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14 Pages

Exploration trends - benchmarking by water depth


Exploration trends - benchmarking by water depth

Report summary

This report analyses global trends in conventional exploration by water depth setting over the period 2006-2015. The cost of exploration is compared with the value of new field discoveries made in three key water depth categories: onshore; shelf (offshore wells drilled in less than 400 metres of water); and deepwater (wells drilled in water depths of over 400 metres). Deepwater exploration performed best up to 2011, creating twice the value of onshore. Results from 2012 onwards wiped all those gains away however, as deepwater explorers struggled to convert discovered resource into commercial reserves.

What's included?

This report includes 2 file(s)

  • Exploration trends - benchmarking by water depth PDF - 363.16 KB 14 Pages, 7 Tables, 17 Figures
  • Exploration Trends by water depth.xls XLS - 855.50 KB

Description

Oil and gas exploration is an industry in constant motion, from technological breakthroughs to shifting supply and demand. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.

This Asset Benchmarking report provides a detailed benchmarking of the oil and gas exploration industry, including drilling results, success rates and the value of each discovery. You'll also find information about discovery and development costs and full-cycle returns.

Exploration businesses and advisors can use this report to decide which regions or sectors are best to explore. Benchmarking at basin level helps with opportunity screening.

Wood Mackenzie has access to historic data for over 450 basins and forecasts for more than 125 basins. We provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. Our in-depth analysis gives you the information you need to navigate the ever-changing challenges of oil and gas exploration so you can make key commercial decisions.

  • Key facts
  • Summary and key issues
  • Exploration
    • Exploration & appraisal spend and well count
      • Discovery count and success rate
  • Reserves and resources
    • Volumes discovered and average discovery size
  • Development
    • Lead times
  • Costs
    • Discovery and development costs
  • Economic assumptions
    • Oil and gas prices
  • Economic analysis
    • Exploration full cycle economics
      • Government take

In this report there are 24 tables or charts, including:

  • Key facts
    • Global database
    • Assumptions
  • Summary and key issues
  • Exploration
    • Exploration and appraisal spend and well count
    • Exploration and appraisal spend
    • Exploration and appraisal well numbers
    • Discovery count and success rate
    • Annual discoveries
    • Trends in overall success rate
  • Reserves and resources
    • Reserves and resources: Table 1
    • Annual volumes discovered
    • Average volumes discovered per well
    • Proportion of volumes by commerciality
    • Volume discovered by phase
  • Development
    • Lead times
  • Costs
    • Discovery and development costs
    • Annual discovery costs
    • Discovery and expected development costs
  • Economic assumptions
    • WM Brent Oil Price Assumption, May 2015 vs May 2016
  • Economic analysis
    • Value creation and returns
    • Value creation under three price scenarios
    • Unit development value
    • Annual value creation at the Base price
    • Annual full-cycle returns
    • Government take
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