What is oil exploration and production?

Exploration identifies drill‑ready prospects using geoscience and seismic. Production begins once completions and facilities are in place, and continues through primary, secondary, and sometimes tertiary recovery.

Exploration moves from leads to prospects via de‑risking. Drilling validates the model. Completion, stimulation, and facilities turn wells to sales. Reserve reports quantify proved, probable, and possible volumes using probability bands like P90, P50, and P10.