Asset Report

Angola Kwanza exploration basin

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20 February 2020

Angola Kwanza exploration basin

Report summary

Prior to 2011, exploration in Angola's Kwanza Basin was disappointing, with just a few small oil discoveries having been made in Late Cretaceous and Tertiary reservoirs. Explorers focused on the more productive reservoirs of the Lower Congo Basin. However, the phenomenal success of the Early Cretaceous pre-salt reservoirs in Brazil brought the exploration potential of the Kwanza back into view. The shared geological history of the two basins led explorers to believe the pre-salt play in the Kwanza Basin could hold giant deposits of oil, and the 2010/2011 deepwater licensing round was highly competitive. To date 13 discoveries have been made. However, discoveries so far contain considerable quantities of gas, and given the lack of a gas market and uncertainties around commercialisation, future exploration will focus on liquids. Our outlook analysis is solely focused on the deepwater pre-salt. Full details are available to download in excel and pdf format.

Table of contents

  • Key issues include:
  • Wells drilled
  • Basin success rates
  • Volumes discovered
    • Play inputs
    • Model field pool size distribution
    • Existing discoveries and modelled prospective resource pool size distribution
  • Prospective resource costs and underlying development assumptions
  • Licensing
  • Fiscal terms
  • Oil and gas prices
  • TYP economics
  • Outlook economics
    • Prospect breakeven price
    • Expected monetary value (EMV)
    • Play economics
    • Implied acreage value

Tables and charts

This report includes 46 images and tables including:

  • Commerciality index
  • Exploration history
  • Exploration wells by play
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Key licence holders
  • Key well operators (TYP period) and success rates
  • Gross exploration wells completed by operator
  • Net exploration wells completed by participant
  • Key play characteristics
  • Drilling activity by well type
  • Cumulative exploration wells by play
  • Discoveries and success rates
  • Discoveries by licence year and drilling year
  • Basin creaming curve
  • Key basin data
  • Volumes discovered by year
  • Average discovery size and volume per well by year
  • Top discoveries (TYP period)
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • Forecast data by Play (outlook)
  • Cretaceous Deepwater (pre-salt)
  • Recent discovery costs
  • Summary of discovery and development costs
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • Typical fiscal terms
  • Brent and local oil price assumptions
  • Henry Hub and local oil price assumptions
  • Value creation, spend and volume discovered
  • Returns by drilling year
  • Breakeven price versus prospect size
  • Value creation versus investment
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Cretaceous Deepwater (pre-salt)
  • Creaming curve and key play data
  • Cretaceous Deepwater (pre-salt)
  • Cretaceous Deepwater (pre-salt)
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Average value of future discoveries and implied acreage value

What's included

This report contains:

  • Document

    Angola_Kwanza.zip

    ZIP 3.89 MB

  • Document

    Angola Kwanza exploration basin

    PDF 2.08 MB

  • Document

    Angola Kwanza exploration basin

    ZIP 5.86 MB

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