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Opportunities and Challenges in the Offshore
Oil & Gas Production Sector
- What is Driving Today’s Deepwater Market?
Presented by:
Eric H. Namtvedt
President
FloaTEC, LLC
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Introduction to FloaTEC
Putting Things in Perspective Deepwater Market Drivers
GOM Deepwater Market
Prospects and Opportunities
Deepwater Market Challenges
Summary
Presentation Overview
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Deepwater Technology Focus
50:50 JV - J Ray McDermott & Keppel
Established September 2005
Unmatched FPS Portfolio
Integrator of Resources and Capacities
Unbiased and Concept-neutral Feasibility Studies Access to:
Engineering Knowledge and Proven Solutions
Execution Knowledge and Experience
Current Fabrication and Installation Benchmark Data
VISION
Be the global leader in floating production systems,
providing value through our proven and innovative solutions - from concept to delivery!
FloaTEC – A Vehicle to Create More
Value in Deepwater
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Unbiased approach to selection
Owner of multiple concept solutions
ETLP, DeepDraft Semi, Truss Spar As IP owner, can develop hybrids
Parent Company delivery experience
Cost and schedule certainty
Empirical data, cost, schedule, rate metrics JV Parent Company constructability input
25 global fabrication yards and shipyards
Fleet of installation equipment
Key Strengths
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FloaTEC Corporate Structure
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FloaTEC Organization
Global Performance – CK YangGlobal Performance – W YangGlobal Performance & Risers – HS Lee
Global Performance & Risers – A GuptaGlobal Performance & Risers – G ShenGlobal Performance & Risers – L BinRisers – H MukundanHull Structures - ST Lee
Project Director – MJ Taylor Project Manager – P KrishnaswamySr. Project Mgr (Construction) – A Afify
Drilling Advisor – C CowgillProject Engineering Mgr – S BernardTechnical Advisor – J KuangSr. Project Engineer – J MirandaProject Engineer – S ShahProject Engineer – J Mark
Principal Naval Architect – A ZhangPrincipal Structural Eng. – G ChoiPrincipal Riser Eng. – YS Chou
Principal Engineer – V TekumallaPrincipal Engineer – B ZurbuchenSr. Engineer Mooring – B PadmanabhanSr. Engineer Risers – J WeiDesign Supervisor – G GreenSr. Drafter – N MackaySr. Drafter – T Renfroe
Project Controls Mgr – M GavulaEstimating & Risk Mgr – S PotnisCost Control Specialist – J Vancura
Office Manger – V LewisSr. Admin Asst – K StatonProject Secretary – D Waddell Admin Asst – S Staton
Additional Resources:
3rd Party Resource Pool:JRMKFELS
Additional Resources:
3rd Party Resource Pool:JRMEKFELS
HOE (Strategic Partner)
Additional Resources:
3rd Party Resource Pool:JRMEKFELS DTG
Additional Resources:
3rd Party Resource Pool:JRM - GlobalKOM -Global
Additional Resources:
3rd Party Resource Pool:IT, Accounting, Legal,Treasury, Insurance,
Tax, etc. (JRM)
Project safety Mgr. K McKinnis
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Deepwater Market Drivers
Putting Supply and Demand in Perspective
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Demand Is The Cycle Driver / Killer
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
1972 1977 1982 1987 1992 1997 2002 2007e
G l o b a l D e m a n d - A
n n u a l %
C h a n g e
0
10
20
30
40
50
60
70
Cr u d e Oi l P r i c e $
Demand
Oil Prices
*Source: Pickering Energy
Countershistoricalnorms!
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Global Oil Demand vs GDP Growth
Source: IMF and BP Stats
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Source: ExxonMobil
1.1%
0.4%
1950 1950 1950
0 0 0
50
100
150
200
250
300
350
10
20
30
40
50
60
70
80
2
4
6
8
10
1990 1990 19902030 2030 2030
0.9%
Average Growth/Yr.2000 - 2030
2.2%
2.8%
4.7%
0.7%
2.4%
1.6%
Energy DemandMBDOE
GDPPopulation
Trillion (2000S)Billions
Non-OECD
OECD
High Energy Demand Will Continue
World population to grow
by 1.8 B by 2030
Consumption growth since
1965
Total energy: 284%
Oil: 268%
Gas: 435%
1.7%
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2008 Global Demand Outlook –
Positive, But with Risks
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Global Field Decline Rates
Average global decline rate est. at 4%
World needs 3.2 million b/d of new oil
each year to keep output flat
In order to grow the supply base by 10
million b/d to the needed 96 million b/d
by 2012, the world needs to bring on
stream 26 million b/d of new supply in
only 5 years!
