Exploration spending ballooned during the boom years of 2008-2014, reaching a peak of $95 billion globally. Discovered petroleum volumes reached an impressive 38 billion BOE in 2010, further fuelling the desire of oil and gas companies to explore. Flush with cash as oil prices climbed ever higher, the industry drilled close to 2,000 exploration and appraisal wells every year during 2008-2014. Then came the crash. Budgets and staff were slashed; discovered volumes plummeted. Exploration spending has remained at around one-third of the peak, but the sector is healthier and creating more value than at any time during the last decade. Even before the crash, full-cycle returns were in the single digits, but better decisions are bringing value back to the sector.And it's not timid, near-field exploration that has driven the recovery, but bold wildcatting. In this talk, Julie will outline the problems that beset conventional exploration during the boom, leading some to exit. She will highlight why exploration continues to be important, where explorers have been successful, and what companies are doing to make it good business.