Lundin Petroleum Norway - NCS PortfolioRig swap Songa Dee – Maersk Guardian contract being signed...
Transcript of Lundin Petroleum Norway - NCS PortfolioRig swap Songa Dee – Maersk Guardian contract being signed...
Lundin Petroleum Norway - NCS Portfolio
WF9244 01.07
Capital Market Day Presentation30th January 2007
WF8336 01.07
Maturation of Assets in Norway
Portfolio Management
Bu
sin
ess
Op
po
rtu
nit
ies
Maturation Execution
Opportunities lost
Opportunities
dropped
TIME
Viablebusiness
Producing fields:A:B: TorC:
Stranded assets:Edda
Com discoveries:
Farmin:PL337, PL342
APA 2006New licences applied for
PL027b, Skarv, Trym
New Ventures
PL167, PL103b,PL359, PL363PL167, PL103b,PL359, PL363
Alvheim, Volund, Peik,PL006c, PL148, PL292,PL335, PL338, PL340
Alvheim, Volund, Peik,PL006c, PL148, PL292,PL335, PL338, PL340 JotunJotun
WF6563 01.07
Concept and Operational Network
Geology and Geophysics
IT/Design
Administration support
Development and Production Drilling and Well Technology
Reservoir
HSE
Lundin NorwayAdmin: 1General Mngt/HSE: 2Finance & Accounts: 5Business Development: 1
Reservoir/dev/prod: 8Interpretation: 8Geophysics : 4
Associates
Lundin Norway
Associates
Lundin Norway
Associates
Conceptual
Operational
Lundin Norway
AssociatesLundin Norway
New Ventures: 8
Execution: 11
Maturation: 7
Viable Business: 3
WF9070 01.07
Alvheim Core Area
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BYGGUE
PEIK (UK)
VALE
PL203
PL304
PL103
PL340
PL036c
PL363
9/10c
9/10b
9/10a
9/14c
9/15c
PL150
8b
0 10Kilometres
Gas
Gas/Condensate
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Lundin Operator
Lundin Interest
Blocks
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PEIK (NORWAY)
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WF9195 01.07
Alvheim Field (15%):
Boa, Kameleon, Kneler
Volund Field (35%)
Contingent Resources:East Kameleon branch wellsGekkoKobra
Prospective Resources:South KnelerAlvheim DeepHermod AEast KnelerWest Kneler + H-BPythonGrieg East + Ibsen N (35%)Ibsen(35%)
PL 340(15%)
Alvheim - Volund Area - Resources
IBSEN
VOLUND
KOBRA
EAST KNELER
H-A
WEST KNELERH-B
GRIEG EAST
H-C
FALLOW ACREAGE
EAST KAMELEON
IBSEN
VOLUND
KOBRA
EAST KNELER
H-A
WEST KNELERH-B
GRIEG EAST
H-C
FALLOW ACREAGE
EAST KAMELEON
PL 340 Marathon
WF9066 01.07
Alvheim
WF9066 01.07
Alvheim
Subsea installation finished exceptwells tie-in to manifolds
Diving vessel secured for campaignin 1Q before First Oil (Technip)
Buoy installed offshore and ready forhook up into turret
Subsea Installation
WF9252 01.07
Petroleum System(showing
stratigraphy,sources,
seals,reservoirs)
SSW NNE
BCU
T.BrentT.Heather
Base Cretaceous TWT
Stratigraphic Closure
4-way Dip Closure
Gross Prospect: 210 – 1120 – 2036 Bcf Recoverable
Alvheim Deep
WF9195 01.07
13 Production Wells
(5 Multi-Laterals)
2 Water Disposal Wells
5 Drill Centres
(incl water disposal)
Pilot holes
Increased branch wells
since PDO from 3 to 5
and more pilot holes
Alvheim Development
WF9255 01.07
KNELER
2 3 6
Tot.Length 1337 1258 1756
Net Length 1176 1148 1474
N/G 88% 93% 87%
Av.Por 26% 24% 27%
Stand off 34m 29m 21m
Pilot Kn5:Lower N/G than prognosis
Deeper OWC than Exploration well
Pilot Kn7:
N/G as expected
Deeper OWC
Decision is made to drill Kn7 as
the 4th producer
Kneler Development Drilling
Kn-6
Kn-3Kn-2
P
Kn-5
Kn-7
P
P
Volund - PL150
