List of Top 20 Leading Oil Companies in the World- 2013

Oil and natural gas companies have always kept the world running and will do so for many decades. Let’s see the biggest companies producing largest amount of oil in the globe.

1.Saudi Aramco - 12.5 million barrels per day
Saudi Aramco is the biggest energy company across the globe. It generates more than $1 billion revenues per day. Its Shaybah mega-project in Rub al-Khali desert, produce more than 15 billion barrels of oil. Moreover its biggest field, Ghawar, can produce 5 million bpd. 

2.Gazprom- 9.7 million barrels per day
Situated in Russia, this is the largest producer of natural gas in the world. The profits of Gazprom are more than $40 billion per year. The major business lines of this company are oil production, sales of gas, transportation, heat and electric power and geological exploration. This company is also accounted for 14% to 74% of Russian and Global gas output accordingly.

3.National Iranian Oil Co- 6.4 million barrels per day
Although Iran has been forced to limit its oil production due to some international authorization, it still remains as 3rd biggest oil and gas producers.  And to avoid such authorization, India and Turkey are paying Iran in gold for oil. Moreover, Iran has also threatened the world to stop its oil exports if attacked.

4.ExxonMobil- 5.3 million barrels per day
ExxonMobil is a multinational oil and gas company situated in Irving, USA. It’s a merger of Exxon and Mobil which took place in November 30, 1999. This company handles projects from the smallest to the huge units. It’s functionally organized into an array of global operating divisions.

5.PetroChina - 4.4 million barrels per day
It is the largest oil giant of China with its headquarter in Dongcheng District, Beijing. It has also has been the highest market cap of any of publicly operated giants. Interestingly, this company has already produced more oil than ExxonMobil and predicated to compete with Gazprom as the Chinese usually make the most and are much more concerned about their energy sources. 

6.BP - 4.1 million barrels per day
It’s a multinational oil and gas company headquartered in London. It’s one of 6th ‘oilmajors’. BP has integrated an array of areas such as production, exploration, refining, petrochemicals, power generation etc. Till date, it has been operating in 80 countries; producing 3.3 million barrels per day. 

7.Royal Dutch Shell - 3.9 million barrels per day
Commonly known as Ango-Dutch multinational oil and Gas Company is incorporated in the UK and headquarter in the Netherlands. Royal Dutch Petroleum and Shell Transport & Trading have been merged to form this company. By this summer, Shell is about to commence its drilling projects in Alaska’s Chuckchi Sea.

8.Pemex - 3.6 million barrels per day
Petróleos Mexicanos known as Pemex is the Mexican state-owned petroleum company. Its biggest field, Cantarell has soared up from 2 millions a day to approximately 600,000 now. Pemex is also the second largest enterprise in the Latin America. Moreover, the majority of its shares are directly under control of Mexican government.

9.Chevron - 3.5 million barrels per day
It’s an American energy corporation with it’s headquarter in California. It’s active in more than 180 countries. Chevron is engaged into almost all the aspects of oil and gas. In 2010, this company purchased Atlas Petroleum for $4.3 billion to avail acreage in Utica shales and Marcellus.

10.Kuwait Petroleum Corp- 3.2 million barrels per day
This company was basically formed in 1934 by BP and Chevron. Kuwait Petroleum Corp was nationalized in 1975.  Kuwait’s largest field, known as Burgan, is till being operated by Chevron. In 1990, Kuwait's fields suffered huge fires and were ruined by Saddam Hussein's forces.

11.Abu Dhabi National Oil Co. - 2.9 million barrels per day
In the league of UAE, Abu Dhabi holds a powerful seat.  It’s also known as ADNOC- one of the leading companies by oil reserves. It operates two oil refineries- Umm Al Nar and Ruwais. It is also developing both the offshore and onshore gas fields. Currently, it’s taking the benefits of the strategic position adjacent to the Strait of Hormuz to construct pipelines to Fujairah, mitigating any chance of getting its crude exports being blockaded by an Iranian cordon.

12.Sonatrach - 2.7 million barrels per day
Sonatrach is a national energy company of Algeria. It’s one of the leading natural gas producers and much of it is exported to Europe. It is engaged into an array of aspects from exploration to transport and refining.

