Asset Report

Norway West Barents Sea exploration basin

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07 March 2018

Norway West Barents Sea exploration basin

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 the disappointing 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.

Table of contents

  • Key facts
    • Key issues include:
  • Location maps
  • Participation
  • Key companies
  • Geology
    • Wells drilled
    • Basin success rates
    • Volumes discovered
    • Prospective resource potential
      • Play inputs
        • Creaming curve and key play data
      • Model field pool size distribution
        • Mesozoic Shelf Oil
        • SE Barents Oil
      • Existing discoveries and modelled prospective resource pool size distribution
    • Prospective resource costs and underlying development assumptions
  • Costs
    • Licensing
    • Fiscal terms
    • Oil and gas prices
    • TYP economics
    • Outlook economics
      • Development value
        • Mesozoic Shelf Oil
        • SE Barents Oil
        • Prospect breakeven price
        • Mesozoic Shelf Oil
        • SE Barents Oil
        • Expected monetary value (EMV)
        • Play economics
        • Full cycle basin economics
        • Implied acreage valuation
          • Average value of future discoveries and implied acreage value

Tables and charts

This report includes 60 images and tables including:

  • Play level data
  • Assumptions
  • 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
  • Key licence holders
  • Gross exploration wells completed by operator
  • Net exploration wells completed by participant
  • Company success rates and discoveries
  • Key play 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 by play
  • Forecast data by play (outlook)
  • Mesozoic Shelf Oil
  • SE Barents Oil
  • Typical fiscal terms
  • 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
  • Reserves and resources: Table 4
  • Frontier methodology parameters
  • Reserves and resources: Table 6
  • Reserves and resources: Table 7
  • Reserves and resources: Table 8
  • 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
  • Mesozoic Shelf Oil
  • SE Barents Oil
  • Mesozoic Shelf Oil
  • SE Barents Oil
  • Full-cycle economic analysis
  • Economic analysis: Table 6

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