Developments can be complex in the basin because of the mountainous terrain and heavy oil yet the past decade has seen exceptional value created in this relatively low cost onshore environment. Since 2011, success rates have fallen and lower volumes discovered. Out to 2035, exploration is expected to continue to create value and offer attractive returns to investors, albeit at lower levels than that seen in the past. The advance of the Islamic State militant group has increased security concerns in the province and has directly impacted exploration commitments in the basin, and if not resolved, could have a negative impact on future exploration levels in the basin.
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.
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Asset report | Mar 2016
Iraq Southeast Turkey Foldbelt exploration basin
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