US Alaska North Slope exploration basin Report

Asset Report 31 December 2020

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Report summary

The North Slope is an established petroleum producing province where exploration began in the 1960s. Over 34 bnboe has been discovered in the basin, notably in the super-giant Prudhoe Bay and Kuparuk oil fields. The basin is located in harsh Arctic environment, presenting unique challenges for explorers, such as seasonal operations, environmental issues, and high costs. Recent exceptional onshore exploration success in the emerging Nanushuk play, and offshore in the Beaufort Sea, have made Alaska a top global exploration target, particularly onshore. The substantial prospective resources and relatively favourable access to acreage (compared to other onshore basins) make it attractive. Materiality also exists in the offshore plays. However, except in the Beaufort Sea's shallow water, offshore environment is remote and hostile. Companies have relinquished most of their leases in the federal Chukchi Sea and the play is therefore excluded from the outlook of this analysis.