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May 2015 Corporate Presentation – Hurricane Energy

Hurricane Energy · May 21, 2015 · 54 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. May 2015 Corporate Presentation – Hurricane Energy – slide 1
    Conceptualising a new Infrastructure Hub West of Shetland (WoS) Basement Reservoir Specialists Hurricane Devex 21 May 2015
  2. May 2015 Corporate Presentation – Hurricane Energy – slide 2
    Presentation overview Introduction Background to Hurricanes CPR concept selection Optimising the Lancaster story An option for a Hub West of Shetland Hurricane Devex 21 May 2015
  3. May 2015 Corporate Presentation – Hurricane Energy – slide 3
    Acknowledgements Thanks to all the Service Companies that have supported, offered guidance and had input into our concept selection process over the last 36 months In particular a special thanks to: - Costain Upstream Peter Kirkbride…
  4. May 2015 Corporate Presentation – Hurricane Energy – slide 4
    Introduction who are we Neil Platt COO - Undertaken a number of operational and commercial roles in Amoco, BG and Petrofac - Joined Hurricane in 2011 - Responsible for daily operations and asset delivery Hurricane - An E&P company…
  5. May 2015 Corporate Presentation – Hurricane Energy – slide 5
    Hurricane overview Awarded our first licence (P1368) in 2005 During an 8 year drilling program, concentrating on basement plays WoS we have; - Discovered over 400 million barrels of 2C resource - Identified over 400 million barrels of…
  6. May 2015 Corporate Presentation – Hurricane Energy – slide 6
    Significant resource discovered and large upside potential to confirm Hurricanes assets: Contingent and Prospective Resources Source: CPR November 2013 MMboe Schiehallion Field Foinaven Field Whirlwind 2C 205 MMboe (Oil…
  7. May 2015 Corporate Presentation – Hurricane Energy – slide 7
    Lincoln Hurricane assets on Lancaster the Rona Ridge Whirlwind 1km Hurricane Company presentation June 2014 AIM ticker: HUR
  8. May 2015 Corporate Presentation – Hurricane Energy – slide 8
    Infrastructure and fields West of Shetland Enboll Laxford Infrastructure (existing and fields and proposed) Rosebank 214/27-1 Glenlivet West of Shetland Torridon Victory (existing and proposed) Laggan Tormore Cambo Clair…
  9. May 2015 Corporate Presentation – Hurricane Energy – slide 9
    Lancaster Hurricanes Lancaster asset: Contingent and Prospective Resources Source: CPR November 2013 MMboe Lancaster Depth (m) -1000 -1500 -2000 -2500 -3000 -3500 -4000 -4500 Hurricane Devex 21 May 2015
  10. May 2015 Corporate Presentation – Hurricane Energy – slide 10
    Physical challenges we face Location Environment We dont Lack of know, what Infrastructure we dont know Hurricane Devex 21 May 2015
  11. May 2015 Corporate Presentation – Hurricane Energy – slide 11
    Instead of thinking outside the box, get rid of the box Deepak Chopra Hurricane Devex 21 May 2015
  12. May 2015 Corporate Presentation – Hurricane Energy – slide 12
    Moving forward Given our resource base, we: - Worked with Costain Upstream to undertake a concept selection process over 18 months, during which we: Assessed over 45 possible concepts Floating vs platform Owned vs leased vs 3rd party…
  13. May 2015 Corporate Presentation – Hurricane Energy – slide 13
    Technical considerations Platform vs Phased vs Hub vs FPSO Pre-invested 3rd Party Host Artificial Lift Oil Export Leased vs Gas Handling Flow Assurance Purchased Hurricane Devex 21 May 2015
  14. May 2015 Corporate Presentation – Hurricane Energy – slide 14
    Evaluation Criteria & perfect score Evaluation Criteria Perfect Score (%) Health & Safety 20.0 Environmental 16.7 Technical viability & functionality 14.4 Compatibility 11.1 Scale-ability 3.3 Construction, installation &…
  15. May 2015 Corporate Presentation – Hurricane Energy – slide 15
    10 Full Field concepts further evaluated Concept Selection Technical Evaluation 100.0 90.0 80.0 Selected CPR Base Case (2 phases) 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 FPSO FPSO Sevan FPSO FPSO…
  16. May 2015 Corporate Presentation – Hurricane Energy – slide 16
    Phase 1 - objectives Provide long term production data to support Full Field Development planning Deliver an acceptable return on capital invested with appropriate allowance for development risks and production efficiency…
  17. May 2015 Corporate Presentation – Hurricane Energy – slide 17
    Phase 1 - objectives Hurricane Devex 21 May 2015 1
  18. May 2015 Corporate Presentation – Hurricane Energy – slide 18