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Existing Production vs
World Oil Demand
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Supply Crunch / Peak Oil?
CERA suggests that the depletion rate of
the world's 811 biggest fields is around
4.5% a year.
IEA suggests daily output of conventional
crude oil alone, now about 73 million
barrels, will plateau at 84 million barrels.
………however huge
potential resources are
yet to be discovered in
deepwater and arctic!
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Where Will the Energy Come From?
Increasing resource
nationalization and diminished
access
Non-OPEC struggling to
increase production
Little OPEC spare capacity
Depletion is real
Super majors will be compelled
to focus on organic growth
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Where is the Non-OPEC
Supply Response?
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Non-OPEC Winners and Losers 2007-2012
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Non-OPEC Production Peaking?
Non-OPEC supply excl. FSU no
higher than 10 years ago.
North Sea output down 30% from
2000-2006.
The total output from BP, Shell,
ExxonMobil, Chevron and
ConocoPhillips fell 0,7 million b/d
2H-2007 to 2H-2008. Their decline
rate in Q4-07 was 7.1%, for 2007 it
was 4,3%.
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Mature Non-OPEC Regions in
Sharp Decline
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Are High Oil Prices Here to Stay?
Fears and expectations trumping economic rules
More exaggeration than ever before
Marked increase in speculators entering oil markets
Oil traders‘ reflexes trumping market fundamentals
$135 barrier broken
Some say $70 of this is based on speculation and notmarket fundamentals
Weak dollar contributes
$ has fallen > 35% vs Euro in 5 years
Weak $ pushes the price of USD assets higher
Geopolitical tensions; potential supply disruptions
Continued high demand / limited supply growth
USD vs. Euro
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Expanding Activity - Deeper & Harsher
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Robust FPS Expenditures Forecast
Market fundamentals have never been stronger
Deepwater capex is predicted to rise to US $90 B between 2006-2010
Around 25 new floaters p.a. : 94 new FPSO’s by 2011; +30 others (mainly FPS’s)
26% of installations in W. Africa – Brazil becoming the industry ‘darling’
Global increase in deepwater units means continued tight market
Source: Douglas-Westwood
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Deepwater Production Growth Bodes Well
Source: Douglas-Westwood
Total deepwater production
6 mm BOE/D in 2007
11 mm BOE/D in 2011
Offshore production 2007-2011 Shallow water: 18% growth
Deepwater: 78% growth
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Summary
Population & economic growth driving oil & gas demand
The evidence of global oil demand being impacted by high oil prices and weakening
economic activity is growing
High oil prices seem set to continue
US economic problems weakens dollar and supports high prices
Declining non-Opec oil production, particularly in shallow water
The remaining major offshore oil prospects are hard to find
Deepwater, harsh environments or frontier regions
FPS demand will likely outstrip the market’s ability to deliver
Lead time for developing new energy sources will leave the world dependent on
oil & gas for years, probably decades to come
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The Gulf of Mexico Deepwater Market
Putting Things in Perspective
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GOM Production Trends – “Free Fall”
-
2
4
6
8
10
12
14
16
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
b c f / d a y
Deepwater
GOM Shelf
Total
*Source: Pickering Energy
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GOM - Production Rates per Well
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
0 3 6 9 1 2 1 5 1 8 2 1 2 4 2 7 3 0 3 3 3 6 3 9 4 2 4 5 4 8 5 1 5 4 5 7 6 0 6 3 6 6 6 9
Months on Production
M c f e p e r D a y
1995 2000 2005
*Source: Pickering Energy
GOM Shelf Deteriorating Prospect Quality
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Active GOM Leases
Source: Rigzone GOMExplorer
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GOM Deepwater Production is Growing
Source: MMS
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Central GOM
Lease 205 Top 10 Operators
Source: Rigzone GOMExplorer
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GOM Exploration Success
Rate by Deepwater Area
2004 – 2007 (185 Total)
2631
16
6 7 5 3 5 3 3 1 1 1 1 1
20 12
13
7 5
23 2 2
1
1 1 1
0
5
10
15
20
25
30
35
40
45
50
M i s s i s s
i p p i C
a n y o n 5 7 %
G r e e n C a n y o n
7 2 %
G a r d e n
B a n k s
5 5 %
E a s t B r
e a k s
4 6 %
A t w a t e r
V a l l e y
5 8 %
A l a m i n o
s C a n y o n
7 1 %
L l o y d R i d g
e 5 0 %
W a l k
e r R i
d g e 8
3 %
E w i n g
B a n k 6 0 %
K e a t h l e y
C a n y o n
6 0 %
D e S o t o C a n y o n
5 0 %
E u g e n e
I s l a n
d 5 0 %
V i o s c a
K n o l l 5
0 %
S o u t h P
a s s 1
0 0
W e s t C a m e r o n
1 0 0 %
Discovery Dry HoleSource: Quest
2004-2007 (185 wells total)
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GOM vs ROW Offshore
Exploration Success 2003-2006
541 Exploration Spuds Worldwide
GoM accounts for 41% of all
deepwater spuds (>1500 fsw)
0
50
100
150
200
250
300
350
<=1,500 FSW >1,500 FSW
N o .
