Gulf Keystone Petroleums Kurdistan Assets Nicholas de Verteuil and Rick Richardson September 14, 2011
Agenda Dynamic Global Advisors (DGA) Who we are, what we do, who we work for DGAs Kurdistan experience Gulf Keystones assets Operated blocks: Shaikan, Sheikh Adi Non-operated blocks: Akri Bijeel and Ber Bahr Resource estimates…
Upstream E&P consultancy Founded in 2007 E&P advisory Consulting Investment advice Training 14-Sep-11
Where we apply it Globally Clastics and carbonates Entering new basins Identifying additional opportunities in proven basins Locate reserves more effectively (less risk) and efficiently Develop reserves optimally Identify,…
Clients The Ministries of Energy of Kenya, Madagascar, Tanzania, and Trinidad & Tobago Ecopetrol S.A. Gazprom Gujarat State Petroleum Corporation (GSPC) Pemex Sonangol Afren PLC Anadarko Petroleum Corporation (Anadarko) Aspect…
Todays DGA presenters Nicholas de Verteuil Senior Advisor Geology 39 years of industry experience BHP Billiton, Pennzoil, Superior Oil, and Amoco Rick Richardson Senior Advisor Petrophysics 35 years of industry experience…
Kurdistan experience DGA began work for GKP in 2009 immediately after the Shaikan 1 discovery Currently working for 3 other operators in Kurdistan Advised 2 other companies with interests in Kurdistan Core staff of 10+ involved…
GKPs Kurdistan assets Four contiguous blocks covering a large area 1,624 kms2 (401,299 acres) Oil and gas resources confirmed in 3 structures Shaikan, Sheikh Adi and Bijeel Exploratory Drilling underway at Bekhme anticline…
The discoveries Shaikan Wireline logs indicate movable petroleum in Cretaceous, Jurassic and Triassic reservoirs. Shaikan 1-B tested at aggregate rates exceeding 20,000 bopd, 18-55 API oil. Well is on an extended test; It has flowed…
Resource estimates methodology GKP data + DGA expertise Final products Raw data Base maps Independent Seismic lines Well info unbiased reports Drilling reports Geological reports SSTVD meters 0 Shaikan 1-B 66km Bijeel…
Uncertainties The greatest sources of uncertainty affecting petroleum resource estimates Trap volume How accurate are the maps Is the trap filled to the spill point Do reservoir properties change away from the wellbores Pay…
Trap volume - maps Map accuracy depends upon the amount and quality of seismic and well data 14-Sep-11
We always want more data Over time.. More data & better data quality Bigger & better data base Higher accuracy & lower uncertainty 14-Sep-11
Shaikan petrophysical evaluation Challenging because formations are fractured, hydrocarbon types and formation water resistivities vary Requires integration of all data Wireline logs Mud logs Conventional cores DSTs and…
Example of petrophysical analysis 14-Sep-11
Shaikan resource estimates Shaikan Structure: Oil initially-in-place Date P90 Mean P10 P1 January 2010 1.9 4.2 7.4 13.0 April 2011 4.9 7.5 10.8 15.0 Shaikan Structure: Gas initially-in-place Date P90 Mean P10 P1 January 2010 0.4 0.8 1.5…
Sheik Adi resource estimates Sheik Adi Structure: Oil initially-in-place Date P90 Mean P10 P1 August 2011 1.0 1.9 3.0 4.8 Sheik Adi Structure: Gas initially-in-place Date P90 Mean P10 P1 August 2011 0.2 0.5 0.7 1.3 14-Sep-11
Beyond estimating resources Supporting development planning Assisting on fracture modeling that drives development planning and reserve estimates Have retained other experts on this complex project Task Geoscience borehole imaging…
Fracture study inputs Satellite imagery Wellbore interpretation Cores Field measurements 14-Sep-11
Understanding the beast 14-Sep-11
GKP scorecard doing it right Since the first well, wisely gathering the right data to make development decisions Robust appraisal program Many drillstem tests (DSTs) Conventional cores Reprocessing of 2D-seismic and acquisition of…
Summary Kurdistan a world class petroleum province Few dry holes Many LARGE untested surface anticlines Multiple pay zones GKP Results are encouraging No water levels encountered at Shaikan and Sheikh Adi (likely filled to…
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