Asset Report

Nigeria Niger Delta exploration basin

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13 July 2017

Nigeria Niger Delta exploration basin

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.

Table of contents

  • Key facts
    • Key issues:
  • Location maps
  • Participation
  • Key companies
  • Geology
    • Wells drilled
    • Basin success rates
    • Volumes discovered
    • Yet-to-find potential
    • Play inputs
      • Creaming curve and key play data
    • Model field pool size distribution
      • Tertiary Ultra-Deepwater
    • Existing discoveries and modelled yet-to-find pool size distribution
    • Yet-to-find costs and underlying development assumptions
      • Tertiary Onshore
      • Tertiary Shelf
      • Tertiary Deepwater
      • Tertiary Ultra-Deepwater
  • Costs
    • Licensing
    • Petroleum Industry Bill and reform
    • Fiscal terms
    • Oil and gas prices
      • All offshore plays
    • TYP economics
    • Outlook economics
      • Development Value
        • Tertiary Onshore
        • Tertiary Shelf
        • Tertiary Deepwater
        • Tertiary Ultra-Deepwater
      • Prospect breakeven price
        • Tertiary Onshore
        • Tertiary Shelf
        • Tertiary Deepwater
        • Tertiary Ultra-Deepwater
      • Expected monetary value (EMV)
        • Tertiary Onshore
        • Tertiary Shelf
        • Tertiary Deepwater
      • Play economics
        • Tertiary Onshore
        • Tertiary Shelf
        • Tertiary Deepwater
        • Tertiary Ultra-deepwater
        • Full cycle basin economics
          • Implied acreage value

Tables and charts

This report includes 88 images and tables including:

  • Play level data
  • Assumptions
  • 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
  • Key licence holders
  • Key well operators (TYP period)
  • Gross exploration wells completed by operator
  • Net exploration wells completed by participant
  • Company success rates and discoveries
  • Key play characteristics
  • Reservoir characteristics
  • Recent discovery costs
  • Summary of discovery and development costs
  • 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
  • Key basin data
  • Volumes discovered by year
  • Average discovery size and volume per well by year
  • Top discoveries (TYP period)
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • Forecast data by play (outlook)
  • Tertiary Onshore
  • Tertiary Shelf
  • Tertiary Deepwater
  • Tertiary Onshore
  • Tertiary Shelf
  • Tertiary Deepwater
  • Tertiary Ultra-Deepwater
  • Typical fiscal terms - Tertiary Onshore and Tertiary Shelf concessions
  • Typical fiscal terms - Tertiary Deepwater and Tertiary ultra-deepwater PSCs
  • 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
  • Reserves and resources: Table 4
  • Tertiary Shelf
  • Reserves and resources: Table 5
  • Tertiary Deepwater
  • Reserves and resources: Table 6
  • Tertiary Ultra-Deepwater
  • Reserves and resources: Table 7
  • Reserves and resources: Table 11
  • Development: Table 1
  • Development: Table 2
  • Development: Table 3
  • Development: Table 4
  • 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
  • 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

What's included

This report contains:

  • Document

    Nigeria Niger Delta exploration basin

    PDF 1.21 MB

  • Document

    Nigeria Niger Delta exploration basin

    ZIP 6.02 MB

  • Document

    Nigeria Niger Delta.zip

    ZIP 4.96 MB

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