Asset Report

Australia Browse exploration basin

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13 February 2018

Australia Browse exploration basin

Report summary

The Browse Basin is located off the northwest coast of Australia and is one of the most isolated of the Australian basins. Water depths are generally less than 1,000 metres, but can exceed 3,000 metres. To date, much of the exploration has concentrated on the shelf area, and we expect this gas-prone play to provide the majority of the future volumes. Value can be created in the play under our Base and High price assumptions. Only three wells have been drilled in the deepwater play since 2008 and we expect this modest level of drilling to continue. The higher costs and modest yet-to-find resources mean that we do not expect value to be created here, even under our High price assumption.

Table of contents

  • Key facts
    • Key issues include:
    • Exploration wells by play
  • Participation
  • Key companies
  • Geology
    • Wells drilled
    • Basin success rates
    • Volumes discovered
    • Prospective resource potential
    • Play inputs
      • Creaming curve and key play data
    • Model field pool size distribution
    • Existing discoveries and modelled prospective resource pool size distribution
    • Prospective resource costs and underlying development assumptions
    • Summary of discovery and development costs
    • Licensing
    • Fiscal terms
      • Jurassic Shelf
    • Oil and gas prices
    • TYP economics
    • Outlook economics
    • Development value
      • Jurassic Shelf
      • Jurassic Deepwater
    • Prospect breakeven price
      • Jurassic Shelf
      • Jurassic Deepwater
    • Expected monetary value (EMV)
    • Play economics
    • Full cycle basin economics
    • Implied acreage value

Tables and charts

This report includes 60 images and tables including:

  • Play level data
  • Assumptions
  • Value creation versus investment (TYP period)
  • Value creation versus investment (outlook)
  • Exploration history map
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Key licence holders
  • Key well operators (TYP period)
  • Company success rates and discoveries
  • Key play characteristics
  • Recent discovery costs
  • Commerciality index
  • Location maps: Image 2
  • 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)
  • Jurassic Shelf
  • Jurassic Deepwater
  • Jurassic Shelf
  • Jurassic Deepwater
  • Jurassic Shelf
  • Jurassic Deepwater
  • Costs: Table 2
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • Brent and local oil price assumptions
  • Henry Hub and local gas price assumptions
  • Value creation, spend and volume discovered
  • Returns by drilling year
  • Breakeven price versus prospect size
  • Value creation versus investment
  • Jurassic Shelf
  • Jurassic Deepwater
  • Jurassic Shelf
  • Jurassic Deepwater
  • Full-cycle economic analysis
  • Average value of future discoveries and implied acreage value
  • Jurassic Shelf
  • Reserves and resources: Table 4
  • Jurassic Deepwater
  • Reserves and resources: Table 5
  • Typical fiscal terms
  • 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

What's included

This report contains:

  • Document

    Australia Browse.zip

    ZIP 3.42 MB

  • Document

    Australia Browse exploration basin

    PDF 3.88 MB

  • Document

    Australia Browse exploration basin

    ZIP 7.12 MB

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