Activity Survey 2015
The size of the average exploration target 8 in 2014 was just over 30 million boe, the lowest seen over the last five years. Whilst a small number of wells targeted accumulations of over 50 million boe, with one of 100 million boe, the majority of exploration wells drilled targeted accumulations of less than 20 million boe. This suggests that exploration in 2014 was focused around near-field opportunities using existing infrastructure for their development.
1
2
Figure 18: Average Size of Reserves Targeted
100
3
90
80
4
70
60
50
5
40
30
6
20
Average Target Size (Million boe)
10
0
7
2010
2011
2012
2013
2014
Source: Oil & Gas UK
Since the last UKCS discovery of more than 100 million boe (Culzean in 2008), there have been relatively few wells drilled targeting true wildcat opportunities expected to be greater than 100 million boe. Of those that have been drilled, most have been dry wells. Even in wells that did encounter oil and gas, the volumes discovered have been materially smaller than anticipated, with little prospect of being commercially developed. It is an inevitable conclusion that the current rate of exploration will not deliver the potential resources from the UKCS. Even now, exploration is constrained by the imminent decommissioning of critical infrastructure that will permanently damage the ability to recover the UK’s remaining oil and gas resources.
8
8 Exploration target taken as the mean success volume (million boe).
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