WF9256 01.07
Operator MarathonLundin Petroleum interest 35%The PDO approved by “King in council”Estimated Capex NOK 2.8 billion (gross)for VolundContracts awarded anddrilling rig securedFirst oil estimated to 2Q 2009
Subsea developmentFour slots manifold same as Alvheim3 oil producersWater injection One production riserSome topside installation
WF9260 01.07
Potential gross prospect resource:47 MMbbl
Ibsen Prospect - PL150
1.300
1.400
1.500
1.600
1.700
1.800
1.900
2.000
2.100
2.200
2.300
2.400
2.500
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1021.05740.0
948.05671.0
876.05603.0
966.05589.0
1013.05532.0
1012.05432.0
1011.05332.0
1009.05232.0
Line:Trace:
1.300
1.400
1.500
1.600
1.700
1.800
1.900
2.000
2.100
2.200
2.300
2.400
2.500
Ibsen
Volund Wings
A B
440000ME
440000ME
6590000MN
6595000MN
6590000MN
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2147 24/9-62181
24/9-72139
24/9-7C2160
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Top Heimdal.Depth(m)
Volund Outline
A
B
Peik - UK/Norway
WF9262 01.07
50% of NCS Block 24/6a33.3% of UK Block 9/15a and b85 % of UK Block 9/10b WestOperated by Lundin PetroleumDeep Jurassic HTHP reservoir
WF8815 01.07
Contingent Resources
Jotun & PL103NORWAY
PL304PL304
PL203
PL088bs
PL036c
PL203
PL088bs
PL036c
PL340PL340
AlvheimAlvheim
Jotun & PL103
PL338PL338
PL292PL292
PL335PL335
0 KM 100
PL150PL150
PL006c
PL148
PL167
PL292
Contingent Resources MMboe
Alvh. Gekko (CR) 4,4Alvh. EastKam (CR) 0,6Alvh. Kobra (CR) 0,3PL340 (CR) 1,6PL167 (CR) 1,2PL292 (CR) 4,4PL148 (CR) 10,3PL006c (CR) 16,9
Total Norway 39,7
PL 292: BG operator 60% , Lundin Petroleum 40%
Licence obligation to drill exploration well within 2008(NPD approved 1 year extension due to rig delay)
BG has option to increase to 70% prior to drilling
Discovery 6/3-1Phi South part of potentially largerstructure PhiGas in Middle Jurassic Sleipner Fm.Gas and oil in Triassic Skagerak Fm.Normal pressure 371 bar and temperature 131C @ 3km SS
Contingent resources Phi South 10.9 MMboe (net Lundin Petroleum 4.4)
Mærsk Guardian rig to drill Phi North 15/12-x in Q3 2007to prove upside reserves of 20 MMboe of Phi total
29
22
23
30 1 2
7 8
NORTH SEA
PL292 (Phi)
BG 60% (Op)
Lundin 40%
J Block
E/F
Lomond
Everest
Armada
Ekofisk
Ula
Gyda
Varg
Jade
HUMMER
BANKS SHALLOW
ORANGE
MAY
PL292 (Phi)
WF8800 01.07
-3500
-3525-3500
625
-3800-3750-3700-3650-3600-3550-3500-3450-3400-3350-3300
Depth
0 500 1000 1500 2000 2500m
1:63457
7/7-2
7/7-3
ODT -3323
PL148
TOP GYDA RESERVOIR MAP
Trias
sicPod
P1
I1
7/7-2 Statoil 1992, oil down to DST 5000 bbl/d, 36 API, Pressure 626 bar @3310 m SS
7/7-3 Statoil 1993, only shows (water up to)
Contingent resources 20.6 MMboe (10.3 net Lundin Petroleum)
Review of economic cost feasibility for project sanctionDevelopment costs (latest marked increase)Tie in point/distance/commercial issuesUpside volumes 38 MMboe
Potential optimizationsArea synergies, reuse appraisal well, phased development
Planned appraisal well position to prove up significant upside: OWC, reservoir thickness/quality
Mærsk Guardian rig is secured for drilling in September/October 2007
PL148 7/7-2 (Nemo)
WF9264 01.07
Lundin Petroleum 75%, Noreco 25%(Noreco carries 220MNOK from 1/1-2006)
Discovery well 2/5-3 tested ~4500 bbl/din two intervals
Large span in STOOIP and reserves
License decision to drill appraisal well
