MITIGATING RISKS: READY FOR THE DRILL BIT Commonwealth of the Bahamas Trade Union Congress 28 July 2012
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…
Bahamas Petroleum Company Overview and Introduction to Geology Exploration Potential of Bahamas Petroleum Southern Licences Risk and Reward: Exploration/Production Life Cycle Risk and The Environment Summary
Corporate Overview Isle of Man based 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 Stock…
Regional Setting 5
Petroleum System Elements Regional, Surface and Subsurface Data 0 2 Depth (km) Oil & Gas 4 Generation Window Gas Generation Source 6 Window Reservoir No More Trap & Seal HC Generation Migration Gas & Oil 8…
The Ideal Seismic Response Able to resolve boundaries of beds a few meters thick 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 Risk and Reward: Exploration/Production Life Cycle Risk and The Environment Summary
Platform Margin Bahamian Foreland Cuban Border Nassau Trend A Fold B Fold C Cretaceous reef/platform imaging is significantly improved. Better imaging of the deeper section Pronounced dip to the south-west; thicker Jurassic…
Top Cretaceous Structure 10
Top Cretaceous Structure Fold C Fold B Trend A 10 Kms Fold B Fold C Top 700m Top 950m Vertical closure 750m Vertical closure 350m Area 423 km2 Area 63 km2 (104,526 acres) (15,814 acres) 11
Top Aptian Structure Fold C Fold B Trend A 10 Kms Fold B Fold C Top 2400m Top 3250m Vertical closure 1400m Vertical closure 750m Area 288 km2 Area 63 km2 (71,166 acres) (15,814 acres) 12
Bahamas Petroleum Company Overview and Introduction to Geology Exploration Potential of Bahamas Petroleum Southern Licences Risk and Reward: Exploration/Production Life Cycle Risk and The Environment Summary
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 Cost 50…
Phased Development - 2 billion barrels of oil - conceptual Annual Production Company Challenges: 256 220 Subsea development with FPSO 182 Environmental aspects Limited reservoir specific information Millions bbls/yr 146…
Rig Songa Mercur to drill well offshore Cuba 2012 16
Subsea Development for the Production of Oil 17
Bahamas Petroleum Company Overview and Introduction to Geology Exploration Potential of Bahamas Petroleum Southern Licences Risk and Reward: Exploration/Production Life Cycle Risk and The Environment Summary
What is the Environmental Risk The incremental risk is negligible Geology is considerably different from the Gulf of Mexico 5 wells drilled previously in The Bahamas, 1947 1986; no accidents Mother Nature is working to protect…
Historic and Proposed Drilling Announced November Spud Repsol dry hole 20
World Crude Oil Tanker Movements Bahamas 21
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…
Oil Spill Modeling One of the industry requirements prior to drilling is the development of an oil spill contingency plan this plan is based on the simulation of an oil spill Used to understand the transport of oil away from a spill…
Environment: Oil Spill Movement Simulation Sophisticated model incorporating ocean currents, wind and oil properties An uncontained, GoM-type spill very minor landfall impact on Bahamas Trans border planning and response will be…
Bahamas Petroleum Company Overview and Introduction to Geology Exploration Potential of Bahamas Petroleum Southern Licences Risk and Reward: Exploration/Production Life Cycle Risk and The Environment Summary
Timeline: Company Planning 3 Years 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…
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…
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