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APPEX CONFERENCE – Ophir Energy Plc

Ophir Energy Plc · Mar 20, 2007 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. APPEX CONFERENCE – Ophir Energy Plc – slide 1
    Independents in Deepwater Africa Alan Stein & Suzan Heatly Ophir Energy Company Limited APPEX Conference London, 20 22 March 2007
  2. APPEX CONFERENCE – Ophir Energy Plc – slide 2
    Independents Majors: Vertically integrated super-sized corporations, with a focus upon selling refined product. Gas Pumpers. NOCs: State and quasi-State companies. Traditionally representing the interests of host countries, but…
  3. APPEX CONFERENCE – Ophir Energy Plc – slide 3
    Why Africa
  4. APPEX CONFERENCE – Ophir Energy Plc – slide 4
    High exploration success rates; Multiple play systems; Relatively low geo-political risk; and Multi-jurisdictional access. Asia 13% Venezuela 7% Russia China 6% 12% Africa Others 18% 54% Caspian Middle East 8%…
  5. APPEX CONFERENCE – Ophir Energy Plc – slide 5
    Source: Global Pacific & Partners, Africa Upstream 2006 World Exploration Potential
  6. APPEX CONFERENCE – Ophir Energy Plc – slide 6
    Why Deepwater Africa
  7. APPEX CONFERENCE – Ophir Energy Plc – slide 7
    120 30 8 Yet to find NUMBER OF WELLS DRILLED 100 25 7 Others WATER DEPTH (100m) PRODUCTION (mbop) 6 Nigeria 80 20 Angola 5 US GoM 60 15 4 Brazil 40 10 3 2 20 5 1 0 0 0 1975 1980 1985 1990 1995 2000 1990…
  8. APPEX CONFERENCE – Ophir Energy Plc – slide 8
    50 50 45 Discoveries 40 40 Dry holes SUCCESS RATE (%) NUMBER OF WELLS 35 30 30 25 20 20 15 10 10 5 0 0 West North South Mediter- Asia NW Global Africa America America anian Pacific Europe Average 1974 1978…
  9. APPEX CONFERENCE – Ophir Energy Plc – slide 9
    3D Seismic A risk reduction tool enabling independents to compete in deepwater. Image courtesy of PGS Exploration Ltd
  10. APPEX CONFERENCE – Ophir Energy Plc – slide 10
    OIL IMPORTS 2,000 501-2,000 Thousand Barrels/day 101-500 11-100 Oil trade flow Not significant/unavailable Source: Internet Late 20th Century Oil Imports and Trade Routes
  11. APPEX CONFERENCE – Ophir Energy Plc – slide 11
    OIL IMPORTS 2,000 501-2,000 Thousand Barrels/day Anticipated oil trade flow 101-500 11-100 Oil trade flow Not significant/unavailable Potential strategic bottlenecks Source: Internet Early 20th Century Oil Imports and Trade…
  12. APPEX CONFERENCE – Ophir Energy Plc – slide 12
    The role of Independents Leaders or Followers
  13. APPEX CONFERENCE – Ophir Energy Plc – slide 13
    Square Kilometres (000s) 100 105 110 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 0 5 Shell Sonatrach (excludes Western Sahara) ExxonMobil Total Source: IHS, October 2006…
  14. APPEX CONFERENCE – Ophir Energy Plc – slide 14
    Square Kilometres (000s) 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 BHP Billiton Hunt Oil Vanco Energy Hyperdynamics Ophir Energy Source: IHS, October 2006…
  15. APPEX CONFERENCE – Ophir Energy Plc – slide 15
    Number of Wells Drilled 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 Total Exxon BP ChevronTexaco Shell Agip Soekor (Pty) Ltd…
  16. APPEX CONFERENCE – Ophir Energy Plc – slide 16
    40 Majors 38 36 34 NOCs 32 30 28 26 Number of Wells Drilled 24 22 Independents 20 18 16 14 12 10 8 6 4 2 0 1988 1989 1993 1997 1998 2006 1990 1991 1992 1994…
  17. APPEX CONFERENCE – Ophir Energy Plc – slide 17
