PNG Oil Operations AGENDA: PNG Production: 2007 update 2008 focus areas Life of field Operating Environment: Rig update and strategy Cost environment Oil and Gas Interface Issues PNG Oil Exploration Corporate Summary 99
PNG Production 100
2007 Update Overall: Underlying field performance is strong in all fields and reservoir management activities have been encouraging Kutubu: Decline has largely been mitigated by UDT7 and reservoir management activities.…
2008 Focus Areas Moran: 3 development wells and selected workovers Agogo: Kutubu: Possibly 1 2 development wells development and selected workovers SE Gobe: Possibly 1 development well Usano: 4-6 development wells,…
Kutubu 2008 Plan A continuous drilling campaign at Usano Kutubu wells in 2H with 2nd rig 5-8 workovers anticipated in Potential poorly drained saddle 2H 2008 area Usano Develop focussed waterflood redevelopment plan Further…
Usano Development Potential Usano well SE nose Likely Usano well 2007-8 Arakubi Kutubu Field IDTG Arakubi 1 Pad Location UDT2 pad UDT1 pad UDTC UDT3A pad UDTG UDTD Usano East UDTB Block UDT7 Usano Main UDTJ UDTE…
Moran Development 2008 Plan Drill new infill wells: MZ (K Block) Downdip producer MZ in the NW M10 ST2 (J Block) Crestal gas injector MR in B block MR (B Block) Downdip producer M10 sidetrack Optimise well rates and balance…
Gobe Main 2008 2008 Plan Continued emphasis on maintaining current production rates through 2008 Consolidate Iagifu A production from up to 4 zone changes: GM4ST3, GM2ST1, GM1ST2, G2X (Hedinia) Water handling and gas…
SE Gobe 2008 2008 Plan Implement options to bring SEG 1ST1 on line, and access Iagifu B in SEG 8 Maintain water injection support to SEG Wedge Water handling and gas compression optimisation Possible infill/appraisal well…
SE Mananda 2008 2008 Plan Continue to revise geological & reservoir models to improve understanding of field and make better performance predictions Continue to improve uptime efficiency Use well production data to improve…
109 Oil Production (bopd) Ja n- 2 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 0 80,000 0 0 Ja n- 2 0 0 1 Ja n- 2 0 0 2 Ja n- 2 0 0 3 Ja n- 2 0 0 4 Ja n- 2 0 0 5 Ja n- 2 0…
Life of Field Life of field analysis being conducted: Reviewing track record Full resource potential of fields Cost effective ways to optimise reserves and production. Work in progress at the moment but positive initial results: 60…
Life of Field We have consistently underestimated production 3 to 5 years out: Focus on the benefit from next years activity Risking less mature opportunities Probabilistic forecasting tool will assist in improved forecasting of…
PNG Operating Environment 112
PNG Rig Update Rig 101: Refurbishment, commissioning and crewing successfully completed Currently drilling Korobosea Future plans include Cobra, Wasuma and possibly Barikewa or Gobe Rig 3: Commissioning complete and rig being…
Cost Management Cost pressures: Impact of A appreciation Inflationary pressures: Commodities Transportation costs Equipment and contractor costs Drilling consumables Mitigation measures: Ongoing tight cost control High grading…
Oil and Gas Interface 115
Oil and Gas Interface Oil fields provide significant P1 and P2, low development cost gas resource to the LNG project Gas development provides benefits to the oilfields: Operating cost sharing Reserves bookings and amortisation…
PNG Exploration 117
PNG Exploration 2008 Oil - Remaining 2007 & 2008 programme testing 25-30 NW Paua mmbbl net risked reserves Gas exploration/appraisal to Mananda Attic add reserves to support Arakubi commercialisation projects Wasuma testing…
PDL 2 - Arakubi 10km PDL 2 WI % Line P N Oil Search 60.0 Depth 04-411 migra tion ExxonMobil 14.5 Moran AGL 11.9 SE Mananda Paua Merlin Petroleum 6.8 Arakubi structure PRK 6.8 APF * ExxonMobil did not participate in initial…
PDL 2 - Arakubi Schematic section well currently at top reservoir in sidetrack South North Possible steep thrust Arakubi 1A Arakubi 1A sidetrack UE Bawia BT Th Possible extension of r Usano East block us t…
PPL 233 NW Paua 10km PPL 233 WI % PDL5 PPL233 L ine PN Oil Search 52.5 Depth 04-411 mig NW PAUA ration Esso Highlands 47.5 Moran Highly prospective SE Mananda Paua structure adjacent to Moran Arakubi structure Digimu target…
PPL 190 Cobra PDL4 PPL219 PPL 190 WI % Oil Search 62.6 Gobe Main Murray Petroleum 26.5 COBRA Cue PNG Ltd 10.9 SE Gobe Gobe Unit Near field exploration opportunity PDL3 PDL4 Seismically defined structure adjacent to SE…
PPL 219 Wasuma PDL4 PPL 219 WI % PPL219 Oil Search 91.25 WASUMA Gobe Main Merlin Petroleum 8.75 SE Gobe Near field exploration Gobe Unit opportunity Seismically defined PDL3 PDL4 structure to north of Gobe Iehi One of the…
PPL 219 Mananda Attic PPL 219 WI % PPL219 PPL233 Oil Search 91.25 MANANDA ATTIC Merlin Petroleum 8.75 APDL6 PDL5 Prospect updip from Mananda 3 and 4 Site construction to commence Q1 2008 Moran SE Mananda Paua Drilling late…
PNG Q4 2007 - 2008 Exploration Oil exploration 25-30mmstb net risked reserves being tested Net well cost US60m Arakubi, NW Paua, Cobra, Wasuma Gas - Co-ordinated programme to add reserves to support commercialisation projects…
PNG Q4 2007 2008 Exploration Cont. Continued seismic for gas and oil exploration/appraisal Highlands 50km firm, up to 100km depending on well results Offshore Up to 1,000km infill for PPL 234 Up to 5,000km regional grid for APPL…
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