Asset Report

Angola Lower Congo exploration basin

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18 July 2019

Angola Lower Congo exploration basin

Report summary

The Lower Congo Basin is one of a series of prolific oil and gas producing basins along Africa’s Atlantic coast. Significant prospective resource exists, particularly within the deepwater and ultra-deepwater Tertiary turbidite sandstone formations. Smaller volumes remain in the Cretaceous carbonate play within the shelf environment, where explorers can benefit from lower costs and shorter lead times. Explorers have the opportunity to create value in the basin, although high costs and PSC terms limit returns. Exploration activity has stalled in recent years, and we expect well numbers to pick up following recent drilling success and new upcoming licensing rounds.

Table of contents

  • Key issues include:
  • Licensing participation
  • Company success rates
  • Wells drilled
  • Basin success rates
  • Volumes discovered
  • Yet-to-find potential
  • Play inputs
    • Cretaceous Shelf
    • Tertiary Deepwater
    • Model field pool size distribution
    • Existing discoveries and modelled yet-to-find pool size distribution
  • Prospective resource costs and underlying development assumptions
  • Licensing
  • Fiscal terms
  • Oil and gas prices
  • TYP economics
    • Development value
    • Prospect breakeven price
    • Tertiary Deepwater
    • Expected monetary value (EMV)
    • Play economics
  • Full cycle basin economics
  • Implied acreage value

Tables and charts

This report includes 66 images and tables including:

  • Commerciality index
  • Exploration history map
  • Exploration wells by play
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Key licence holders
  • Gross exploration wells completed by operator
  • Net exploration wells completed by participant
  • Key well operators and company discoveries and success rates
  • 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 shelf
  • Tertiary Deepwater
  • Tertiary Ultra-Deepwater
  • Recent discovery costs
  • Summary of discovery and development costs
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • Brent and local oil price assumptions
  • Value creation, exploration spend & volume discovered
  • Returns by drilling year
  • Breakeven price versus prospect size
  • Value creation versus investment
  • Full-cycle economic analysis
  • Average value of future discoveries and implied acreage value
  • Cretaceous shelf
  • Tertiary deepwater
  • Tertiary ultra-deepwater
  • Cretaceous shelf
  • Tertiary deepwater
  • Tertiary ultra-deepwater
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Cretaceous Shelf
  • Tertiary Deepwater
  • Tertiary Ultra-Deepwater
  • Cretaceous Shelf

What's included

This report contains:

  • Document

    Angola_Lower Congo.zip

    ZIP 4.03 MB

  • Document

    Angola Lower Congo exploration basin

    PDF 2.06 MB

  • Document

    Angola Lower Congo exploration basin

    ZIP 5.19 MB