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

Insight 12 December 2016

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Report summary

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.

280 billion boe of yet-to-find resource in over 100 exploration basins
Open acreage and blocks licensed to Majors hold the best volume potential
NOCs and small IOCs hold acreage with the best value potential
What does the future hold?

Tables and charts

This report includes 6 images and tables including:

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