The Nigeria-São Tomé Joint Development Zone (JDZ) is claimed by both Nigeria and São Tomé e Príncipe. The two countries agreed in 2001 to enable oil exploration and jointly develop resources within the JDZ. This includes acreage on the southern fringe of the prolific Niger Delta basin in ultra-deep waters. The first well, in 2006, discovered the Obo field; whilst this is close to producing fields across the Nigerian maritime border, appraisal drilling has been disappointing and the field is classified as sub-commercial. Although drilling success rates in the basin have been high, discovered volumes have not met with early expectations, being gassy and smaller than anticipated. However, just seven wells have been drilled to date, and large areas of the basin remain unexplored. Nevertheless, results to date, combined with the current low oil price environment, potentially high development costs and challenging fiscal terms are likely to limit exploration in the immediate future.
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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.
Yet-to-find costs and underlying development assumptions
Fiscal and regulatory
Prospect economics - Tertiary Deepwater
In this report there are 25 tables or charts, including:
Key play data
Summary and key issues
Value creation versus investment (TYP period)
Values creation versus investment (outlook)
Exploration wells by play
Licensed exploration acreage
Expiry forecast of current licences
Key play characteristics
Drilling activity by well type
Discoveries and success rate
Reserves and resources
Top discoveries (TYP period)
Reserves and resources: Table 2
Costs: Table 1
Exploration and appraisal spend
Fiscal and regulatory
Typical fiscal terms
TYP value creation, spend and volume discovered
Outlook value creation, spend and YTF volume
Unit value of potential discoveries
Prospect breakeven prices
Expected monetary value
Full-cycle economic analysis
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Asset report | Apr 2016
Nigeria-Sao Tome JDZ Niger Delta exploration basin
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