13.Total - 2.7 million barrels per day
Total is a multinational integrated oil and gas company of France. The business of this company covers the entire range of gas and oil chain, from exploration, production to marketing.  Further, total is also a major chemical manufacturer. After the French president has enforced new taxes on oil inventories in July, the CEO of Total S.A declared that it’d cost them quite a lot.

14.Petrobras - 2.6 million barrels per day
Petrobras is a semi-public Brazilian energy corporation with its headquarter in Rio de Janeiro. In southern hemisphere it’s the largest company. Petrobras also stands as a leader in development of superior technology from deep-water and ultra-deep water production of oil.

15.Rosneft - 2.6 million barrels per day
Rosneft is a state controlled oil company of Russia. After buying assets of former oil giant Yukos, it has become one of the leading extraction and refinement companies. It carries out its gas and oil exploration throughout Siberia, Sakhalin, Timan-Pechora field and in some parts of southern Russia. Further, the president has enabled a joint venture between ExxonMobil and Rosneft to search Russia's giant oil-bearing shales and Arctic seas. 

16.Iraqi Oil Ministry - 2.3 million barrels per day
With its plenty of oil production, Iraq is further expected to be zooming up its rank to becoming oil giant especially with the help of its giant untapped fields.

17.Qatar Petroleum - 2.3 million barrels per day
Qatar Petroleum operated all the activities from exploration to transport and storage of oil and gas.  Moreover, the majority of Qatar’s energy production is natural gas which is shipped to many nations. Its largest gas field lies under the Persian Gulf. 

18.Lukoil - 2.2 million barrels per day
It was formed in 1991 by Vagit Alekperov- former Soviet deputy oil minister, who runs the company and possesses a 20 percent stake worth around $13 billion.  Its Russia’s second largest oil company headquartered in Moscow. In 2008, this company had 19.3 billion barrels of oil. Lukiol is actively operating in more than 40 nations across the globe.

19.Eni - 2.2 million barrels per day
Eni is an Italian oil and gas company and currently present in almost 79 countries. It’s also considered as Italy’s oil champion. Paolo Scaroni, CEO of this company has made a remarkable join venture with Russia's Rosneft and Venezuela's Pdvsa. Morever, in the regions of Iraq, Eni is escalating the huge Zubair field.

20.Statoil - 2.1 million barrels per day
It’s a fully integrated oil and gas company situated in Norway. It has operations in 36 countries. However, by revenue, this company has been ranked as world’s eleventh largest oil and Gas Company by Forbes magazine. In Statoil, government owns 67% of the shares. This company has further, invested around $20 billion in the United States.

Guide to Investment Options in Oil and Gas Industry

Energy is a prerequisite for sustenance of life. The rising population of the world has led to high demand of energy worldwide. Consequently, the Governments across the whole world are passing through severe challenges for gas and oil production to meet the demand in their regions. Above all, this industry is extremely being transformed because of its valuable place in the world economy. Since it has become hugely popular among investors, they possibly run the risks to benefit from such a huge energy market. Ultimately, it has also become an interesting topic for analysis and research for the economists across the world.

So if you’re thinking of investing in this sector, you should have some ideas about the investment options available for you. However, there are many ways to invest in the petroleum industry, from retail investments to drilling projects for sophisticated investors.

Let’s have a look through these investment options so that you can make an informed decision:

1. Stocks in oil companies: It’s quite easy investment in stocks. Simply head to your broker and invest in the shares of the respective oil company. And depending upon the normal growth rate, choose a good option with the help of a good research work. Moreover since this investment probably subjects to risk, you just don’t want to make everything hastily.

2. Working Interest Partner in a Drilling Program: This investment as a working interest partner in several oil wells projects cash flow and tax benefits. However, there is a risk involved in such programs. But make sure that you’ve got enough cash to invest in various drilling programs. In addition to the income potential, oil investments offer extensive tax advantages (tangible intangible and percentage depletion allowance), and thus, the Government of U.S has set out to promote domestic drilling. Ever since the Tax Reform Act of 1986, these drilling programs in oil and gas are termed out as some of the best investments that may help investors to shelter income, making it a better tax advanced investment nowadays.

