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Ghana and Norway boast sub-40 breakeven prices for new offshore oil projects

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Author: Olga Kerimova, Senior Analyst, Rystad Energy

Publisher: Offshore Magazine

Among top offshore producing countries, Ghana and Norway stand out with the best economics for yet to be sanctioned oil projects, while Vietnam, Russia, Mexico and Nigeria exhibit the higherst breakeven prices. Ghana’s Jubilee phase 1B and Norway’s Johan Castberg, Valhall West Flank and the second phase of Johan Sverdrup will be profitable at oil prices below 40 USD/bbl. Recent significant discoveries, such as the ExxonMobil-operated Liza, offshore Guyana, and the large deepwater SNE field offshore Senegal, operated by Cairn Energy, exhibit breakevens around 50-55 USD/bbl. In Russia, key upcoming offshore oil projects, Lukoil’s Rakuchechnoye and Kravtsovskoye, are estimated to be commercial at an oil price of around 60 USD/bbl.

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David White, Marketing Manager
Phone: +47 24 00 42 00

Olga Kerimova, Senior Analyst
Phone: +47 24 00 42 00

About Rystad Energy

Rystad Energy is an independent oil and gas consulting services and business intelligence data firm offering global databases, strategy consulting and research products.

Rystad Energy’s headquarters are located in Oslo, Norway. Further presence has been established in Houston, Singapore, New York, London, Stavanger, Rio de Janeiro, Moscow, Dubai, Tokyo, Bangalore and Sydney.