MITIGATING RISKS: READY FOR THE DRILL BIT Bahamas Society of Engineers 17 October 2012
Key Points Bahamas Petroleum is working to: Maximize value growth to its shareholders we hope soon this will include many Bahamians Ensure wealth and opportunity creation for the Bahamian people and nation Growth and development of…
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 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…
Regional Setting Announced November Spud Repsol dry hole Petronas dry hole 5
Late Cretaceous and Early Tertiary Compression Masaferro (1997) 6
Required Elements for an Oil Accumulation Key Elements: Reservoir Trap Source Rocks Maturation and Migration Source rocks 7
The Ideal Seismic Response shape and properties Able to resolve boundaries of beds a few meters thick 1 meter Increase in Impedance Decrease in Impedance Source: AAPG/ExxonMobil/Schroeder 2004 8
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 11
Top Cretaceous Structure Fold C Fold B Trend A 10 Kms Fold B Fold C Top 700m Top 950m Vertical 750m Vertical 350m closure 423 km2 closure 63 km2 Area (104,526 acres) Area (15,814 acres) 12
Seismic lithology 13
Seismic facies Perseverance 1 Location 14
Perseverance 1 15
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 19
Subsea Development for the Production of Oil 20
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 minimal Exploration Well; may not encounter producible hydrocarbons Geology is considerably different from the Gulf of Mexico 5 wells drilled previously in The Bahamas (1947…
Historic and Proposed Drilling Announced November Spud Repsol dry hole Petronas dry hole 23
World Crude Oil Tanker Movements Bahamas 24
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…
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 Shares will be made available to Bahamians Ensure wealth and opportunity creation for the Bahamian people and nation Growth and development of…
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