Asset Report

UK Northern North Sea exploration basin

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23 February 2018

UK Northern North Sea exploration basin

Report summary

The basin is mature with an average discovery size of just 14 mmboe over the last decade, and yet-to-find resource is just a tiny fraction of discovered volumes. Despite most of the volumes discovered being commercial, cost overruns and delays have plagued development, resulting in significant full-cycle value destruction over the last decade. However, exploration in the last five years provides reason to be optimistic. Together, the 2015 Callater and Corona discoveries help generate positive value creation. This is an especially impressive feat following the 2014 crash in global oil prices.

Table of contents

  • Key facts
    • Key issues include:
  • Location maps
  • Participation
  • Geology
    • Wells drilled
    • Basin success rates
    • Volumes discovered
    • Prospective resource potential
      • Play inputs
        • Creaming curve and key play data
      • Model field pool size distribution
      • Existing discoveries and modelled prospective resource pool size distribution
    • Prospective resource costs and underlying development assumptions
  • Costs
    • TYP and outlook economics
      • Prospect economics
        • Mesozoic
      • Expected monetary value (EMV)

Tables and charts

This report includes 38 images and tables including:

  • Key play data
  • Assumptions
  • Price assumptions
  • Value creation versus investment (TYP period)
  • Value creation versus investment (outlook)
  • Exploration history map
  • Exploration wells by play
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Key play characteristics
  • Recent discovery costs
  • Summary of discovery and development costs
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • Commerciality index
  • 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 year
  • Average discovery size and volume per well by year
  • Top discoveries (TYP period)
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • Forecast data by Play (outlook)
  • Mesozoic
  • TYP value creation, spend and volume discovered
  • Outlook value creation, spend and YTF volumes
  • Mesozoic
  • Mesozoic
  • Mesozoic
  • Full cycle economic analysis
  • Mesozoic
  • Reserves and resources: Table 4
  • Unit value of potential discoveries
  • Prospect breakeven prices

What's included

This report contains:

  • Document

    UK Northern North Sea exploration basin

    PDF 3.46 MB

  • Document

    UK Northern North Sea.zip

    ZIP 2.48 MB

  • Document

    UK Northern North Sea exploration basin

    ZIP 5.79 MB