ExxonMobil tops upstream explorer ranking according to Wood Mackenzie

ExxonMobil has been named the most admired upstream exploration company in Wood Mackenzie’s latest annual survey, recognised for its performance in Guyana and its ability to open new resource frontiers.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

ExxonMobil secured the top spot in the ranking of most admired upstream exploration companies, according to the 2025 annual survey conducted by energy consultancy Wood Mackenzie. This recognition was attributed to its long-term performance, particularly in Guyana, where the company has already surpassed 700,000 barrels of oil production per day.

Since 2015, ExxonMobil has discovered over 8 billion barrels of new oil-equivalent resources on a net basis. This achievement positions it as the most successful explorer of the past decade. Its rapid development of the deepwater frontier has been cited as a benchmark by industry professionals.

Sector recognition in Bordeaux

The awards ceremony took place on June 10 alongside Wood Mackenzie’s annual Exploration Summit in Bordeaux. The ranking is based on peer recognition within the sector. The event also highlighted other key players, including Galp Energia, Murphy Oil, and Chinese state company CNOOC.

The “Discovery of the Year” award went to Mopane, a field located in deepwater off the coast of Namibia. Operated by Galp Energia in partnership with Custos Investments and Namcor, the project is estimated to hold around 10 billion barrels of in-place resources.

Notable performance in Asia and China

Murphy Oil was named “Explorer of the Year” for its recent finds offshore Vietnam: Hai Su Vang in 2024 and Lac Da Hong in 2025. Meanwhile, the China National Offshore Oil Corporation (CNOOC) received the “National Oil Company Explorer of the Year” award, having identified more than 7 billion barrels of oil-equivalent resources over the past decade, split between operations in China and its partnership with ExxonMobil in Guyana.

According to Andrew Latham, Vice President of Exploration at Wood Mackenzie, “the most successful companies are those willing to take risks to open new plays and basins that offer greater resource potential.” He noted that while drilling near existing infrastructure still plays a role, these prospects alone are no longer sufficient to meet global demand.

Industry barometer for exploration trends

Wood Mackenzie’s annual exploration survey is regarded as a key industry barometer. It provides a broad view of the challenges and opportunities in exploration, including the commercial appeal of wildcat wells and trends in geological risk-taking.

According to Latham, these companies continue to discover what are considered “advantaged” resources, allowing them to lower supply costs while addressing rising demand. The survey results underscore the central role of exploration in long-term value creation for the energy industry.

The Indian refiner segments campaigns, strengthens documentary traceability and adjusts contracts to secure certified shipments to the European Union, while redirecting ineligible volumes to Africa and the Americas based on market conditions.
US authorities have authorised a unit at Talen Energy’s Wagner plant in Maryland to operate beyond regulatory limits until the end of 2025 to strengthen grid reliability.
Gran Tierra Energy has signed a crude oil sale agreement with a $200mn prepayment and amended its Colombian credit facility to improve financial flexibility.
Operations at BP’s 440,000 barrel-per-day Whiting refinery have resumed following a temporary shutdown caused by a power outage and a minor fire incident.
The European Union targets a trading subsidiary and a refinery linked to China National Petroleum Corporation, tightening access to financial and insurance services without disrupting pipeline deliveries, with reallocations expected in settlements, insurance, and logistics. —
Viktor Orban says he is working to bypass recent US sanctions targeting Rosneft and Lukoil, underscoring Hungary’s continued reliance on Russian hydrocarbons.
Traceability requirements from the EU (European Union) on fuel origin are reshaping Indian refined flows, with a shift toward Africa and Brazil supported by local premiums and a decline in Russian exports.
U.S. sanctions targeting Rosneft and Lukoil trigger a rebound in oil, while the European Union prepares a clampdown on liquefied natural gas and maritime logistics, with immediate repercussions for markets and Russia’s export chain.
Ten days before COP30, Brazil awarded five offshore oil blocks for over $19mn, confirming its deepwater development strategy despite environmental criticism.
Tripoli mise sur des partenariats avec des majors et jusqu’à 4 milliards $ d’investissements pour relancer sa production pétrolière, malgré un climat politique divisé.
Niger hardens its stance on energy sovereignty but avoids breaking with China National Petroleum Corporation, its main oil industry partner, in order to safeguard export revenues.
As Brent hovers near $60, growing opacity around OPEC’s output restrains a steeper decline in crude prices amid surplus warnings by the International Energy Agency.
Portuguese energy group Galp plans to finalise a strategic partnership for its offshore oil project Mopane in Namibia before the end of the year.
A traditional leader from the Niger Delta is seeking compensation before Shell’s onshore asset sale, citing decades of unaddressed pollution in his kingdom.
The Oxford Energy Institute study shows that signals from weekly positions and the Brent/WTI curve now favor contrarian strategies, in a market constrained by regulation and logistics affected by international sanctions. —
Russian company Russneft has shipped its first oil cargo to Georgia’s newly launched Kulevi refinery, despite the absence of formal diplomatic ties between Moscow and Tbilisi.
New Stratus Energy has signed a definitive agreement with Vultur Oil to acquire up to 32.5% interest in two onshore oil blocks located in the State of Bahia, Brazil, with an initial investment of $10mn.
Clearview Resources has completed the sale of all its shares to a listed oil company, exiting Canadian financial markets following shareholder and court approval.
The Brazilian government has approved an offshore drilling project led by Petrobras in the Equatorial Margin region, weeks before COP30 in Belém.
In Taft, a historic stronghold of black gold, Donald Trump's return to the presidency reopens the issue of California's restrictions on oil production and fuels renewed optimism among industry stakeholders.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.