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 generated marginal returns due to the difficulties in commercialising discoveries. Positive value creation is limited to the middle of the decade when large liquid volumes were discovered. This is a trend which should continue into our outlook period as infrastructure begins to build up in the basin. Most exploration to date has focused on the 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. Despite thedisappointing result on the first well in this new play during 2017, drilling will ramp-up in 2018 with three wells targeting around 1 billion barrels of prospective resource.

What's included

This report contains

  • Document

    Norway West Barents Sea.zip

    ZIP 3.04 MB

  • Document

    Norway West Barents Sea exploration basin

    PDF 3.34 MB

  • Document

    Norway West Barents Sea exploration basin

    ZIP 6.28 MB

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)
  • Location maps: Image 1
  • Location maps: Image 2
  • 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
  • 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
  • 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)
  • Mesozoic Shelf Oil
  • SE Barents Oil
  • 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
  • Mesozoic Shelf Oil
  • SE Barents Oil
  • Mesozoic Shelf Oil
  • SE Barents Oil
  • Full-cycle economic analysis
  • Economic analysis: Table 6

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