READY FOR THE DRILL BIT: PROTECTING THE ENVIRONMENT Bahamas Conference of Seventh Day Adventists - Leadership 19 November 2012
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:…
Regional Setting Announced November Spud Repsol dry hole Petronas dry hole Pdvsa dry hole 3
Key Points Bahamas Petroleum is working to: Maximize value growth to its shareholders we want Bahamians to become shareholders/owners 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 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…
Experienced Management Team The BPC management team has over 70 years experience in the oil and gas business across a wide range of countries, environments, and types of resources Onshore, Offshore, Artic, Deep-water, Heavy Oil, and…
Required Elements for an Oil Accumulation Source Reservoir Trap Seal Maturation Migration Source rocks 8
Seismic: The Primary Tool Sound reflects off the rock layers 1 meter Increase in Impedance Decrease in Impedance Source: AAPG/ExxonMobil/Schroeder 2004 9
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 11
Top Cretaceous Structure: 3D Image 12
Top Cretaceous Structure: Map Fold C Fold B Trend A 10 Kms Fold B Extends from 2000 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
Proposed Exploration Well: 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 Location: Southwest corner of…
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 cont) 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
Environmental Setting: Proposed and Existing Oil and Gas Activity Announced November Spud Tanker route Cuba dry holes 21
Be Prepared: First Priority Placed on Human and Environmental Safety Environmental Impact Assessment Environmental Management Plan Worst case discharge Oil Spill Modeling Oil Spill Response Plan 12 months of well planning with…
What is an EIA and EMP Environmental Impact Assessment (EIA) Identifies the following: Existing conditions Potential level of impacts (natural, social and economic) Sensitive areas Mitigation measures Rig & Site Specific…
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…
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 before we spud our…
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 effectively in the event of…
Clean Caribbean and The Americas/Oil Spill Response 27
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