    Phase 2 - objectives Maximise Full Field economics Ability to handle Lancaster upside volumes Flexibility to handle uncertainties of production from basement Potential to be used as a hub for future area developments…
  19. May 2015 Corporate Presentation – Hurricane Energy – slide 19
    Hurricane Devex 21 May 2015 2
  20. May 2015 Corporate Presentation – Hurricane Energy – slide 20
    Technical considerations Platform vs Phased vs Hub vs FPSO FPSO Phased Pre-invested Hub 3rd Party Host Artificial Lift Oil Export Leased vs Gas Handling Flow Assurance Purchased Hurricane Devex 21 May 2015
  21. May 2015 Corporate Presentation – Hurricane Energy – slide 21
    FPSO Lease v Purchase costs FPSO Lease vs Purchase Costs 4,000 Buy New-build FPSO Lease complete FPSO 3,500 Lease FPSO / Buy topsides 3,000 Cumulative Cost MM USD 2,500 2,000 1,500 1,000 500 - 1 2 3 4 5 6 7 8…
  22. May 2015 Corporate Presentation – Hurricane Energy – slide 22
    Technical considerations Platform vs Phased vs Hub vs FPSO FPSO Phased Pre-invested Hub 3rd Party Host Artificial Lift Oil Export Phase 1 Leased Leased vs Gas Handling Phase 1 Leased Flow Assurance Purchased Phase 2…
  23. May 2015 Corporate Presentation – Hurricane Energy – slide 23
    Technical considerations Platform vs Phased vs Hub vs FPSO FPSO Phased Pre-invested Hub 3rd Party Host Artificial Lift Shuttle Tanker Oil Export Phase 1 Leased Leased vs Gas Handling Phase 1 Leased Flow Assurance…
  24. May 2015 Corporate Presentation – Hurricane Energy – slide 24
    Flow assurance Flow assurance studies were undertaken with respect to the management of reservoir fluids within: - The wellbore - Subsea facilities; and - FPSO topside design Specific studies looked at the impact and requirement…
  25. May 2015 Corporate Presentation – Hurricane Energy – slide 25
    Artificial lift Various artificial lift methods were studied to: - Support reservoir management on the Lancaster field, characterised today by a: Shallow, normally pressured oil reservoir Reservoir near bubble point Reservoir where…
  26. May 2015 Corporate Presentation – Hurricane Energy – slide 26
    Technical considerations Platform vs Phased vs Hub vs FPSO FPSO Phased Pre-invested Hub 3rd Party Host Artificial Gas LiftLift Shuttle Tanker Oil Export Gas Compression for: Phase 1 Leased Heated Flowlines Leased vs…
  27. May 2015 Corporate Presentation – Hurricane Energy – slide 27
    FPSO capacities Parameter Units Phase 1 Phase 2 Name Plate Gross Fluids Capacity bpd 75,000 181,000 Name Plate Oil Capacity bopd 37,500 80,000 Name Plate Prod Water Capacity bpd 50,000 150,000 Name Plate Gas Export Capacity MMscfd 12…
  28. May 2015 Corporate Presentation – Hurricane Energy – slide 28
    Cost estimating methodology Parameter Methodology Wells Budget estimates / quotes (if available) / historical performance plus WMC databases Procurement Budget estimates / quotes (if available) plus Costain Norms database…
  29. May 2015 Corporate Presentation – Hurricane Energy – slide 29
    CPR phased development capital reservoir expenditure performance LoC zero FPSO commercial construct capital reservoir expenditure performance LoC c. 750m Triangle colours represent Hurricanes perception of challenge in…
  30. May 2015 Corporate Presentation – Hurricane Energy – slide 30
    Optimising the Lancaster story Over the last c. 18 months, with a declining oil price and increasing financial market constraints, we challenged ourselves to deliver an alternative to the CPR Phase 1 at reduced CAPEX, but one that…
  31. May 2015 Corporate Presentation – Hurricane Energy – slide 31
    Early Production System (EPS) - objectives Provide long term production data to support Full Field Development planning Deliver an acceptable return on capital invested with appropriate allowance for development risks and…
  32. May 2015 Corporate Presentation – Hurricane Energy – slide 32
    To provide long term production data to confirm the productivity of the Lancaster Reservoir to enable full field development planning and sanction To deliver an acceptable return on capital invested with appropriate allowance for…
  33. May 2015 Corporate Presentation – Hurricane Energy – slide 33
    205/21a-6 a high quality dynamic dataset Lancaster 1km horizontal appraisal well (205/21a-6) drilled 2014 Max stabilised flow rates: - 5,300 bopd (natural) - 9,800 bopd (ESP) - Both constrained by surface equipment No formation…
  34. May 2015 Corporate Presentation – Hurricane Energy – slide 34
    EPS conundrum implications post 205/21a-6 capital reservoir expenditure performance LoC FPSO commercial construct Triangle colours represent Hurricanes perception of challenge in todays oil price and financial environment…
