Asset Report

UK Northern North Sea exploration basin



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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.

What's included

This report contains

  • Document

    UK Northern North Sea exploration basin

    PDF 3.03 MB

Table of contents

Tables and charts

This report includes 39 images and tables including:


  • Key play data
  • Assumptions
  • Price assumptions
  • Key play characteristics
  • Recent discovery costs
  • Summary of discovery and development costs
  • Key basin data
  • Top discoveries (TYP period)
  • Forecast data by Play (outlook)
  • Mesozoic
  • Typical fiscal terms
  • Mesozoic
  • Mesozoic
  • Full cycle economic analysis
  • Reserves and resources: Table 4


  • 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
  • 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
  • Volumes discovered by year
  • Average discovery size and volume per well by year
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • TYP value creation, spend and volume discovered
  • Outlook value creation, spend and YTF volumes
  • Mesozoic
  • Mesozoic
  • Unit value of potential discoveries
  • Prospect breakeven prices

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