E x p l o r a t i o n W e l l s
GoM Discoveries GoM Dry Holes ROW Discoveries ROW Dry Holes
258 ROW
Spuds
29 GoM Spuds
151 ROW
Spuds
103 GoM Spuds
0.61 0.57
GULF OF MEXICO has 61%
SUCCESS RATE in exploration
drilling above 1,500 FSW
0.41
0.5
REST OF WORLD (ROW) 41%
SUCCESS RATE in
exploration drilling above1,500 FSW
Source: Quest
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GOM MODU Contracts
Source: RigLogix
As of February 25, 2008 there were 57,779 rig days Contracted in the GOM.
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MODU’s Currently Deployed in GOM
Source: Quest
0
2
46
8
10
12
14
N o .
F l o
a t i n g
R i g s
0-1500 1501-3500 3501-7500 >7501
Water Depth Rating
Deployed To-be Deployed
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Summary
Gulf of Mexico deepwater drives innovation
Deepest water depth (10,011’) for well in the Perdido Fold Belt
Drilling depth record (34,189’) for the GOM at Knotty Head Deepest successful well test in the U.S. Gulf of Mexico with Jack 2 (28,175’)
Some of the most economic potential recovery is in deepwater GOM
Number of rigs and capital commitment validates potential of deepwater GOM
Prices and economics will fluctuate somewhat
Long-term growth in activity and production is basically assured
Many challenges lie on the drilling side
Well non-productive time > 20% Some wells never get drilled
High development drilling costs
Potential loss of lease
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Prospects and Opportunities
Putting Things in Perspective
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GOM Deepwater Structures
Source: MMS
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HUB Facilities Should Drive Activity
Source: MMS
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GOM Deepwater Start-ups 2005-2010
Source: MMS
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Projects Are Stacking Up
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What’s Now Being Built (FPSs)
Current backlog (to be delivered between 2008 and 2011)
65 production floaters (29 newbuilds; 30 conversions)
4 FSRUs (modification to existing LNG ships)
10 floating storage units (3 newbuilds; 7 conversions)
2 jack-up MOPUs (purpose built harsh environment jack-ups with storage)
Breakdown
1TLP (new)
46 FPSO vessels (16 new, 29 conversions, 1 redeploy)
9 production semis (8 new, 1 redeploy)
3 production spars (new)
2 production barge/FPU (1 new, 1 conversion)
4 FSRUs (modifications)
2 MOPUs (new)
10 FSO vessels (3 new, 7 conversions)
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Most yards are currently operating at or near capacity
What’s Now Being Built (FPSs)
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Source: Rigzone.com
What’s Now Being Built (MODUs)
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2008 2009 2010 2011
Drillships
Semisubs
Jackups
Fabricated MODU tonnage to be delivered per year
Current backlog (to be delivered between 2008 and 2011)
79 jack-ups
45 semi-submersibles
29 drillships
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What’s Expected to be Built - FPS Activity
IMA have identified 130 to 158 production floaters and 40 to 50 storage/offloading
floaters over the next five years.
