Oil Search Limited May 2004 Performance Update Macquarie Research Conference 11 May 2004
Summary Operatorship starting to deliver: Production : Performance improving : Moran optimisation continuing : NW Moran and SE Mananda in FEED Revenues : Benefiting from high oil prices Reserves : Strong reserves position…
Production Summary Production to increase with outlook for 2004 of 10.5mmbbls oil and +11mmboe unchanged Moran : Challenging development : Moran 10 successfully drilled : Facility optimisation / flaring flexibility : Moran 6…
IDT9 ST2 Well Path PN99-408 PN96-IAG2 IDT9 ST2 appraisal target NW Iagifu Structure: Key elements Main Backthrust IDT 9 IDT 11 Iagifu 6x Fault Top Toro A Map Iagifu 4x Iagifu 6xST Iagifu 4x Fault Petrel model…
Reserves Independent Audit as at end 2003 completed to full SPE specifications Proven oil equivalent reserves: 86.4 million barrels, up 14% Proven and probable oil equivalent reserves: 134.6 million barrels, up 14% Reserves…
Exploration Accelerated programme now underway: PNG Commitment made to upgrade Rig2 for exploration and development drilling in PNG Significant cost saving after capital recovery Focus on contracting and logistics optimisation…
Exploration Yemen Success at Nabrajah-1 in Block 43 has proven presence of prolific source kitchen in southern portion of Block 43 which de-risks number of additional follow-up prospects in the area Neheb-1 currently being…
Yemen Acreage
Block 43/35: Prospects & Leads Nabrajah Naheb
Nabrajah-1 forward plan Two well appraisal program planned to commence in mid-July 2004 Preliminary Nabrajah development costs estimated between US20-40 million (gross): Based on DNO Tasour Field in Block 32, Yemen Cost subject to…
Naheb, Nabrajah & Lead C4 TWT Nabrajah Prospect C4 Naheb
Gas Commercialisation Core focus to bring at least one gas development option to commercial decision in 2004 Having some success in strategy application Primary options: Pipeline to Australia Methanol/Petrochemical Development…
Highlands Gas Project Remains the best option to commercialise gas: Pipeline to Australia / Hides Cycling Project and Hybrid Most mature and realisable project Maximises value of oil and production facilities Underscores revenues…
Highlands Gas Project Fine Tuning of Development has led to improved value and lower risk Original concept: produce gas from Kutubu & Hides at rates determined by market build in Australia Half the value of the Project is in gas…
Original Highlands Gas Project Market Capture Projections 250 Annual Contract Quantity (Petajoules per year) Likely market projection 200 150 Light oil production 100 (separated from gas) dependent on gas production…
The new Highlands Gas Project Revised Development Concept: Gas produced at maximum rates from Hides (650 mmscf/d or 200pj/yr) Sent by pipeline to Kutubu where primary gas and liquids separation takes place. Light oil then put in…
Highlands Gas Project Total 650mmscfd Gas Production HIDES facilities production Full Condensate Recovery Multiphase 600mmscfd pipeline KUTUBU CPF Oil production & 165mmscfd gas AGOGO CPF Additional condensate at up to…
The new Highlands Gas Project Revised Development Plan - Advantages: Provides accelerated condensate light oil recovery from original development plan, independent of gas market Optimises liquid recoveries from oil fields Optimises…
Highlands Gas Project Market Capture Projections 250 Annual Contract Quantity (Petajoules per year) Likely market projection 200 P90 (pessimistic) market projection 150 Lower Gas Sales threshold 100 for economic…
Highlands Gas Project Market Capture Projections 250 Annual Contract Quantity (Petajoules per year) High gas production from Day 1 Gas reinjection into Kutubu after separation of light oil Likely market projection 200 P90…
Highlands Gas Project Following stakeholder discussions in the past weeks, a road map to a FEED decision has been agreed Issues being vigorously addressed Other stakeholders : Key customers : Re-engage with pipeline developer
PNG Gas Commercialisation Other Options Initial Hides Cycling Project a first step Methanol/Petrochemical development - Mitsubishi Gas Chemical/Itochu Joint Venture High graded development potential and improved ranking Moved to…
PNG Gas Commercialisation CNG Export Project New Zealand market Local and Pacific Island usage Major development feasibility study now taking place with credible Joint Venture Initial results encouraging
Summary Company benefiting from growing production and high oil prices Active development programme underway Expanded exploration, with early success Progress being made on gas commercialisation Based on continued high commodity…
Loading...