3. Existing working interest in a lease: Purchasing a working interest in an oil or gas lease is quite riskier than a drilling project. In this case, the potential for large unforeseen expenditure is reduced to a great extent. On the other side, the well’s production generally stays stable and the cash flow stream of the production is simple to evaluate. The ultimate benefit of buying a working interest is that it offers a superior return but as a drawback you still run the risk of lawsuits and regulatory compliance on the site accident. Alongside these, the biggest problem is the technical knowledge of the wells, decline curve analysis and several other technical knowhow.

4. Stock in royalty trusts: Buying stocks in any royalty firms is quite different that buying shares in an oil company. Royalty trusts are designed with large assets of royalty and prevailing interest. Moreover it’s trouble-free to find such investments as they’re available on the NYSE.

Oil and gas royalties direct from mineral owners: It has many benefits such as the returns can be higher at 12-50%, and buying royalties is like buying the minerals. And fortunately, if another oil zone is found out, then you’ll be enabled to avail another royalty cash flow stream. On the other side, you need to thoroughly understand ways to buy mineral rights. Then the other concern is to look for private owners who want to sell out. On the whole, due to higher returns and less risk, this has become one of the preferred investments in the oil industry.

So think over at your investment needs and opt for the investments that are ideal for you.

World Consumption of petroleum product Goes Beyond Record High in 2012- EIA

The study recently carried out to examine regional trends in petroleum consumption between 1980 and 2012 by Energy Information Administration, US.

 

Across the whole world, consumption of petroleum products set a high record of 88.9 million b/d in 2012, as declining consumption in Europe and North America was rather outpaced by growth in Asia and several other regions- studies by Energy Information Administration, US.

Asia’s petroleum consumption surged by 4.4 million b/d between the years 2008 and 2012. And as you may know in 2009, Asia overtook North America as the biggest petroleum-consuming region worldwide, fueled by increasing deamands from India and china. Moreover, as EIA projected, China is likely to replace the United States as the largest net oil importer across the whole world.

The Unites States have reduced their consumption in 2011 and 2012 just because of high oil prices and an increase in fuel efficient vehicles which is of course one of the great ways to preserve oil resources,. This can further bring good luck for investors in oil and gas by the times ahead. Along with this, consuming gasoline has made up nearly half of total US liquids fuel consumption; fell by 290,000 b/d between 2010 and 2012.

Gradually even in Europe, petroleum use has gone down consecutively since 2006, because of slow economic performance and several government strategies in favor of energy efficiency. As a result Europe’s petroleum use massively went down of 780,000 b/d in 2009 and 570,000 b/d in 2012. 

Reduced oil consumption and energy efficient technologies and transportations will surely maintain the balance of the state. It will also produce less pollution and on the whole take care of oil resources which in turn will always back up financial state of the country. Besides, for those investors in oil and gas will surely stand a great chance to availing great values for their investments globally. 

On the other side, circumstance in the Middle Eastern regions is largely keep on fluctuating and adding to them the recent Syrian strikes has threatened some crisis in oil markets. Thus, contemplating over oil consumption and productions and wisely investing into oil programs can maintain the reserves as well as create good value for the investments.

Why BP has Set out to Introduce 2 Drills in Alaska Aiming huge Flow of Investment?

Due to new tax breaks, there have been upsurge into the investment programs. And BP, making the most of this relaxation, has planned out to add 2 drills in the North Slope. This project is estimated to be finished by 2016 and certainly it’s a hugely important investment plan that will be carried out over the next 5 years. 

Fortunately the state of Alaska brought in a $750 million annual tax breaks for the oil industry, and thus BP has set off to plow in these regions considering better investment outcomes. Moreover as a part of such a big investment plan, BP is going to add 2 drill rigs by 2016. These rigs will create good employment opportunity as well as boost up the state of Alaska. 

Beyond a shadow of a doubt, tax benefits have enticed new investments in Alaska. And it was pretty much clear that such tax relaxation were especially designed to bring in more investments and mitigate oil and gas royalties so that this industry can see huge progress. Additionally, this region depends heavily on oil revenues; the tax deductions have been accepted by many environments thinking that that they will encourage the sector in the state. 

Further, the oil division had been pleading the state authorities to bring in tax changes to attract more investments and consequently the entire infrastructure would be modernized and highly developed ways of oil recovery would be put into practice as well.  And fortunately, such tax breaks have made a mark as more and more companies are indeed up to invest heavily in the US largest oil fields. 

Thus, this new step of BP is all set to gear up huge investment opportunities along with enhancing oil production.

