Exploration in Oman's Rub al Khali Basin over the last ten years has delivered excellent full-cycle returns. Key oil and gas-bearing plays are the Precambrian to Cretaceous oil play, and a Paleozoic tight gas play. Returns were driven by the relatively high levels of oil in the total discovered volumes of just over 925 mmboe, and by the relatively low levels of sub-commercial discoveries in the mix. In particular the early years contributed to the returns achieved, as PDO drilled fewer, more carefully-targeted wells and Occidental achieved success with an intensive campaign of near-field drilling. The future outlook for exploration also looks positive, with yet-to-find resources into the billions of barrels of oil equivalent for both oil and gas. Oil finds can be quickly and cheaply tied into existing infrastructure, and if gas prices equivalent to those achieved in BP's Khazzan-Makarem project are available to explorers then tight gas finds can also add value.
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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 | Nov 2015
Oman Rub al Khali exploration basin
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