134 actual known projects currently in the bidding, design or planning stage
39 of the planned projects are in the bidding or final design stage, likely to start in 2008 and 2009(with fabrication starts in 2010 and 2011, representing over 780,000 tonnes)
95 projects are in the appraisal or concept development stage, likely to start in 2010, 2011, 2012
(with fabrication starts in 2012 and 2013, representing over 1,900,000 tonnes)
These orders are expected to generate capital expenditures of $65.3 to $80.8 billion
over the 5 year period
Fabrication capacity will be stretched through 2015
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4
5
2
1
3
5
3
0
1
2
3
4
5
6
2005 2006 2007 2008 2009 2010 2011
Hull Award Year
A w a r d C o u n t s
GOM FPS Awards 2005 (a) – 2011 (e)
• Blind Faith Semi
• Independence Hub Semi
• Neptune TLP
• Tahiti Spar
• Chinook-Cascade EPS FPSO
• Exmar Semi- Spec Unit
• Mrage MinDOC
• Phoenix MOPU
• Shenzi TLP
• Thunderhawk Semi
• Perdido Hub Spar
Williams Unnamed Spar EPS-Spec Unit
• Tubular Bells Spar or TLP
• Knotty Head FPS*
• Pony TLP*
• Big Foot FPS*
• GUMBO TLP*
• Kaskida Spar*/Semi*
• St Malo Spar*/Semi
• Jack Spar*/Semi
• Chuck EPS FPSO
• Sturgis FPS
• Stones Spar*
*Candidates for dry tree units
Source: Quest Offshore - 2007
Why the Trough?
Asia Pacific FPS Market
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7
4
9
11
13
1011
0
2
4
6
8
10
12
14
2005 2006 2007 2008 2009 2010 2011
Hull Award Year
A w a r d C o u n t s
Bunga Orkid FPSO
Blackbird/Dua FPSO
Sakhalin 5 FPSO
Kikeh Spar
Basker/Manta/Gummy FPSO
Wenchang FPSO
Tui FPSOStybarrow FPSO
Puffin FPSO
Vincent Phs 1 FPSO
Gumusut Semi
Montara FPSO
Galoc FPSO
Block H Sabah FPSO
Scarborough Semi
Echuca Shoals Semi
Kerala-Konkan FPSO
Pandora FPSO
Dhirbubhai FPSO
Rotan Spar
Petrel FPSO
Chaoshan FPSO
KG-DWN-98/2 FPSO
AC/RL3 Methanol FPSO
Liwan Semi
Ichthy’s Semi
Sunrise FLNG
MA D6 FPSO
Van Gogh FPSO
Bombay FPSO
Camago-Malampaya FPSO
Pyrenees FPSO
Asia Pacific FPS Market
Actual and Possible Awards
Source: Quest Offshore - 2007
Africa FPS Market
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6
4
6 6
7
10
6
0
2
4
6
8
10
12
2005 2006 2007 2008 2009 2010 2011
Hull Award Year
A w a r d C o
u n t s
Agbami FPSO
Oudna FPSO
Antan FPSO
Mobim Bilondo FPU
Kizomba C Phase 2 FPSO
Kizomba C Phase 1 FPSO
Jimbao/Gimboa FPSO
Bilabri, Orobiri, Owanare FPSOBosi/Bosi North EPS FPSO
Usan, Usan West, Ukot FPSO
Azurite Marine FPSO
Bonga SW FPSO
Pazflor FPSO
Block 31 Northeast FPSO
Bosi/Bosi North FPSO
Block 31 Southeast FPSO
CLOV FPSO
Negage, Gabela, Lucapa, Malange FPSO
Block 31 Southeast-South FPSO
Venus FPSO
Kizomba D FPSO
Belinda Semi
Ibhubesi TLP Nord Marine FPSO
Block 32 FPSO
Block 15 FPSOGiove, Medusa FPSO
Ofrima North FPSOBaraka South East FPSO
Awa FPSO
Mahogany FPSO
Mer Profonde Nord FPSO
Block 32 FPSO
Actual and Possible Awards
Source: Quest Offshore - 2007
North Sea FPS Market
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2
3 3
1
2
4
6
0
1
2
3
4
5
6
7
2005 2006 2007 2008 2009 2010 2011
Hull Award Year
A w a r
d C o u n t s
Alvheim FPSO
Chestnut Roundship FPSO
Dumbarton FPSO
Ettrick FPSO
Gjoa Semi
Shelley FPSO (Sevan)
Skarv FPSO
Millburn FPSO (Sevan)
Pilot FPSO (Sevan)
Sevan 5 FPSO
Sevan 6 FPSO
Acorn/Beechnut FPSO
Rosebank/Lochnagar FPSO
Goliat Semi
Helvick FPSO
Luva Semi
Connemara FPSO
Skipper Semi
Spanish Point TLP
Crawford FPSO
Luva Semi
Actual and Possible Awards
Source: Quest Offshore - 2007
Gulf of Mexico FPS Market
