READY FOR THE DRILL BIT: PROTECTING THE ENVIRONMENT Eleuthera Chamber of Commerce PAUL GUCWA ASHLI MUNNINGS CHIEF OPERATING OFFICER BUSINESS MANAGER 17 January 2013
Regional Setting Announced November Spud Repsol dry hole Petronas dry hole Pdvsa dry hole 2
Key Points Bahamas Petroleum is working to: Maximize value growth to its shareholders Ensure wealth and opportunity creation for the Bahamian people and nation Growth and development of the petroleum sector will require that wells be…
Bahamas Petroleum Company Overview and Introduction to Geology Exploration Potential of Bahamas Petroleum Southern Licences Exploration/Production Life Cycle Protecting The Environment
Corporate Overview Isle of Man registered Oil and Gas Exploration Company Founded by Alan Burns in 2005 Initial Exploration licences granted in 2007 The ordinary shares of the Bahamas Petroleum Company Plc are traded on the London…
Required Elements for an Oil Accumulation Source Reservoir Trap Seal Maturation Migration Source rocks 6
Seismic: The Primary Tool Sound reflects off the rock layers 1 meter Increase in Impedance Decrease in Impedance Source: AAPG/ExxonMobil/Schroeder 2004 7
Bahamas Petroleum Company Overview and Introduction to Geology Exploration Potential of Bahamas Petroleum Southern Licences Exploration/Production Life Cycle Protecting The Environment
Platform Margin Bahamian Foreland Cuban Border Nassau 270 kms Trend A Fold B Fold C Colored horizons are tied to the previously drilled wells, this allows us to bring the geology into our prospects 9
Top Cretaceous Structure: 3D Image 10
Top Cretaceous Structure: Map Fold C Fold B Trend A 10 Kms Fold B Extends from 2,000 to 22,000 and covers more than 100,000 acres Much larger than anything in the US Gulf of Mexico; comparable in size to structures…
Bahamas Petroleum Company Overview and Introduction to Geology Exploration Potential of Bahamas Petroleum Southern Licences Exploration/Production Life Cycle Protecting The Environment
Typical Petroleum Lifecycle 5 10+ years 1 year 1 3 years 3 6 years 20 40 years Phase Seismic & Geologic Exploratory Drilling Appraisal Drilling Development Development and Studies Planning & Production Construction 50 million…
Typical Revenue Split (Undiscounted) No Risk 20 billion No Capital Costs 80 billion Development & Operating costs 40 billion Company takes the risk 20 billion Reward to shareholders 1BBO 80.00/bbl Note: These numbers are…
Phased Development: 2 billion barrels of oil (Conceptual) Annual Production 256 220 182 Millions bbls/yr 146 120 72 36 Subsea Development for the Production of Oil with FPSO - Well heads are located on the seafloor,…
Economic Impact and Government Revenue (Conceptual contd) The Governments challenge is to convert resource use into sustainable economic development Bahamas Royalty Income (Undiscounted) Annual Cumulative Additional long term…
Bahamas Petroleum Company Overview and Introduction to Geology Exploration Potential of Bahamas Petroleum Southern Licences Exploration/Production Life Cycle Protecting The Environment
Offshore Oil Development and Tourism Coexist in The Americas Annual revenue from tourism in countries with offshore petroleum exploration and production United States: 166 billion Mexico: 12.4 billion Brazil: 6.2 billion Argentina:…
Environmental Setting: Oil and Gas Activity Already Exists Announced November Spud Tanker route Cuba dry holes 19
Well Design and Plan Perseverance 1 Key Facts Anticipated well cost: 120 million Water depth at location: 1,500 feet Planned well depth: 22,500 feet Timing: 1 year to plan, 120 days to drill Distance from Shoreline N Nassau: 168…
Why a Macondo Type Spill is Unlikely in The Bahamas The geology of the U.S. Outer Continental Shelf (OCS) is fundamentally different to the geology of The Bahamas US Gulf Bahamas Rock Type Sandstone & Shales Carbonates Rate of…
Be Prepared No One Plans for an Accident Qualified BPC Management Team Onshore, offshore, Arctic, Deep-water, heavy oil and high pressures Geographies, cultures and regimes 12 months of well planning High quality data Front…
Prepared to Respond: Capping Stack Did not exist pre- Macondo Built to function in water depths up to 5,000 feet Solution to stopping Macondo oil release Limited number in existence Bahamas Petroleum will have access to one…
Prepared to Respond: Oil Spill Modeling Sophisticated model incorporating ocean currents, wind and oil properties. Used to understand the transport of oil away from a spill so that we can be prepared to respond immediately and…
Prepared to Respond: Joined Oil Spill Response Group Immediate access to the following equipment: Containment boom and anchoring equipment Skimming capability Helicopter and vessel oil dispersant spray systems Communications…
Timeline: Company Planning 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 2D 3D Acquired Fast track Interpretation SEISMIC Multi-beam Potential well sites 3D PSDM Interpretation EIA Spill Study Submitted Consultation EMP…
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