US: The Unconventional Oil and Gas Revolution

New technologies and high prices have generated sudden surge in oil and gas production in the US that can easily shake up world’s energy market. A huge rebound in oil and gas production in the US has given good surprise to the policymakers and ultimately making the market more dynamic. The surge in the production is mostly the results of the new capacity of the producers to extract more oils and gas. However, the revolution in the production took place first in natural gas and rather recently in oil. 

Oil and gas have mostly been produced by ‘conventional’ sources. Wells are drilled and with the help of technologies and pressure mechanism that oil is extracted out with the help of the pumps. 

There are of course other geological resources available in the US such as tight sand formation and shale rocks – that contain oil and gas. In these formations, fuels are trapped and can’t be extracted in the same way as it’s done for conventional sources. In such situations, producers employ combination of hydraulic fracturing and horizontal drilling during which some fluids are inserted under high pressure to smash the formation and discharge trapped fossil fuels. Although both the technologies exist around for over half century, but till the date, using them cost pretty much than the actual price of natural gas and crude oil. 

All these charged when prices started off to hike penetratingly during recent years. Producers could advantageously extract oil and gas from these formations. Simultaneously, with the help of technological advancements, improvements in horizontal drilling and fracking technologies have mitigated the cost of using them. 

This shale revolution has been aided by some of the factors implemented by the U.S. Firstly, there private rights to below-ground minerals and landowners can lease these rights, that made it quite easier for average, independent gas and oil investing industries aspiring to take the risk—and to drive more improvements in the technologies. Secondly, a cutthroat natural gas market with easy accessibility to distribution set of connections by all producers helps shale gas producers to market their product. 

However, the future of the unconventional revolution largely depends upon two factors: how much extra gas and oil will be cost-effectively extractable and the long-term effect on prices and markets. 

Moreover gas and oil sector will remain as one of the most significant sources of employment as well as investment in the US economy.

Myths Involved in Oil and Gas Investment- Let’s Understand the Truth

Investing in oil and gas is not just an overnight decision. Since you're going to invest in a lot of money, you must understand each possible aspect related to such investment. Besides, there have also been the cases of investment frauds reported earlier and investors had to bear huge loss. So with all these circumstances, potential investors do find it pretty difficult to investing in oil and gas companies. 

 

As a result, there have been some prevalent myths woven by many potential investors. So let's check them over and analyze the truth in order to help them make an informed decision.

• You might lose all your money.

Truth: It's up to you how you look at your money. In fact, the oil investment is quite different from what you do in the stock market or buy real estate i.e. about investing with “post” tax dollars. Whereas when you invest in oil wells, you'll be given referential treatment from the government in the form of intangible and tangible allowances. Moreover 75 % to 100% of your investment can be written off against your personal income for the respective year. So when you invest in oil and gas well, you're using your money as well as some of government's money.

• Buying stocks of reputed oil company can yield lots of profits than directly investing in an oil and gas.

Truth: When you buy stock from the stock broker, it takes a lot of movements to get substantial benefits in the market. Alongside, you're buying the stock with “post” tax dollars which means you're just getting to invest 60% to 70% of the income. But when you invest in oil and gas well through direct participation, then your investment is largely focused on the oil production and not on the running of the whole company. Besides, your investment will stand a chance to grow larger and faster as per the production outcomes.

• Almost all the oil wells are dry. Only 1 out of 10 well is successful.

Truth: Well, this doesn't happen always. Whether it's “Wildcatting” or developmental drilling, you stand a chance to getting oil rich wells. After all, perfect research with the help of geologists will do the rest!

• You find it a scam if you’re offered an opportunity to invest in oil and gas well.

Truth: Doing good research work is always the best way to ascertain any better investment opportunity. On the contrary to this, most of the people prefer to buying stocks because they're not interested in carrying out the research. But if you're thinking of investing in drilling programs, then firstly you should understand oil and gas industry trends and then do the research work to check out all about the respective company. However, a real drilling company will surely explain you the risk involved. They will also explain you the views of the geologists about particular wells. Moreover they seriously welcome all the queries to help you make wise investment decision. 

 

• The only reason I'm investing in oil and gas because they say it'll be a productive well.

Truth: In fact, nobody knows how much oil will particular well be producing? However when the projects are based on developmental drilling, chances are there to estimate possible range of oil. And because of such uncertainty of the wells, oil operators surely explain the risk involved. 

