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The Southwest Greenland Basin remains a highly under-explored frontier area. Whilst the area contains high subsurface potential and is governed by a reasonably attractive fiscal regime, exploration comes with significant technical and commercial challenges. The most recent drilling activity was carried out in 2011 when Cairn Energy operated two rigs to complete five deepwater wells, one of which was a re-entry. All of these wells were dry holes, but future exploration is anticipated to continue to target deepwater Cretaceous prospects. There are numerous challenges in the basin, including; the absence of any in-place infrastructure; the deep water environment; and difficulty in mobilising equipment to this remote Arctic location. This is compounded by the current low oil price environment, which is placing increased pressure on budgets. Drilling is not expected to return to the basin until the oil price has recovered, and we have forecast exploration drilling to return in 2020.
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 Exploration Basin report provides a detailed analysis of exploration of this basin, including discovery and development costs, location maps and information about licensing and fiscal terms. You'll also find information about discovery and development costs and full-cycle returns.
Explorers and advisors can use this report to understand the history and potential value of this basin.
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 critical commercial decisions.
Wood Mackenzie's clients include every major player in the global energy, metals and mining industries. We are recognised as a leading authority by international and national energy, metals and mining companies, leading financial institutions, governments and government agencies. We work with a range of diverse teams within our clients, from strategy and policy makers, business developers and market analysts, through to corporate finance, risk teams and investors.
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Analyst Metal Mining Producer
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Portfolio Manager Integrated Oil Company
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As the trusted source of commercial intelligence for the world's natural resources sector for more than 40 years, we empower clients to make better strategic decisions with objective analysis and advice. Find out more...
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Asset report | Mar 2016
Greenland Southwest Greenland exploration basin
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