinctive capabilities – our world-class exploration and our unique LNG model. We create value through these core strengths, facilitated by our commercial agility.
Exploration is at the heart of what we do. We have a simple lean exploration organisation, which enables quick decision making so that we can assess and capture new opportunities rapidly.
Our exploration strategy is in two parts.
Existing areas: Where we are already actively operating and/or exploring, we look for new opportunities by capitalising on:
New basins: We seek large frontier acreage, where we can find giant oil and gas opportunities at a relatively low cost of entry.
Each year, we review more than 100 opportunities. On average, we aim to access one new material opportunity every year and aim to acquire 0.5 to 1 billion barrels of oil equivalent (boe) risked potential resources.
We expect to drill 50 to 60 conventional exploration and appraisal wells between 2013 and 2015; target 10 to15 high impact wells; and enter three new basins.
We are well positioned to capitalise on the rapidly evolving and growing LNG market, through our competitive advantage in commercialising gas and our unique LNG model.
Our LNG strategy creates and delivers value in three ways:
These individual components make up our highly valuable and distinctive LNG business.
We will deliver value through active portfolio management; improving our project development and operations capability; and simplifying our organisation.
We are focused on creating a balanced portfolio of high-quality and valuable assets (which we define as a set of interdependent operations). What does this mean in practice?
Improving our capability in developing projects and operations:
While we pursue our strategy, we remain focused on the execution of our major growth projects in Australia and Brazil.
We are making very good progress with a two-train LNG project in Australia, known as Queensland Curtis LNG (QCLNG), and our giant oil discoveries offshore Brazil in the Santos Basin.