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Wood Mackenzie and CGG Robertson's recently launched EV2 shows there is over 280 billion boe of undiscovered resource held in 20,000 blocks across 104 basins. EV2 is a unique exploration tool that shows the potential value and volume of undrilled acreage and highlights that the largest yet-to-find volume opportunities do not always coincide with the largest value creation potential.
Of the 280 billion BOE, over 70% of lies in unlicensed acreage. Within the licensed blocks, although the Majors hold acreage with some of the best volume potential, this rarely translates into value under our base case oil price assumption. This suggests the Majors’ exploration portfolios are geared towards an oil price recovery. Conversely, the acreage with the most appealing value potential is typically licensed to National Oil Companies (NOCs) and small International Oil Companies (IOCs). There is a range of reasons for this, but it sets the stage for some renewed deal activity in this sector.
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Ripe for deals: 20,000 exploration blocks hiding 280 billion barrels of oil and gas PDF - 1.13 MB 6 Pages, 1 Tables, 6 Figures
Description
This Oil and Gas Exploration Insight report highlights the key issues surrounding this topic, and draws out the implications for those involved.
For participants, suppliers and advisors who want to look at the trends, risks and issues of this topic, this report gives you an expert point of view to help inform your decision making.
Wood Mackenzie provides accurate and in-depth analysis to help you navigate the ever-changing challenges of oil and gas exploration so you can make key commercial decisions.
Wood Mackenzie's clients include every major player in the global energy, metals and mining industries. We are recognised as a leading authority by international and national energy, metals and mining companies, leading financial institutions, governments and government agencies. We work with a range of diverse teams within our clients, from strategy and policy makers, business developers and market analysts, through to corporate finance, risk teams and investors.
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Insight | Dec 2016
Ripe for deals: 20,000 exploration blocks hiding 280 billion barrels of oil and gas
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