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December 2015 Coporate Update – Det Norske

Det Norske · Dec 20, 2015 · 40 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. December 2015 Coporate Update – Det Norske – slide 1
  2. December 2015 Coporate Update – Det Norske – slide 2
  3. December 2015 Coporate Update – Det Norske – slide 3
    THE BIG PICTURE A challenging, but necessary crisis Upstream costs have nearly tripled over the last 10 years, similar to oil prices 140 Full cycle cost vs brent oil price 130 120 Other 110 Tax 100 Production 90 Development…
  4. December 2015 Coporate Update – Det Norske – slide 4
    THE BIG PICTURE Spending and costs are decreasing as a response E&Ps changed their plans mid-way through... ... including Det norske E&P spending estimates for next year vs. actuals Reached the ambition to reduce 2015 expenditures 20%…
  5. December 2015 Coporate Update – Det Norske – slide 5
    RESERVES AND PRODUCTION OUTLOOK In a strong position to benefit in the longer term... Pro-forma P50 reserves, end 2014 Indicative production profile Johan Reserves Upsides Sverdrup Alvheim; 89 (pro-forma); 271 477 Vilje; 10…
  6. December 2015 Coporate Update – Det Norske – slide 6
    IMPROVEMENT PROGRAMME ... but we continuously work to improve We are already a top performer... ... but we work improve Alvheim achieved top quartile performance in 2014, Initiating a long-term improvement programme to and Ivar Aasen is…
  7. December 2015 Coporate Update – Det Norske – slide 7
    STRATEGIC PRIORITIES Drive execution and build optionality Drive execution Build optionality Deliver Ivar Aasen Continue to optimize the capital structure Maximise value from the Alvheim area Deliver on cost efficiency Optimize…
  8. December 2015 Coporate Update – Det Norske – slide 8
    PRODUCTION AND DEVELOPMENTS Concentrated in two core areas Utsira High Greater Alvheim area
  9. December 2015 Coporate Update – Det Norske – slide 9
    PRODUCTION AND DEVELOPMENTS High activity level with high performance OCT 14 JAN 15 APR 15 JUL 15 SEP 15
  10. December 2015 Coporate Update – Det Norske – slide 10
    BUSINESS DEVELOPMENT Acquisition of Svenska Petroleum Exploration AS Map of assets Cash consideration of USD 75 million Increased ownership in attractive assets with resource upside potential 13 licenses and 15 employees…
  11. December 2015 Coporate Update – Det Norske – slide 11
    BUSINESS DEVELOPMENT Acquisition of Premier Oil Norge AS Map of assets Cash consideration of USD 120 million Increased optionality at an attractive price 10 licenses and 26 employees Operator of the Vette (50%) development with…
  12. December 2015 Coporate Update – Det Norske – slide 12
  13. December 2015 Coporate Update – Det Norske – slide 13
    PROJECT OVERVIEW Asset profile: Ivar Aasen and Hanz Operated, 35%1 working interest Area map PDO for Ivar Aasen was approved on May 21, 2013 Gross P50 reserves of 204 mmboe Production to reach 67,000 boepd at plateau Final processing…
  14. December 2015 Coporate Update – Det Norske – slide 14
    PROJECT OVERVIEW History 1965-69: Esso operator for PL 001/PL 028 2012: Selects joint development solution with Edvard Grieg (Lundin) 1997: Hanz discovered PL 0028 2012: Plan for Development and Operation 1999: Esso operator for PL…
  15. December 2015 Coporate Update – Det Norske – slide 15
    PROJECT OVERVIEW Strong partnership Partners: Det norske: 34.7862% (operator) Statoil: 41.4730% Bayerngas Norge: 12.3173% Wintershall Norge: 6.4651% VNG Norge: 3.0230% Lundin Norway: 1.3850% OMV Norge: 0.5540%
  16. December 2015 Coporate Update – Det Norske – slide 16
    PROJECT OVERVIEW A global project Hokksund: Mechanical couplings and pipeline Trondheim: Aasen-Grieg Project management Oslo: Trondheim: Pipelines and cables Operations Trondheim/Oslo: Stord: EICT Living quarters Kuala…
  17. December 2015 Coporate Update – Det Norske – slide 17
    HSE Health, safety and the environment comes first Our commitment and that of our partners: Zero HSE incidents Engaged and committed leadership Work actively with HSE Open and honest culture The right to stop unsafe work…
  18. December 2015 Coporate Update – Det Norske – slide 18
    HSE HSE Performance Extensive operational activities in 2015 Drilling, Jacket installation, pipeline installation, trenching and rock-dumping, Topside- and LQ construction Man-hours year to date (cut-off October); 7.15 mill Man-hours…
  19. December 2015 Coporate Update – Det Norske – slide 19
    PROJECT ACHIEVEMENTS IN 2015 On track to secure first oil Q4 2016 JAN 15 APR 15 MAY 15 JUN 15 JUL 15 AUG 15 SEP 15 OCT 15 NOV 15 DEC 15
  20. December 2015 Coporate Update – Det Norske – slide 20
    PROJECT STATUS Upcoming milestones Safe Zephyrus JAN 16 MAR 16 MAY 16 JUL 16 SEP 16 NOV 16 DEC 16
  21. December 2015 Coporate Update – Det Norske – slide 21
