Asset Report

UK West Shetland exploration basin

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25 June 2019

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. Total discovered the 1 tcf Glendronach field in September 2018. However, much of the basin remains under-explored and is considered frontier. There is potential to make sizeable discoveries (in terms of the UK) in the future.

Table of contents

  • Key issues include:
  • Licensing participation
  • Wells drilled
    • Volumes discovered
  • Prospective resource potential
    • 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
  • Licensing
  • Fiscal terms
  • Oil and gas prices
  • TYP economics
  • Outlook economics
    • Rona Ridge
    • Judd High
    • Prospect breakeven price
    • Rona Ridge
    • Judd High
  • Expected monetary value (EMV)
  • Play economics
  • Full cycle basin economics

Tables and charts

This report includes 56 images and tables including:

  • Commerciality index
  • Exploration history map
  • Exploration wells by play
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Key licence holders
  • Gross exploration wells completed by operators
  • Net exploration wells completed by participant
  • Company success rates and discoveries
  • Key play characteristics
  • Drilling activity by well type
  • Cumulative exploration wells by play
  • Discoveries and success rates
  • Discoveries by licence year and drilling year
  • Forecast data by play (outlook)
  • Rona Ridge
  • Judd High
  • Rona Ridge
  • Judd High
  • Rona Ridge
  • Rona Ridge
  • Recent discovery costs
  • Summary of discovery and development costs
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • 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
  • Rona Ridge
  • Judd High
  • Rona Ridge
  • Judd High
  • Full-cycle economic analysis
  • Basin creaming curve
  • Key basin data
  • Volumes discovered by year
  • Average discovery size and volume per well by year
  • Top discoveries (TYP period 2009 - 2018)
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • Rona Ridge
  • Judd High
  • 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 3.13 MB

  • Document

    UK West Shetland exploration basin

    PDF 1.67 MB

  • Document

    UK West Shetland exploration basin

    ZIP 4.18 MB

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