COLLEGE OF THE BAHAMAS FACULTY READY FOR THE DRILL BIT: PROTECTING THE ENVIRONMENT PAUL GUCWA ASHLI MUNNINGS CHIEF OPERATING OFFICER BUSINESS MANAGER 21 February 2013
Regional Setting Announced November Spud Repsol dry hole Petronas dry hole Pdvsa dry hole 1
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…
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 3
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…
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…
Norway: A Good Example Electricity production in Norway 2011 (by source of…
Protecting The Environment: Oil and Gas Activity Already Exists Oilfields Abaco Grand Atlantic Ocean Refineries Bahama Terminals GT. Isaacs Storages Eleuthera Williams Joides 101 Historic Joides 98 Boreholes Coastal State…
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…
Protecting The Environment: Carefully Designed Well Plan Water depth at location: 1,500 feet Planned well depth: 22,500 feet 1 year to plan, 120 days to drill Anticipated well cost: 120 million 3D seismic data to safely plan well…
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…
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: 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…
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:…
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