 

• Drilling wells are risky and holds many liabilities and I don't want to be a part of any liabilities.

Truth: When you buy stocks, you're only liable for the amount you invested. By the time, if the company you invested goes down, you're not affected by any factors other than your investment returns. The same is the case while investing in oil wells where you get an operating agreement stating you're not responsible for any actions.

• Oil wells don't have longer life span

Truth: Oil wells possess longer life span. Over the times, you extract as much oil as you can but gradually with the pressure released beneath, these wells will almost keep on producing to some extent for over many years. 

 

• If I invest in oil wells, then I won't be able to sell out my interest.

Truth: Bear in mind that an interest in oil wells is sellable as it's based on cash flow. If you own an oil interest for longer times then it becomes pretty easy to sell because it's proven cash flow record similar to stock in a company.

Thus, don’t just go by all these myths but understand the fact in order to make wise investment in oil and gas industries.

How to Get Rid of Oil and Gas Investment Fraud

If you’re thinking over to invest large amount of money, then most probably oil and gas wells are the best options you can come up with. Regardless of what kind of investment opportunities you’re pondering over, it’s hugely important to gather all the information so that you can make a perfect decision. 

 

But be aware:

 

There are some oil and gas well deals that are offered by fly-by-night or "boiler rooms," operations that include nothing but some office space, desks and sophisticated phones. Boiler room operators have polished telephone solicitors exclusively trained to utilize high-pressure sales skills. All such defraud artists will make frequent unsolicited calls in which they strictly abide by a carefully created sales pitch which guarantees higher profits. Some con artists surround themselves with the trappings of legitimacy, including well-designed brochures. 

 

Generally in a fraudulent oil and gas scheme, swindlers promoting the investment, largely offer limited partnership interests to potential investors who dwell outside the state. Ultimately, this will reduce the chances for investors in oil and gas to visit the site or what maybe their fake headquarters.

 

If you’re subjected to any persuasive sales pitch in an unsolicited call, watch out for the below given tip-offs that you might be dealing with a con artist.

• It’s ‘ cant miss’ oil investment opportunity
• There is absolutely very little risk involved
• Almost all the previously drilled oil or gas’s well have been hit.
• A lot of gas and oil was found in the nearby fields.
• A leading company is already operating beside the company’s leased site, or is set out to do so.
• Quick decision is enforced in order to assure the purchase of one of the few interests and the rest to be sold soon.
• The salesperson has personally invested for the same.
• A research from a reputed geologist has proposed it as a good venture for an investment success.
• This deal is exclusively available for the few and specially selected investors only.

You can mitigate your risk of being deceived by such fake people if you’ve rightly done a good research work and analyzed all the lucrative offers by them. However if you’re unsure whom you’re dealing with, then check the company’s reputation and have a look through all the slightest details presented by them.

When you invest in a Direct Participation Drilling Program it is required by law that you are furnished a full disclosure of the drilling prospect. This information is provided in the Memorandum, a.k.a. Private Placement Memorandum, Confidential Information Memorandum or Prospectus. This memorandum should be provided to any investor that participates in a Joint Venture, General Partnership, Limited Partnership, Master Limited Partnership or Undivided Fractional Interest Ownership. In most cases the Memorandum is prepared by an attorney that has experience with Securities and Partnerships. Most qualified attorneys will charge between $8,000.00 and $15,000.00 to prepare an extensive Memorandum to the Issuer of the Drilling Program. In many cases, companies that make an offer of Direct Participation, do not prepare an adequate Memorandum for their potential investors and therefore do not fully disclose the necessary information that an investor needs to evaluate the entire offering. Not having a properly prepared Memorandum could be a legal issue for the company making the offer and thus leaving the investor exposed to legal issues with State Securities Agencies. In most states, the Securities Division requires that you submit a copy of the Memorandum to their offices within 15 days of the sale. (Blue Sky Registration) The Issuer also has to submit a copy of the Memorandum to the State Securities Agency in the State the offering is being made. This should be done before the offering is even made to a potential investor.

The following Sections, (Table of Contents) should be included in a properly constructed Oil and Gas Drilling Program Memorandum. Each section should include an in depth overview of that section's topic.