Rig swap Songa Dee – Maersk Guardiancontract being signed late February 2007
Most likely spud is Q1 2008
PL006c - South East Tor
WF9269 01.07
9km
15km
30km
Op.:BP
Op.: CoP
GB
DK
Most likely Upside potential
MMboe 22.5 46.8
Gross volumes
NUpper Tor amplitude anomalydownflank well 2/5-5
PL340 Prospective Resources
WF9270 01.07
Lundin Interest: 15% (Operator: Marathon)
Top Balder Fm
Top Sele Fm
Top Lista Fm
Total prospective resources: 90 MMboe
Geosection - 340 Lead/prospectsA B
Top Balder Fm
Top Seler Fm
Top Lista Fm
Heimdal Fm sand
Heimdal structure
Heimdal Fm sand
Injectites (?) Frosk and Padde
Marihone (A+B)
Maur
PL338 - Luno
WF9271 01.07
Lundin Petroleum 50% - Operator
Spud date: First half 2007
Prospective resource(net Lundin Petroleum) 125 MMboe
PL359
WF9272 01.07
The licence has leads that canbe developed into prospects
Prospect Orange - PL335
WF9273 01.07
Revised volumetrics -Deterministic Oil Case
PL335, Blocks 7/4 (south), 7/7 & 7/10PartnershipBG 52% (Op)Lundin Petroleum 18%Talisman 18%RWE 12%
Prospective resources 44 MMboe(Net Lundin Petroleum 7.9)Mærsk Giant is secured for drilling theexploration well in May/June 2007
PL304
WF9274 01.07
25/10-2
25/10-7
25/10-8
25/7-4s25/7-2
25/10-6
25/10-2
16/1-7
16/1-116/1-6
Hanz WestLundinAcreage
J1
J2
J3
T2
Aegis
25/10-2
25/10-7
25/10-8
25/7-4s25/7-2
25/10-6
25/10-2
16/1-7
16/1-116/1-6
Hanz West LundinAcreage
J1
J2
J3
T2
Aegis
Lundin Petroleum interest: 60% and operator
The partner Endeavour can swap a
Bredford Dolphin slot in Autumn 2007
Lundin Marathon Cooperation on Songa Dee
WF9276 01.07
Two year contract, with one year option from 1Q 2009Lundin Petroleum share is 50%Lundin Petroleum: Use external resources for drilling organisationRig type: MD-602, 1800’, 15K and winterized
Rig plans in progress
Mærsk Giant to be used on PL 148Mærsk Guardian from BG to be usedon PL 006c (swap)
Major North Sea Exploration Activity - 2007
WF9168a 01.07
Bergen
Flotta
Aberdeen
Edinburgh
ITEDD KINGITEDD KINGDO
Netherlands0 50 100
Kilometers
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Norway Licence Interest Operator 2007 Drilling
PL103 (Jotun Unit ) 7% Exxon/Mobil
PL103B 70% Lundin
PL148 50% Lundin
PL 006c (SE Tor discovery) 100% Lundin
PL167 & 167b 20% Statoil
PL292 40% BG 1 Well
PL203 15% Marathon
PL 088bs 15% Marathon
PL 036c 15% Marathon
PL150 (Volund) 35% Marathon
PL304 60% Lundin
PL335 18% BG 1 Well
PL338 100% Lundin 1 Well
PL340 15% Marathon
PL359 70% Lundin
PL363 60% Lundin
Block 24/6a 50% Total
(Alvheim)
UK Licence Interest Operator 2007 Drilling
Heather P242 100% Lundin
Broom P242/P902 55% Lundin
Thistle 99% Lundin
Deveron 99% Lundin
Solan/Strathsmore P164 100% Lundin
P0090 Block 9/10b 85% Lundin
Block 9/14c & 15c 37.5% Conoco
P0090 Block 9/15a 33.3% Mobil
P1275 Block 3/1b 100% Lundin
P1384 Block 211/28b 60% Lundin
P1301 Block 12/17b 30% Lundin 1 Well
P1176 Block 20/15b & 21/11c 25% Endeavour
P1129 Block 41/10a, 41/5, 42/2a & 42/7 25% Lundin 1 Well
P1125 Block 30/(22a,23a,27a,29a,28) 25% Lundin
P1107 & P1109 Block 21/(8,14,15) 40% Lundin 1 Well
P1399 Block 12/(26b,27), 17/15b, 18/(1,2a) 15% Endeavour 1 Well
P1397 Block 12/23a 15% Endeavour
P1089 & P1295 Block 14/(28a,29b,23b) 10% Oil Exco 1 WellExploration Assets
Producing/Appraisal Assets
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