Richmond Energy Partners measures annually the pulse of international conventional exploration outside North America by monitoring the performance of 40 E&P's over a five-year period, together with drilling plans for 2014. The study covers $32.5bn of exploration drilling spend over 5-years and $8.4bn planned spending for 2014.

Managing Partner Keith Myers said, 'Exploration for conventional oil and gas is alive and well and continues to be very successful for selected companies. There is no shortage of commercial discoveries being made. 2013 was the best year for oil discoveries for five years'.

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