Asset report

Nigeria Niger Delta exploration basin

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Report summary

Nigeria's Niger Delta is a world-class petroleum province where over 93 billion barrels of oil and gas have been discovered in the last six decades. Since 2008, appetite for high-risk exploration declined because of proposed legislation that would increase government share. As a result, drilling levels declined, particularly in deep and ultra-deepwater where significant fiscal/licence term changes could materially impact economics. Onshore, oil theft, vandalism and labour disputes continue to plague operators. Despite significant challenges, the Niger Delta remains the most attractive basin in the region, with significant yet-to-find potential and opportunity for value creation. The greatest value creation will be realised in the deepwater, where YTF volumes are the greatest. We review results from recent exploration and analyse the YTF potential and economics of future exploration activity. All analysis, results and forecast metrics are available to download in pdf and excel format.

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    Nigeria Niger Delta exploration basin

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    Nigeria Niger Delta.zip

    ZIP 4.96 MB

Table of contents

Tables and charts

This report includes 88 images and tables including:

Images

  • 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
  • Tertiary Onshore
  • Tertiary Shelf
  • Tertiary Deepwater
  • Tertiary Ultra-Deepwater
  • 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
  • Tertiary Onshore
  • Tertiary Shelf
  • Tertiary Deepwater
  • Tertiary Ultra-Deepwater
  • Brent and local oil price asumptions
  • Henry Hub and local gas price assumptions
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Economic analysis: Image 13
  • Economic analysis: Image 14
  • Economic analysis: Image 15
  • Economic analysis: Image 16
  • Economic analysis: Image 17
  • Economic analysis: Image 18
  • Economic analysis: Image 19
  • Economic analysis: Image 20

Tables

  • Play level data
  • Assumptions
  • Key licence holders
  • Key well operators (TYP period)
  • Company success rates and discoveries
  • Key play characteristics
  • Reservoir characteristics
  • Recent discovery costs
  • Summary of discovery and development costs
  • Key basin data
  • Top discoveries (TYP period)
  • Forecast data by play (outlook)
  • Tertiary Onshore
  • Tertiary Shelf
  • Tertiary Deepwater
  • Typical fiscal terms - Tertiary Onshore and Tertiary Shelf concessions
  • Typical fiscal terms - Tertiary Deepwater and Tertiary ultra-deepwater PSCs
  • Reserves and resources: Table 4
  • Reserves and resources: Table 5
  • Reserves and resources: Table 6
  • Reserves and resources: Table 7
  • Reserves and resources: Table 11
  • Development: Table 1
  • Development: Table 2
  • Development: Table 3
  • Development: Table 4
  • Economic analysis: Table 1
  • Economic analysis: Table 2
  • Economic analysis: Table 3
  • Economic analysis: Table 4
  • Economic analysis: Table 5
  • Economic analysis: Table 6
  • Economic analysis: Table 7
  • Economic analysis: Table 8
  • Full cycle economic analysis
  • Average value of future discoveries and implied acreage value

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