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.
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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.
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Asset report | Dec 2016
Norway West Barents Sea exploration basin
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