  35. May 2015 Corporate Presentation – Hurricane Energy – slide 35
    Optimising the EPS concept Post the 2014 horizontal appraisal well results, Hurricane has been able to: - Focus on EPS simplification and capex reductions - De-risk EPS project schedule - Rely on a single well at first oil (existing…
  36. May 2015 Corporate Presentation – Hurricane Energy – slide 36
    Hurricane Devex 21 May 2015
  37. May 2015 Corporate Presentation – Hurricane Energy – slide 37
    EPS DP FPSO solution Evolve a solution from existing proven FPSO technology, combined with dynamic positioning (DP) Based on a disconnectable turret system, proven in the North Sea, Gulf of Mexico and Australia Hurricane Devex 21…
  38. May 2015 Corporate Presentation – Hurricane Energy – slide 38
    FPSO simplified process to support EPS Hurricane Devex 21 May 2015
  39. May 2015 Corporate Presentation – Hurricane Energy – slide 39
    Technical considerations (EPS) Platform vs Potential to vs Phased Hub vs FPSO Phased Hub 3rd Party Host FPSO replacePre-invested Phase 1 Gas Lift replaced Gas Lift Shuttle Tanker by ESPs Gas GasCompression Compression…
  40. May 2015 Corporate Presentation – Hurricane Energy – slide 40
    FPSO capacities Parameter Units EPS Phase 1 Phase 2 Name Plate Gross Fluids Capacity bpd 20,000 75,000 181,000 Name Plate Oil Capacity bopd 20,000 37,500 80,000 Name Plate Prod Water Capacity bpd 10,000 50,000 150,000 Name Plate Gas…
  41. May 2015 Corporate Presentation – Hurricane Energy – slide 41
    Optimising the EPS concept Post the 2014 horizontal appraisal well results, Hurricane has been able to: - Focus on EPS simplification and capex reductions - De-risk EPS project schedule - Rely on a single well at first oil (existing…
  42. May 2015 Corporate Presentation – Hurricane Energy – slide 42
    EPS conundrum implications post 205/21a-6 capital reservoir expenditure performance Capital Contribution FPSO commercial construct Triangle colours represent Hurricanes perception of challenge in todays oil price and…
  43. May 2015 Corporate Presentation – Hurricane Energy – slide 43
    Early Production System (EPS) - objectives Provide long term production data to support Full Field Development planning Deliver an acceptable return on capital invested with appropriate allowance for development risks and…
  44. May 2015 Corporate Presentation – Hurricane Energy – slide 44
    Phased concept today Hurricane Devex 21 May 2015
  45. May 2015 Corporate Presentation – Hurricane Energy – slide 45
    Lancaster + Lincoln = GLA Lincoln Hurricanes Lancaster & Lincoln assets: Contingent and Prospective Resources Source: CPR November 2013 MMboe Lancaster Depth (m) -1000 -1500 -2000 -2500 -3000 -3500 -4000…
  46. May 2015 Corporate Presentation – Hurricane Energy – slide 46
    An option for a WoS Hub concept In the challenging environment we live in today an approach on how field collaboration can deliver a hub concept rather than a field specific solution WoS Greater Lancaster Area (GLA) Lancaster +…
  47. May 2015 Corporate Presentation – Hurricane Energy – slide 47
    Hurricane Devex 21 May 2015
  48. May 2015 Corporate Presentation – Hurricane Energy – slide 48
    An option for a WoS Hub concept In the challenging environment we live in today an approach on how field collaboration can deliver a hub concept rather than a field specific solution WoS Greater Lancaster Area (GLA) Lancaster +…
  49. May 2015 Corporate Presentation – Hurricane Energy – slide 49
    5 0 Hurricane Devex 21 May 2015
  50. May 2015 Corporate Presentation – Hurricane Energy – slide 50
    Extending the concept The bigger picture WoS & UK Plc Shared HUB Hurricane Devex 21 May 2015
  51. May 2015 Corporate Presentation – Hurricane Energy – slide 51
    Extending the concept The bigger picture WoS & UK Plc Participants generate value Government incentivises shared from equity in fields delinked hub concepts - benefiting all from infrastructure ownership users Shared HUB…
  52. May 2015 Corporate Presentation – Hurricane Energy – slide 52
    Extending the concept The bigger picture WoS & UK Plc The Wood The Perfect OGAs Review Location Call To Action WoS Industry Potential Shared HUB Support Government Maximising Infrastructure Support Economic Recovery…
  53. May 2015 Corporate Presentation – Hurricane Energy – slide 53
    Conclusions Acquiring a high quality dynamic dataset from the 2014 horizontal well has improved Hurricanes understanding of the behaviour of the fractured basement reservoir The analysis of the well test and subsequent concept…
  54. May 2015 Corporate Presentation – Hurricane Energy – slide 54
    Thank you

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