Egypt Western Desert exploration basin Report

Asset Report 31 December 2019

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Report summary

Full-cycle returns in Egypt's Western Desert Basin over the past decade have been excellent. Despite the lack of large discoveries, explorers benefit from low unit finding and development costs. Exploration has focused on the northern portion of the basin, where two key plays are present: a Cretaceous play where reservoirs are predominantly oil-prone, and a deeper Jurassic play which is predominantly gas-prone. More recently, Apache has opened up a third play in even deeper Palaeozoic horizons, although this has yet to yield the level of resources found in the Cretaceous and Jurassic. Due to the low domestic gas price explorers are generally more focused on oil exploration, and hence much of the anticipated future drilling and prospective resource is associated with the Cretaceous play.