UK West Shetland exploration basin
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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.
What's included
This report contains
Table of contents
- Key facts
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Summary and key issues
- Key issues include:
- Location maps
- Participation
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Key companies
- Licensing participation
- Geology
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Exploration
- Wells drilled
- Basin success rates
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Reserves and resources
- Volumes discovered
- Creaming curve and key play data
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Development
- Prospective resource costs and underlying development assumptions
- Costs
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Fiscal and regulatory
- Licensing
- Fiscal terms
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Economic assumptions
- Oil and gas prices
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Economic analysis
- TYP economics
- Outlook economics
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Development value
- Judd High
- Rona Ridge
- Prospect breakeven price
- Judd High
- Rona Ridge
- Expected monetary value (EMV)
- Play economics
- Full cycle basin economics
- Implied acreage value
Tables and charts
This report includes 61 images and tables including:
Tables
- Play level data
- Assumptions
- Key play characteristics
- Recent discovery costs
- Summary of discovery and development costs
- Key licence holders
- Company success rates and discoveries
- Key basin data
- Top discoveries (TYP period)
- Forecast data by play (outlook)
- Reserves and resources: Table 4
- Reserves and resources: Table 5
- Judd High
- Rona Ridge
- Judd High
- Rona Ridge
- Typical fiscal terms - all plays
- Judd High
- Rona Ridge
- Judd High
- Rona Ridge
- Full-cycle economic analysis
- Average value of future discoveries and implied acreage value
Images
- 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
- Exploration and appraisal spend
- Exploration spend per well and average well depth
- Commerciality index
- Gross exploration wells completed by operators
- Net exploration wells completed by participant
- 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
- Judd High
- Rona Ridge
- Judd High
- Rona Ridge
- 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
- 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
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