TABLE OF CONTENTS

Summary of the Offering 
Risk Factors 
Terms of the Offering 
Plan of Distribution 
Proposed Activities 
Additional Assessments 
Allocation of Interests 
Use of Proceeds 
The Initial Offerings 
Participation in Profits and Losses and Distributions 
Compensation and Benefits to the Managing Partner and its Affiliates 
Management 
Conflicts of Interest 
Prior and Current Activities of Managing Partner and Affiliates 
Responsibilities and Indemnification of the Managing Partner 
Tax Aspects 
Competition, Markets and Regulation 
Summary of the Partnership Agreement 
Other Matters 
Related Party Transactions 
Financial Condition of the Partnership 
Legal Proceedings 
Definitions

Exhibits: (these attachments are general in nature)

A Agreement of (Type of Partnership) 
B Geological Reports 
C Forms of the Turnkey Contracts 
D Form of Operating Agreement 
E Subscription Documents

A properly prepared Memorandum will always protect the Issuer who is making the offering, but it should also be fair to the investor. The Investor is the life-blood of any oil and gas company. Without the Investor, the company ceases to exist. Any well constructed Memorandum should be constructed to be fair to both parties involved in the drilling program.

It is unfortunate that many potential investors fail to read any of the material in the Memorandum before they purchase working interest in the program. Many companies are hoping that is the case, because they may have prepared a Memorandum that is inadequate as to "Full Disclosure". Alway remember, that when you sign the contracts, you are agreeing to all of the terms in the memorandum.

When you purchase Working Interest in a drilling program, make sure that the investment is registered with your State Securities Division. Remember that all companies are required to file a copy of the Memorandum with State Securities Agencies in your state within 15 days of your purchase. There are a few states that do not require this registration. The memorandum that is submitted will be scrutinized by that State Securities Agency, thus giving some validity to that Memorandum's construction. Ownership in Oil and Gas Wells can be extremely rewarding, but you must take your time and read the the Memorandum.

Duane Stephens
http://www.indepthexploration.com

Oil and Gas Investments (Direct Participation Programs) are considered to be a Non-Registered Securities (in most cases) and can only be sold by three different types of entities:

1. Broker/Dealers-That are registered with the Securities Exchange Commission/NASD 
2. Independent Oil and Gas Companies - Must be an Officer of the Company making the offer. 
3. Operators that are registered with state agencies - Cannot sell accross state lines - Intrastate only

Master Limited Partnerships are a fully registered Securities and are also used in direct participation programs. Fully registered Securities are expense and time consuming to prepare for an offering of a drilling program. This type of partnership is rarely seen. Most investments are structured under the guidelines of a non-registered Securities (Regulation D) Offering.

Filings must be made to State Securities Agencies in most states in the U.S. ( Blue Sky )

A blue sky law is a state law in the United States that regulates the offering and sale of securities to protect the public from fraud. Though the specific provisions of these laws vary among states, they all require the registration of all securities offerings and sales, as well as of stock brokers and brokerage firms. Each state's blue sky law is administered by its appropriate regulatory agency, and most also provide private causes of action for private investors who have been injured by securities fraud. Your state agency that regulates these offerings has to be notified within 15 days from the date of the sale by the issuer of these investments.

Direct Participation investments in drilling programs, require a fully disclosed Private Placement Memorandum, a.k.a Confidential Information Memorandum. This document must fully disclose all legalities associated with this type of investment and the individual drilling prospect being sold. A potential investor must see this information before purchasing working interest any drilling program. This is required, by Federal and State laws. A memorandum that has any validity should provide at least 80 pages of extensive information in regards to Securities Laws / Taxes / Overview of the Drilling Project and the Management of that offering. Turnkey Drilling and Testing and Completion Contracts, in addition to an Operator Agreement.

Simply put, never involve yourself with any offering in Direct Participation without this memorandum being offered to you for review before you sign any contracts to participate as a partner in the program. No exceptions. The investment would not be considered to be legal and your investment would be subject to a legal abyss. Direct Participation has risks when you drill wells, don't enhance that risk by investing into a poorly structured investment.

The above information is designed to give you some insight as to Oil and Gas Direct Participation Drilling Programs and is not intended to be legal advice. Consult your Tax Advisor or Attorney if needed.

Duane Stephens
Indepth Exploration LLChttp://www.indepthexploration.com