Asset Report

Venezuela Columbus exploration basin

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03 June 2016

Venezuela Columbus exploration basin

Report summary

The Venezuelan portion of the Columbus Basin - commonly known as the Plataforma Deltana - is on trend with the prolific gas plays in Trinidad & Tobago. Exploration in the Venezuelan sector of the basin has been minimal compared to its neighbour. There are currently no existing developments in the basin and a lack of infrastructure, which leads to high costs. With an agreement in place to jointly develop the Loran-Manatee cross-border field, potential development options might be on the horizon. Current costs are too high and the value of potential discoveries is negative even at High prices.

Table of contents

  • Key facts
    • Commerciality index
    • Risk – the partial expropriation of service companies and facilities across Venezuela in 2009 sent a reminder of the risk and uncertainty inherent in doing business in the country. The takeovers are consistent with the policy of increased nationalisation.
  • Location maps
  • Participation
    • Licensing participation
    • Play inputs – Plio-Pleistocene gas
    • Wells drilled
    • Volumes discovered
    • Yet-to-find potential
      • Play inputs
      • Model field pool size distribution
      • Existing discoveries and modelled yet-to-find pool size distribution
    • Plio-Pleistocene gas
  • Costs
    • Licensing
    • Fiscal terms
  • Economic assumptions
    • TYP economics
    • Outlook economics
      • Development Value
        • Plio-Pleistocene Gas
      • Prospect breakeven price
      • Expected monetary value (EMV)
      • Play economics
        • Plio-Pleistocene Gas
        • Full cycle basin economics
          • Implied acreage value

Tables and charts

This report includes 43 images and tables including:

  • Key play characteristics
  • Key assumptions
  • Key facts: Table 3
  • Value creation versus investment (2006-2015)
  • Value creation versus investment (2016-2035)
  • Exploration history map
  • Exploration wells by play
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Key play characteristics
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • Recent Discovery Costs
  • Economic assumptions: Image 1
  • Commerciality Index
  • Key licence holders
  • Key well operators (2006-2015)
  • Gross exploration wells completed by operator
  • Net exploration wells completed by participant
  • Drilling activity by well type
  • Cumulative exploration wells by play
  • Basin creaming curve
  • Key play data
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • Forecast data by Play (2013-2030)
  • Yet-to-find costs and underlying development assumptions
  • Typical fiscal terms
  • Value creation, spend and volume discovered
  • Breakeven price versus prospect size
  • Value creation versus investment
  • Plio-Pleistocene Gas
  • Reserves and resources: Table 3
  • Plio-Pleistocene Gas
  • Plio-Pleistocene Gas
  • Breakeven price of exploration
  • Economic analysis: Image 7
  • Plio-Pleistocene Gas
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Economic analysis: Table 2
  • Full cycle economic analysis
  • Average value of future discoveries and implied acreage value

What's included

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    Venezuela Columbus exploration basin

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    Venezuela Columbus exploration basin

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