Asset Report

UK West Shetland exploration basin

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22 February 2018

UK West Shetland exploration basin

Report summary

The West Shetland Basin is characterised by challenging climatic conditions and limited existing infrastructure. Companies have brought a small number of oil fields onstream and Total started production from the first gas fields, Laggan and Tormore, in 2016. However, much of the basin is under-explored and considered frontier. It is under-explored compared to the rest of the UK continental shelf (UKCS), and there is potential to make sizeable discoveries (in terms of the UK) in the future. The largest discovery under our assumptions is 150 mmboe on the Judd High, while explorers are actively looking to ‘break’ the creaming curve on the Rona Ridge play.

Table of contents

Tables and charts

This report includes 61 images and tables including:

  • Play level data
  • Assumptions
  • Value creation versus investment (TYP period)
  • Value creation versus investment (outlook)
  • Location maps: Image 1
  • Location maps: Image 2
  • 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
  • Key licence holders
  • Gross exploration wells completed by operators
  • Net exploration wells completed by participant
  • Company success rates and discoveries
  • 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)
  • Judd High
  • Reserves and resources: Table 4
  • Rona Ridge
  • Reserves and resources: Table 5
  • Judd High
  • Rona Ridge
  • Judd High
  • Rona Ridge
  • Judd High
  • Rona Ridge
  • Typical fiscal terms - all plays
  • Brent and local oil price assumptions
  • Henry Hub and local gas price assumptions
  • Value creation, spend and volume discovered
  • Returns by drilling year
  • Breakeven price versus prospect size
  • Value creation versus investment
  • Judd High
  • Rona Ridge
  • Judd High
  • Rona Ridge
  • Full-cycle economic analysis
  • Average value of future discoveries and implied acreage value
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities

What's included

This report contains:

  • Document

    UK West Shetland.zip

    ZIP 3.65 MB

  • Document

    UK West Shetland exploration basin

    PDF 2.43 MB

  • Document

    UK West Shetland exploration basin

    ZIP 5.93 MB

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