Westwood’s North Sea Exploration Performance 2015-2019 report, published in 2020, analysed the results of the 124 exploration wells drilled during the 2015-2019 period in the UK and Norway Central and Northern North Sea basins, as well as the results to date for 2020 and the outlook for the following 18 months.
A total of 59 discoveries were made from the 124 exploration wells drilled, of which 29 were considered commercial, containing gross resources of 1,059 mmboe (715 mmbbl oil and 2.1 tcf gas). The five-year commercial success rate was 23%, with a drilling finding cost of US$4.85/boe. A further 30 wells made non-commercial discoveries, giving an overall technical success rate (TSR) of 48% from the 59 wells that found hydrocarbons.
LHS: Well results with commercial and technical success rates per annum in the North Sea. RHS: Commercial oil and gas resources discovered and finding costs per annum in the North Sea. Source: Westwood Atlas, Wildcat
- Key Messages
- Summary
- Setting the Scene
- 2015 – 2020
- North Sea Exploration History
- Exploration Drilling Activity and Spend
- Exploration Performance
- North Sea – UK and Norway Combined
- UK vs Norway Performance
- Basin Performance
- Play Performance
- ILX vs. Non-ILX Drilling
- Activity
- Performance
- Impact on Production Hubs
- High Impact Drilling
- Activity
- Performance
- High Impact Prospects in Proven Plays
- Frontier Play Tests
- Discussion
- Resource Progression
- Status of Commercial Discoveries
- Company Performance
- Activity
- Exploration Performance
- Discussion
- 2020 Exploration Drilling
- Activity
- UK
- Norway
- Performance
- Planned Wells
- Discussion
- Conclusions
This report is no longer published as a standard product. However, Westwood can undertake bespoke studies tailored to your specific requirements. Please complete the form below and a member of our team will be in touch to discuss your objectives and reporting requirements.
