The business of exploration continues to be challenged by value creation, competitiveness with short-cycle investments, and now the longer-term growth options offered (or demanded) in low-carbon sectors; all of which has led to intra-portfolio competition for capital as well as external competition from different business models. In parallel, the onset of enhanced production technologies, digitalization and analytics, logistics, and infrastructure strategies demonstrated in tight US onshore reservoirs are now available as “whole basin strategies” globally onshore and offshore. The attraction to larger independents and global integrated IOCs and NOCs is obvious if the needed degree of access can be achieved to discovered-but-undeveloped reservoirs in the right basins. Many companies have shifted to onshore resource and whole basin strategies and fewer companies have maintained frontier exploration. The larger companies pursue the whole spectrum albeit with different emphases. How will these strategies play out, especially in the increasingly intense competition for capital for E&P?