Asset Report

Australia North Carnarvon exploration basin

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13 March 2018

Australia North Carnarvon exploration basin

Report summary

The vast majority of exploration drilling in the North Carnarvon basin has been in the Mesozoic Northwest Shelf play. However, over the last 10 years explorers have moved into the deepwater sector of the basin, resulting in large gas/condensate discoveries. Shelf exploration has also proven to be prolific and, in addition to the large gas volumes discovered, small, cheap oil developments have been quickly tied back to existing infrastructure. The basin currently supplies four LNG facilities, with Gorgon LNG and Wheatstone LNG delivering first cargoes in 2016 and 2017 respectively.The outlook for the basin is for a similar scale of exploration success, but with marginal economics due to the relatively high cost of exploration and development, particularly in the deepwater play where the largest discoveries are expected to be made. Shelf exploration remains relatively inexpensive, but pool sizes are expected to be small.

Table of contents

  • Key facts
  • Summary and key issues
  • Location maps
  • 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
      • Exmouth Sub-basin
      • Mesozoic Northwest Shelf
      • Mesozoic Deepwater
  • Costs
    • Licensing
    • Fiscal terms
      • Typical fiscal terms
    • Oil and gas prices
    • TYP economics
    • Outlook economics
      • Development value
        • Exmouth Sub-basin
        • Mesozoic Northwest Shelf
        • Mesozoic Deepwater
      • Prospect breakeven price
        • Exmouth Sub-basin
        • Mesozoic Northwest Shelf
        • Mesozoic Deepwater
      • Expected monetary value (EMV)
      • Play economics
    • Full cycle basin economics
    • Implied acreage value

Tables and charts

This report includes 73 images and tables including:

  • Play level data
  • Assumptions
  • Summary and key issues: Image 1
  • Summary and key issues: Image 2
  • Summary and key issues: Image 3
  • Location maps: Image 1
  • Location maps: Image 2
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Key licence holders
  • Gross exploration wells completed by operator
  • Net exploration wells completed by participant
  • Company success rates and discoveries
  • Key play characteristics
  • Recent discovery costs
  • Summary of discovery and development costs
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • 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)
  • Brent and local oil price assumptions
  • Henry Hub and local gas price assumptions
  • Economic assumptions: Image 3
  • Value creation, spend and 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
  • Exmouth Sub-basin
  • Mesozoic Northwest Shelf
  • Mesozoic Deepwater
  • Exmouth Sub-basin
  • Mesozoic Northwest Shelf
  • Mesozoic Deepwater
  • Development: Table 1
  • Development: Table 2
  • Development: Table 3
  • Fiscal and regulatory: Table 1
  • Exmouth Sub-basin
  • Mesozoic Northwest Shelf
  • Mesozoic Deepwater
  • Exmouth Sub-basin
  • Mesozoic Northwest Shelf
  • Mesozoic Deepwater
  • Exmouth Sub-basin
  • Reserves and resources: Table 4
  • Reserves and resources: Image 7
  • Reserves and resources: Table 5
  • Mesozoic Deepwater
  • Reserves and resources: Table 6
  • 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

What's included

This report contains:

  • Document

    Australia North Carnarvon.zip

    ZIP 4.59 MB

  • Document

    Australia North Carnarvon exploration basin

    PDF 4.90 MB

  • Document

    Australia North Carnarvon exploration basin

    ZIP 9.30 MB

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