    Independents NOCs 560,000,000 540,000,000 520,000,000 500,000,000 480,000,000 460,000,000 440,000,000 420,000,000 400,000,000 380,000,000 Majors 360,000,000 340,000,000 320,000,000 BOPD 300,000,000 280,000,000…
  18. APPEX CONFERENCE – Ophir Energy Plc – slide 18
    Where have all the explorers gone
  19. APPEX CONFERENCE – Ophir Energy Plc – slide 19
    Consolidations 1975 to 2005 1,194 1,141 1,088 1,050 1,065 ExxonMobil BP Number: Newfield Wildcats Total Shell Chevron Occidental ConocoPhillips Marathon 291 303 225 183 167 1975 1976 1977 1978 1979 2000…
  20. APPEX CONFERENCE – Ophir Energy Plc – slide 20
    Compared to total investment spending 60% 50% 40% 30% 20% 10% 0% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Global Pacific & Partners, Africa Upstream 2006 Source: Energy…
  21. APPEX CONFERENCE – Ophir Energy Plc – slide 21
    Relative to 1998 140 Historical correlation between exploration and development 130 Spending Index (1998 = 100) spending. Square Kilometres (000s) 120 Development 49% gap between Exploration and Spending 110 Development…
  22. APPEX CONFERENCE – Ophir Energy Plc – slide 22
    Oil price is up Investors are back but
  23. APPEX CONFERENCE – Ophir Energy Plc – slide 23
    Market Market performance performance since since 2001 Oil 2001 Oil performance performance since since 2001 2001 150 FTSE All Share Oil and Gas Producers 90 Brent WTI FTSE AIM All Share 80 130 FTSE All Share +9% 70 110…
  24. APPEX CONFERENCE – Ophir Energy Plc – slide 24
    Number of equity offerings on AIM by E&P companies Proceeds of equity offerings on AIM by E&P companies (m) Number of equity offerings on AIM by E&P companies Proceeds of equity offerings on AIM by E&P companies (m) 43 1,715 1,733…
  25. APPEX CONFERENCE – Ophir Energy Plc – slide 25
    Africa is in a state of Ultra Competition. Resource war between conventional and emerging consumers. Asian Tigers and NOCs making a big impact. Resource nationalisation. Speculators are back (telcos and biotechs can breathe a…
  26. APPEX CONFERENCE – Ophir Energy Plc – slide 26
    Contract Status and Expected Demand 1997 2009: Deepwater Drilling Units (3,000feet) Worldwide 160 140 120 100 80 60 40 20 0 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 1997 1998 1999…
  27. APPEX CONFERENCE – Ophir Energy Plc – slide 27
    Contract Status and Expected Demand 1997 2009: Deepwater Drilling Units (3,000feet) West Africa 35 30 25 20 15 10 5 0Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 1997 1998 1999 2000 2001 2002 2003…
  28. APPEX CONFERENCE – Ophir Energy Plc – slide 28
    Square Kilometres (000s) 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 BHP Billiton Hunt Oil Vanco Energy Hyperdynamics Ophir Energy Source: IHS, October 2006…
  29. APPEX CONFERENCE – Ophir Energy Plc – slide 29
    So how are the Independents going to drill all that acreage
  30. APPEX CONFERENCE – Ophir Energy Plc – slide 30
    Ophir has recently entered long term rig sharing agreements. The agreements cover 14.5 months of rig time over the period 2008 2011. Day rate in excess of US400,000 per day. Significant upfront investment of capital required…
  31. APPEX CONFERENCE – Ophir Energy Plc – slide 31
    Independents have the acreage. Majors have the production. Asian Tigers are on the prowl. NOCs are taking a bigger share. We all need to drill more exploration wells. Somebody else has all the rigs Its all about to get…

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