Asset report

Norway West Barents Sea exploration basin

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Report summary

The West Barents Sea Basin is situated in Norway's Barents Sea at latitudes greater than 69 north. Despite the significant volumes discovered exploration in the past 10 years has failed to generate value due to the difficulties in commercialising discoveries and significant cost overruns early in the decade. Returns improved in the second half of the decade when large liquid volumes were discovered. This is a trend which should continue into our outlook period as the oil play is further proved up and infrastructure begins to build up in the basin. Most exploration to date has focused on the Paleozoic Mesozoic plays on the shelf area of the basin. Acreage in the Southeast Barents was awarded in 2016 as part of the 23rd Licensing round. We have modelled a new Southeast Barents pure gas play which will provide significant volumes but with only marginal value creation.

What's included

This report contains

  • Document

    Norway West Barents Sea.zip

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    Norway West Barents Sea exploration basin

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    Norway West Barents Sea exploration basin

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Table of contents

Tables and charts

This report includes 60 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 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
  • Paleozoic-Mesozoic Shelf Oil
  • SE Barents Gas
  • Paleozoic-Mesozoic Shelf Oil
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities

Tables

  • Play level data
  • Assumptions
  • Key licence holders
  • Company success rates and discoveries
  • Key play characteristics
  • Recent discovery costs
  • Summary of discovery and development costs
  • Key basin data
  • Top discoveries (TYP period)
  • Forecast data by play (outlook)
  • Paleozoic-Mesozoic Shelf Oil
  • SE Barents Gas
  • Typical fiscal terms
  • Reserves and resources: Table 4
  • Frontier methodology parameters
  • Reserves and resources: Table 6
  • Reserves and resources: Table 7
  • Reserves and resources: Table 8
  • Paleozoic-Mesozoic Shelf Oil
  • SE Barents Gas
  • Paleozoic-Mesozoic Shelf Oil
  • SE Barents Gas
  • Full-cycle economic analysis

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