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Why are some deepwater plays still attractive?

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Report summary

A sustainable future for the industry in deepwater is further investment in proven sweet spots and a search for similar plays. The two prime characteristics of these sweet spots are exceptional reservoirs at unexceptional depths. Expensive deepwater wells must add as many barrels as possible. The industry is making progress developing deepwater finds. Projects sanctioned since 2012 and green fields now approaching FID will together recover over 30 billion barrels of oil. These fields need just US$42/barrel on average to achieve a 10% return. Better reservoirs break even at lower prices.

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Table of contents

    • Explorers narrow focus to deepwater sweet spots
    • Key to the sweet spots: exceptional reservoirs at unexceptional depths
    • The sweetest of oil sweet spots - Brazil’s pre-salt carbonates
    • Most productive of all – the deepwater gas giants
    • Better reservoirs break even at lower prices
    • Plenty of exploration upside in the same deepwater sweet spots
    • Deepwater is not so different – its always the best rocks that triumph

Tables and charts

This report includes 8 images and tables including:

Images

  • Scattergun deepwater exploration (2012-2014)
  • Focused deepwater exploration (2015-2017)
  • Reservoir depth and productivity of recent and probable deepwater oil developments
  • Reservoir depth and productivity of recent deepwater gas FIDs versus oil FIDs
  • Pre-tax breakeven price versus EUR for deepwater oil
  • Post-tax breakeven price versus EUR for deepwater oil
  • Deepwater oil exploration potential by reservoir quality

Tables

  • Deepwater well EUR compared with onshore

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