Insight
North American Onshore Prospects
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Report summary
Each year in February, thousands of industry participants gather at the North American Prospect Expo (NAPE) in Houston to review the latest domestic exploration plays. We present our interpretation of key themes from this year's event. They include: some US gas plays are back in favour, shallow conventional onshore oil prospects are abundant, no single shale play was the focus of attention, and small companies should be able to easily fund their exploration programmes in the near term.
Table of contents
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NAPE Overview
- The best way to evaluate the foremost exploration opportunities in the Lower 48
- Six main findings from the 2014 event
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Past years’ events typically had one or two headline unconventional plays that most buyers and sellers focused on
- In 2014, the opportunities were made up of a wide variety of small niche assets
- The Gulf Coast, Mid-Continent, and Rockies were popular geographic regions
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More buyers than sellers
- After walking the conference floor for two days, it seemed that there was an overabundance of investors looking for deals
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The return of gas-focused plays
- At NAPE 2012 and 2013, we did not see any gas prospects for sale. Rising US gas prices have appeared to trigger an inflection point with onshore explorers though.
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Look at this structure replaced phrases like how many acres can you afford
- Conventional targets were promoted alongside resource plays
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Value over volume is a mind-set for every company these days
- The majors are following this mantra in their capital strategies, and we found countless small, private, onshore US players following suit.
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Cost carry deals were noticeably absent
- It was previously common for acquiring companies to carry a large proportion of future drilling costs in massive shale plays that had substantial drilling commitments
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Pulling it all together
- After reviewing our experience at 2014 NAPE, we offer the following outlook for short term Lower 48 onshore exploration:
Tables and charts
This report includes 5 images and tables including:
- North American Onshore Prospects: Image 2
- North American Onshore Prospects: Image 1
- North American Onshore Prospects: Image 3
- North American Onshore Prospects: Image 4
- North American Onshore Prospects: Image 5
What's included
This report contains:
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