Asset Report

Sierra Leone Liberia exploration basin

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26 March 2019

Sierra Leone Liberia exploration basin

Report summary

Sierra Leone's history of political and economic instability, combined with the Ebola outbreak in 2014, has resulted in little to no exploration in past couple of years. The country's position along the West African Transform Margin made it attractive to explorers looking to replicate the recent success in countries such as Ghana, however disappointing exploration results offshore Liberia and Sierra Leone have raised concerns with the overall petroleum system and limited yet-to-find volumes. With no commercial fields and no existing infrastructure, early developments with have to support the cost of the country's upstream industry. Sierra Leone has an attractive fiscal regime compared to other deepwater West African countries. However, prospect economics are extremely marginal for investors. High exploration and development costs in a low price environment has resulted in value destruction across the basin.

Table of contents

  • Key issues include:
  • Wells drilled
  • Basin success rates
  • Volumes discovered
  • Yet-to-find potential
    • Model field pool size distribution
    • Existing discoveries and modelled yet-to-find pool size distribution
  • Yet-to-find costs and underlying development assumptions
  • Licensing
  • Fiscal terms
  • TYP economics
    • Development value
    • Cretaceous Deepwater
    • Prospect breakeven price
    • Expected monetary value
  • Play economics
  • Full cycle basin economics

Tables and charts

This report includes 37 images and tables including:

  • Commerciality index
  • Exploration wells by play
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Key play characteristics
  • 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 well
  • Average discovery size and volume per well by year
  • Top discoveries (2006-2015)
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • Forecast data by play (2016-2035)
  • Cretaceous Deepwater
  • Cretaceous Deepwater
  • Summary of discovery and development costs
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • Typical fiscal terms
  • Value creation, exploration spend and volume discovered
  • Returns by drilling year
  • Breakeven price versus prospect size
  • Value creation versus investment
  • Cretaceous Deepwater
  • Full-cycle economic analysis
  • Cretaceous Deepwater
  • Cretaceous Deepwater
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Cretaceous Deepwater

What's included

This report contains:

  • Document

    Sierra Leone Liberia.zip

    ZIP 2.62 MB

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