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4
5
2
1
3
5
3
0
1
2
3
4
5
6
2005 2006 2007 2008 2009 2010 2011
Hull Award Year
A w a r d C o u n t s
• Blind Faith Semi
• Independence Hub Semi
• Neptune TLP
• Tahiti Spar
• Cascade EPS FPSO
• Exmar Semi- Spec Unit
• Mrage MinDOC
• Phoenix MOPU
• Shenzi TLP
• Thunderhawk Semi
• Perdido Hub Spar
Williams Spar EPS
• Tubular Bells Spar or TLP
• Knotty Head FPS*• Pony TLP*
• Big Foot FPS
• Mars Basin II TLP*
• Kaskida Spar*/Semi*
• St Malo Spar/Semi
• Jack Spar/Semi
• Chuck EPS FPSO
• Sturgis FPS
• Stones Spar*
*Candidates for dry tree units
Actual and Possible Awards
Source: Quest Offshore - 2007
S. America FPS Market
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33
55
7
4
3
0
1
2
3
4
5
6
7
8
2005 2006 2007 2008 2009 2010 2011
Hull Award Year
A w a r d C o
u n t s
Actual and Possible Awards
Marlim Leste FPU
Espadarte FPSO
Golfinho Module 2 FPSO
Polvo FPSO
Frade FPSO
MPF 1000 EPS
Camarupim FPSO
Jabuti FPSO
Peregrino FPSO
Albacora FPSO
Espadarte-22 FPSO
Golfinho Module 3 FPSO
Posa FPSO
Tambau-Urugua FPSO Papa Terra FPSO
Papa Terra TLPShell Park FPSO
Roncador Module 3 Semi
Cachalote, Baleria Franca & Ana FPSO
Jubarte Phase 2 FPSO
Marlim Sul Module 3 Semi
Roncador Module 4 FPSO
Atlanta TLP
Atlanta FPSO
Marlim Sul Module 4 Semi
BM-S-22 FPSO
ES-11 FPSO
Carapicu, Caratai FPSO
Manganga, Catua FPSO
Pirambu FPSO
Source: Quest Offshore - 2007
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Deepwater Market Challenges
Putting Things in Perspective
Project Timelines are Getting Longer
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For IOC’s it can take up to 7 years to go from discovery to production
For Independents, it can still take up to 5 years
Appraisal programs adding to schedule
Emphasis at the front end to “get it right”
Lessons learned fosters conservatism
Project Timelines are Getting Longer
The Desire to “Get it Right”
7/18/2019 Floatec Opportunities and Challenges in the Oil and Gas Production Sector
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Influences Cycle Time
Reservoir Appraisal is Key
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Reservoir Appraisal is Key
GOM Deepwater Discoveries – 2001 to 2007
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GOM Deepwater Discoveries 2001 to 2007
Development will Challenge
T diti l M th d
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Traditional Methods
Appraisal Represents a Challenge
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Appraisal Represents a Challenge
Development will Challenge
T diti l M th d
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Traditional Methods
Rising Costs Are A Major Concern
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g j
Capital costs for Upstream
development projects increased ~
70% in the last 3 years Further cost inflation could slow down
projects even further
Lack of experienced staff; supply
bottlenecks are major factors
Delays and longer delivery times
pushing projects to right, further
stretching resources
Crude oil prices have followed same
trend – with forward projections to
stay at this (or higher) levels
Costs Are Eroding Returns
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The industry is suffering from cost explosion
Eroding ability to deliver satisfactory returns
Capital outlays have doubled in 5 years but production growth remains
flat or is in decline
Spending is up…but is investment up?
