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The Lower Tertiary play in deepwater GoM: what's at stake?

The Lower Tertiary play in deepwater GoM: what's at stake?

Report summary

The Lower Tertiary’s 49% geological success rate is basin-leading, with over 5.7 billion boe in recoverable reserves discovered to date. The play is still emerging, with the majority of projects have yet to start production. We expect production to triple over the next ten years as the backlog of pre-FID projects are sanctioned. Greenfield production will require mammoth amounts of capital investment. A steep uptick in spend is expected over the next four years growing at a 34% CAGR to a peak of US$8.5 billion in 2020. Given long lead times, high drilling capex and relatively low recovery factors, we estimate challenged economics for all yet-to-be sanctioned projects. Co-development, improved drilling efficiency, and successful EOR are potential means to improve project economics.

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Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

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