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Ripe for deals: 20,000 exploration blocks hiding 280 billion barrels of oil and gas

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Report summary

Wood Mackenzie and CGG Robertson's recently launched EV 2 shows there is over 280 billion boe of undiscovered resource held in 20 000 blocks across 104 basins. EV 2 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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  • Document

    Ripe for deals: 20,000 exploration blocks hiding 280 billion barrels of oil and gas

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Table of contents

Tables and charts

This report includes 6 images and tables including:

Images

  • Ripe for deals: 20,000 exploration blocks hiding 280 billion barrels of oil and gas: Image 2
  • Large volumes can be found in open acreage, but best value is generally held in Licensed Blocks
  • Base price
  • High price
  • NOCs and small IOCs hold the blocks with the best value potential

Tables

  • Price table

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