Asset report

Iraq Southeast Turkey Foldbelt exploration basin

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Report summary

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.

What's included

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    Iraq Southeast Turkey Foldbelt exploration basin

    PDF 1006.71 KB

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    Iraq Southeast Turkey

    ZIP 2.47 MB

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    Iraq Southeast Turkey Foldbelt exploration basin

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Table of contents

Tables and charts

This report includes 49 images and tables including:


  • 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
  • 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
  • Drilling activity by well type
  • Cumulative exploration wells by play
  • Discoveries and success rates
  • Discoveries by licence year and drilling year
  • Basin creaming curve
  • Volumes discovered by year
  • Average discovery size and volume per well by year
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • Brent and local oil price assumptions
  • Henry Hub and local gas price assumptions
  • Value creation, spend and volume discovered
  • Returns by drilling year
  • Breakeven price versus prospect size
  • Value creation versus investment
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities


  • Play level data
  • Assumptions
  • Key licence holders
  • Key well operators (TYP period)
  • Company success rates and discoveries
  • Key play characteristics
  • Recent discovery costs
  • Summary of discovery and development costs
  • Key basin data
  • Top discoveries (TYP period)
  • Mesozoic
  • Typical fiscal terms
  • Reserves and resources: Table 3
  • Mesozoic
  • Reserves and resources: Table 5
  • Mesozoic
  • Mesozoic
  • Full-cycle economic analysis
  • Average value of future discoveries and implied acreage value

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