There is often confusion between exploration and expansion. Exploration includes activities by the company to search for undiscovered oil and gas reserves. Expansion on the other hand includes all plans by a company to develop new oil and gas fields. There are two metrics to define expansion: the total reserves owned by a company and the reserves that are likely to enter production in the short term (defined by the Global OIl and Gas Exit List as currently under development or at the field evaluation stage). The second metric is of particular importance for financial institutions looking to align with 1.5°C given that short term expansion plans alone are incompatible with the 1.5°C carbon budget.