    PROJECT STATUS Jacket installed on the field last summer The steel jacket was constructed by Saipem on Sardinia, Italy The jacket was lifted in place on the seabed 112 meters below sea level on 10 June Piling and grouting activities…
  22. December 2015 Coporate Update – Det Norske – slide 22
    PROJECT STATUS SURF SURF scope on track Lewek Express at spool base 2015 scope completed Installation of three pipelines between Ivar Aasen and Edvard Grieg were completed in September Rock installation on Ivar Aasen completed…
  23. December 2015 Coporate Update – Det Norske – slide 23
    PROJECT STATUS Drilling and Wells progress Drilling and well planned vs actuals Maersk Interceptor Planned Actual Geopilot wells 3 5 Deep set 27,5 days 13,8 days conductors Well 16/1-D-10 62,7 days 46,6 days Remaining wells before…
  24. December 2015 Coporate Update – Det Norske – slide 24
    PROJECT STATUS Drilling of production wells Meters/dry hole day (ex. core&log) by well1 Initiated drilling of production wells through Development wells between 2010 and jacket in mid-July 2015 on the NCS, targeting conventional…
  25. December 2015 Coporate Update – Det Norske – slide 25
    PROJECT STATUS Topside Minimizing offshore hook-up & commissioning scope M40 Module on Berth 14 Integrated Design Review to verify the design Timely delivery of EICT inputs to Construction and Commissioning Close co-operation to…
  26. December 2015 Coporate Update – Det Norske – slide 26
    PROJECT STATUS Topside - Construction progress photos Berth 14 M40 module valve installation M00 M120 HV room. Raised floor installation
  27. December 2015 Coporate Update – Det Norske – slide 27
    PROJECT STATUS Topside - Construction progress photos M00 Module Deck crane cable installation M00 Module M120 Compressor package
  28. December 2015 Coporate Update – Det Norske – slide 28
    PROJECT STATUS Topside - Construction progress photos Berth 9 M50 module removal from M00 Inspection of Hose Loading Station
  29. December 2015 Coporate Update – Det Norske – slide 29
    PROJECT STATUS Living Quarters Status Living Quarters EPC contract Overall progress 93 % Good HSE status Engineering activities Follow up of construction and documentation (as- built and LCI) Verification activities Procurement…
  30. December 2015 Coporate Update – Det Norske – slide 30
    PROJECT STATUS Living Quarters Construction progress photos All major installations completed Helicopter deck landed
  31. December 2015 Coporate Update – Det Norske – slide 31
    PROJECT STATUS Living Quarters Construction progress photos Furniture for emergency room is delivered Control room
  32. December 2015 Coporate Update – Det Norske – slide 32
    PREPARATION FOR START-UP Completion make platform ready for first oil Aibel hired and mobilized as hook-up contractor Incentive scheme established Detailed planning and preparations commenced Integrated team - Aibel people in…
  33. December 2015 Coporate Update – Det Norske – slide 33
    PREPARATION FOR START-UP Activities to start-up Edvard Grieg ready for Ivar Aasen summer 2016 as per agreement Ivar Aasen Edvard Grieg Integrated plan for tie-in activities to Edvard Grieg established Ivar Aasen readiness team…
  34. December 2015 Coporate Update – Det Norske – slide 34
    SCHEDULE BASELINE UPDATE Main premises Drilling Transport and Installation Predrilling of four oil producers and two additional Five topside offshore lifts wells prior to topside installation Topside installation commencement window in…
  35. December 2015 Coporate Update – Det Norske – slide 35
    Appendix
  36. December 2015 Coporate Update – Det Norske – slide 36
    THE IVAR AASEN PROJECT The major contracts Feed study of design solution by Aker Solutions in London Topsides delivered by SMOE and Mustang Engineering. Engineering in Woking/Kuala Lumpur and construction in Singapore and Batam…
  37. December 2015 Coporate Update – Det Norske – slide 37
    THE IVAR AASEN PROJECT Facts about the steel jacket Water depth: 112.7m Top of jacket above MSL: 25.0 m Total height of jacket: 137 m Weight jacket: 8 900 tonnes Capacity heavy lift vessel: 9 300 tonnes Design wave height (100…
  38. December 2015 Coporate Update – Det Norske – slide 38
    THE IVAR AASEN PROJECT Facts about the topside Capacity oil production 9 000 Sm3 Capacity water injection 28 000 Sm3 Dry weight 15 000 tonnes Operating weight 19 900 tonnes Size 108 x 38 m Design life 25 years Main system: Oil and…
  39. December 2015 Coporate Update – Det Norske – slide 39
    THE IVAR AASEN PROJECT Facts about the living quarter Built at Apply Leirvik, Stord In total 3 267 square metres Constructed in aluminium except lowest level in steel Weighs ca 2 000 tonnes Includes: 70 cabins Control room…
  40. December 2015 Coporate Update – Det Norske – slide 40

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