Lifting costs increasing
Costs have almost doubled in less than 3 years
Operators are looking for greater opportunities, more discipline and
better returns
Drilling and Spending More –
No Effect on Production
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No Effect on Production
Project Delays Are a Major Concern
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Project Delays Are a Major Concern
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Project Delays – The Reasons
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Portfolio gap
Resource constraints within oil
companies
• Lack of experienced staff
• Limited rig availability delaying appraisal
programs
• Delayed or extended projects extending
resources
Limited supplier capacities causing
delivery bottlenecks
Partner issues and alignment
Rising costs impacting project
economics
New Technology Qualification
Stretches Schedules
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Stretches Schedules
Technology can dictate pace of developments (increase of 5-6 years) Need regulatory approvals
Emphasis on system design; all pieces should fit together First Oil
Appraise FEED ExecutePROJECT
HPHT Eqpt . Qualification & Delivery
Specify& Order
FieldTest
Engineering& Design
Qualification &Limits Testing
ID/ManageGaps
FeasibilityStudies
Equipment Qualification & Delivery
Specify& Order
FieldTest
Engineering& Design
Qualification &Limits Testing
ID/ManageGaps
FeasibilityStudies
Concept Select
?? YearsGOM Deep Gas XHPHT
12 yearsShearwater
7-9 years?GOM Deepwater Deep Oil
9+ yearsMississippi Canyon Developments
11 yearsMobile Bay
Discovery to First Gas/OilDevelopment
HPHT Challenges
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GoM HPHT projects dominated by drilling and completion cost/technology
Dry and wet tree HPHT development options look feasible
Projects paced by technology development
Fundamental gaps exist in both wet and dry tree concepts making it difficult to make a
competent decision on the development strategy, cost and schedule,
Extensive FEED required
Materials technology development is central to progress
With qualified technology, HPHT projects can be developed with acceptable cost
and schedules
Key is reducing drilling and completion costs
HPHT Project Cost Structure
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High HPHT Drilling and Completion Costs make riser technology and operations critical
Source: BP
Consolidation Has Impacted
Projects and Opportunities
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j pp
1997
36 Independents
2007
12 Independents
Also from 1997-2007
The Birth of the Supermajors
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The bigger puddles of oil have also been coalescing
BP, Amoco, Arco BP
Chevron, Texaco Chevron
Conoco, Phillips ConocoPhillips
Exxon, Mobil ExxonMobil
Statoil, Hydro, Saga StatoilHydro
TOTAL, Fina, Elf TOTAL
Shell Shell199716 Majors
20077 Majors
Ultra-Deepwater: Drilling
Technical Challenges
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Storms and hurricanes
Loop and eddy currents
Unpredictable high pressure gasand faults near surface
10,000’ thick salt canopy with
unpredictable layers of highly
variable trapped sediments
Unpredictable base of salt – rapid
pressure differentials
“Thief zones” of significantly lower
pressure which cause lost
circulation – fluid loss
Ultra-deep reservoir with high
temperatures, high pressures and
low natural flowability
SeaLevel
40,000’
8,000’
16,000’
24,000’
32,000’
Allochthonous SigsbeeSalt Canopy
Cretaceous
Upper TertiarySediments
Autochthonous Salt
Basement
SuprasaltSediment
Gulf ofMexico
Empire State Building~500 Meters
LowerTertiary
GOM Trend – Emerging Bias Towards
Dry Tree Units
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Source: MMS
Wet Completions Face Depletion Challenges
Dry completion features and benefits:
Direct vertical access for well intervention
Enhances reservoir testing, monitoring, inspection and maintenance operations
Drilling and workover capabilities
Lower operating costs because of well intervention ease
Summary
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Cost and availability of Mobile Offshore Drilling Units (MODU’s)
Access to human resources
Inflation in the oil business has run at 30% a year over the past two years,
and will continue to rise by at least 15% a year this year and next.
Themes include strong industry fundamentals/dayrates - but higher costs
Increased cost of goods and services
Longer lead times for raw materials and major equipment items
Summary
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Access to fabrication and shipyard capacity
The only thing that is stopping the market from growing at a faster rate is a
global shortage of resources ranging from deepwater drilling rigs to
experienced engineers
Access to deepwater technology
The technological know-how to develop deepwater reserves is critical and lie primarily
with IOC’s
Technology is a major driver of success
Proprietary hull designs, limited players, mean business “not as usual”
…It Will Always be About the People
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Success in this business is not about:
Access to capital
Ownership of iron
It is about:
Engineering expertise
Operating experience
The absence of these (in the right combination) will lead to:
Poor performance (at best) or safety and environmental incidents
Enablers of long-term success
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Access to Technology Innovation, Engineering Resources & Fabrication Capacities -with Delivery & Operating Experience
For more information contact: Chris BartonDirector - Business Acquisition
Email: [email protected]: +1-281-701-1933
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