Asset Report

Canada (East Coast) Scotian Shelf exploration basin

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23 July 2018

Canada (East Coast) Scotian Shelf exploration basin

Report summary

The Scotian Shelf basin lies off the coast of eastern Canada and incorporates a shallow-water shelf and deepwater slope that extend from Nova Scotia waters into Newfoundland jurisdiction. Several gas and gas-condensate discoveries were made on the shelf from the 1970s to late 1990s. Exploration in the deepwater sector has been sporadic, and a 2002-2004 campaign in Nova Scotia, plus a 2010 well in Newfoundland, met with disappointment. A successful 2012 licensing round revived hopes for this under-explored basin, and in late-2015, Shell spudded the highly-anticipated Cheshire-1 exploration well, to be immediately followed by a second well. BP announced plans to drill its block in 2017. The Majors are hoping to make giant oil discoveries in this under-explored sector.

Table of contents

  • Key facts
    • Key issues include:
  • Location maps
  • Participation
  • Key companies
    • Play Inputs - Newfoundland Deepwater
    • Play Inputs - Nova Scotia Deepwater
    • Wells drilled
    • Basin success rates
    • Volumes discovered
    • Prospective resource potential
      • Play Inputs
        • Key Play Data
      • Model field pool size distribution
      • Existing discoveries and modelled prospective resource pool size distribution
    • Prospective resource costs and underlying development assumptions
  • Costs
    • Licensing
    • Fiscal terms
    • Oil and gas prices
    • Outlook economics
      • Development value
        • Newfoundland Deepwater
        • Nova Scotia Deepwater
      • Prospect breakeven price
        • Newfoundland Deepwater
        • Nova Scotia Deepwater
      • Expected monetary value (EMV)
      • Play economics
      • Full cycle basin economics
      • Implied acreage value
        • Average value of future discoveries and implied acreage value

Tables and charts

This report includes 53 images and tables including:

  • Play level data
  • Assumptions
  • Value creation versus investment (TYP period)
  • Value creation versus investment (outlook)
  • 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
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • Commerciality index
  • Key play characteristics - Newfoundland Deepwater
  • Key play characteristics - Nova Scotia Deepwater
  • Drilling activity by well type
  • Cumulative exploration wells by play
  • Basin Creaming Curve
  • Key basin data
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • Forecast data by play (outlook)
  • Newfoundland Deepwater
  • Nova Scotia Deepwater
  • Fiscal and regulatory: Table 1
  • Fiscal and regulatory: Table 2
  • Brent and local oil price assumptions
  • Henry Hub and local gas price assumptions
  • Breakeven price versus prospect size
  • Value creation versus investment
  • Frontier methodology parameters
  • Newfoundland Deepwater
  • Nova Scotia Deepwater
  • Newfoundland Deepwater
  • Nova Scotia Deepwater
  • Newfoundland Deepwater
  • Nova Scotia Deepwater
  • Newfoundland Deepwater
  • Nova Scotia Deepwater
  • Full-cycle economic analysis
  • Newfoundland Deepwater
  • Nova Scotia Deepwater
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Economic analysis: Image 7
  • Economic analysis: Image 8
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Economic analysis: Table 6
  • Economic analysis: Table 7

What's included

This report contains:

  • Document

    Canada (East Coast) Scotian Shelf.zip

    ZIP 4.38 MB

  • Document

    Canada (East Coast) Scotian Shelf exploration basin

    PDF 493.01 KB

  • Document

    Canada (East Coast) Scotian Shelf exploration basin

    ZIP 4.82 MB