Asset report
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26 Pages

UK Northern North Sea exploration basin

UK Northern North Sea exploration basin

Report summary

The Northern North Sea Basin is located on the UK Continental Shelf in water depths of between 100 and 200 metres. Harsh weather conditions and deeper water make operations in the basin more challenging and more expensive than in the Central Graben and Moray Firth basins. The basin is mature with an average discovery size of less than 20 mmboe over the last decade, and yet-to-find resource is just a tiny fraction of discovered reserves.

What's included?

This report includes 2 file(s)

  • UK Northern North Sea exploration basin PDF - 853.22 KB 26 Pages, 19 Tables, 31 Figures
  • UK Northern North ZIP - 2.30 MB


Oil and gas exploration is an industry in constant motion, from technological breakthroughs to shifting supply and demand. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.

This Exploration Basin report provides a detailed analysis of exploration of this basin, including discovery and development costs, location maps and information about licensing and fiscal terms. You'll also find information about discovery and development costs and full-cycle returns.

Explorers and advisors can use this report to understand the history and potential value of this basin.

Wood Mackenzie has access to historic data for over 450 basins and forecasts for more than 125 basins. We provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies.

Our in-depth analysis gives you the information you need to navigate the ever-changing challenges of oil and gas exploration so you can make critical commercial decisions.

  • Key facts
  • Summary and key issues
    • Key issues include:
  • Location maps
  • Participation
  • Key companies
    • Key licence holders
  • Geology
  • Exploration
    • Wells drilled
    • Basin success rates
  • Reserves and resources
    • Volumes discovered
    • Yet-to-find potential
      • Play inputs
        • Creaming curve and key play data
      • Model field pool size distribution
      • Existing discoveries and modelled yet-to-find pool size distribution
  • Development
    • Yet-to-find costs and underlying development assumptions
  • Costs
  • Fiscal and regulatory
    • Licensing
    • Fiscal terms
  • Economic assumptions
    • Oil and gas prices
  • Economic analysis
    • TYP economics
    • Outlook economics
      • Development value
        • Mesozoic
      • Prospect breakeven price
        • Mesozoic
      • Expected monetary value (EMV)
      • Play economics
    • Full cycle basin economics
      • Implied acreage value

In this report there are 50 tables or charts, including:

  • Key facts
    • Play level data
    • Assumptions
  • Summary and key issues
    • Value creation versus investment (TYP period)
    • Value creation versus investment (outlook)
    • Commerciality index
  • Location maps
    • Exploration history map
    • Exploration wells by play
  • Participation
    • Licensed exploration acreage
    • Expiry forecast of current licences
  • Key companies
    • Key companies: Table 1
    • Key well operators (TYP period)
    • Gross exploration wells completed by operator
    • Net exploration wells completed by participant
    • Company success rates and discoveries
  • Geology
    • Key play characteristics
  • Exploration
    • Drilling activity by well type
    • Cumulative exploration wells by play
    • Discoveries and success rates
    • Discoveries by licence year and drilling year
  • Reserves and resources
    • 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
    • Reserves and resources: Table 4
    • Mesozoic
    • Mesozoic
  • Development
    • Mesozoic
  • Costs
    • Recent discovery costs
    • Summary of discovery and development costs
    • Exploration and appraisal spend
    • Exploration spend per well and average well depth
  • Fiscal and regulatory
    • Typical fiscal terms
  • Economic assumptions
    • Brent and local oil price assumptions
  • Economic analysis
    • Value creation, spend and volume discovered
    • Returns by drilling year
    • Breakeven price versus prospect size
    • Value creation versus investment
    • Value of potential discoveries
    • Unit value of potential discoveries
    • Breakeven price of exploration
    • Discount rate breakeven price sensitivities
    • Mesozoic
    • Mesozoic
    • Full-cycle economic analysis
    • Average value of future discoveries and implied acreage value
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