We have exploration licences in North America (Canada and the USA), Latin America (Brazil, Cuba and Venezuela), Africa (Algeria, Angola, Egypt, Libya, Mozambique, Nigeria and Tanzania), Europe and the Caspian region  (the Faroes, Ireland, the UK and Azerbaijan), and the Middle East and Asia (Iran, India and Indonesia). Our exploration strategy remains focused on accessing more new quality acreage, including unconventional hydrocarbons and exploration resources that are demanding in terms of technology. 

In 2009, we reduced our exploration spending and activity level to reflect the new market situation with lower oil and gas prices. We have completed 29 wells in 2009, and seven were ongoing at year end. Of the 29 wells, six were announced as discoveries and nine are currently under evaluation. We plan to drill about 30 wells in 2010.

In 2009, we reached an agreement with BPC Limited to become the operator of three offshore exploration licences: Zapata, Islamorada and Falcones in the Cay Sal area of the south-western Bahamas. Approval and the awarding of the licences by the Government of the Commonwealth of the Bahamas is still pending.

In the Faroes, we have decided to enter into the third exploration period in Licence 008, and have committed to drilling one well during the period 2010-2014. We also received an extension for licences 006, 009 and 011 with one commitment well to drill. 

We have entered the next exploration period in our 3/94 licence in Ireland with a commitment to drill one well.

In 2009, we relinquished our sole licence in Morocco.

The areas where we entered or had significant activity in 2009 are presented below.