Exploration Analysts Afternoon Part 2-PRINT - Welcome | · PDF file ·...
Transcript of Exploration Analysts Afternoon Part 2-PRINT - Welcome | · PDF file ·...
Asia Exploration
December 2011
Exploration in Asia
• Building the portfolio and knowledge to deliver value
• Play master approach in the Nam Con Son Basin
• Exploiting new plays in Indonesia
• Strategy for organic growth in Asia
December 2011
Premier Oil exploration in Asia Rift Basins
The majority of the worlds petroleum resources are found in 3 basin types:• Passive Margins: e.g. West Africa / SE Brazil, NW Australia and the Gulf of Mexico• Fold-belts / Forelands: Western Canada, Columbia, Iran / Iraq / Saudi Arabia and Pakistan• Rift Basins: e.g. North Sea, SE Asia, onshore Africa and West Siberia
Because of its history and its current position Premier has a competitive advantage in exploring the rift basins of SE Asia.
December 2011
Exploration in SE Asia - Strategy
December 2011
Southeast Asia’s Rift Basins
The continental Tertiary rift basins of SE Asia (in Yellow) formed and evolved over the last 50 MM years in response to regional tectonic forces, especially India’s collision with Eurasia.
Rift Basin Evolution1. Early Rift – Source Rocks
2. Late Rift – Reservoirs, Seals
3. Post-Rift – Traps, Maturity
December 2011
Premier Oil exploration in Asia Rift Basins
Premier Oil began exploring Asia in 1986 with the B11/27 concession offshore of S. Thailand.B11/27 was located over the undrilled Songkhla and Nakhon Tertiary rift basins.
1986
B11/27
December 2011
Premier Oil exploration in Asia Rift Basins
With the first well in B11/27 Premier Oil discovered the Songkhla oil field. Encouraged by this success, Premier signed two new rift basin blocks in Myanmar, M13 & M14.
1988
Songkhla-1
M13/M14
LEARNINGS
December 2011
Myanmar exploration – Yetagun discovery
On the new seismic data, on the margin the TanintharyiBasin, out in the open Gulf of Martaban was a tantalizing…
Premier’s first Offshore Myanmar seismic survey - 1990
December 2011
Myanmar exploration – Yetagun discovery 1991
Flat Spot!
A direct indication of gasin the subsuface …. A low risk exploration target in a frontier area!
December 2011
Premier Oil exploration in Asia Rift Basins
Cambodia IV
Pangkah
Halmahera
M101995
Following the Yetagun discovery Premier expanded it’s Tertiary rift basin holdings into a fourth Myanmar block; M10, a Cambodia block and two Indonesia blocks.
LEAR
NING
S
December 2011
Premier Oil exploration in Asia Rift Basins
1997
Kakap
Cumi Cumi
Natuna A
1997
In 1996 Premier secured it’s first operated acreage in Indonesia and in 1997 added the non operated Kakap production asset and the Cumi Cumi exploration block, developing a focus position in the West Natuna Basin.
December 2011
Indonesia – Natuna Sea Block A
Anoa
Natuna Sea Block A, located over the West Natuna Basin contains classic inverted rift grabens. In the 1980s these features were exploited for oil but Premier saw the potential of the Singapore energy market and set about exploring for gas…..
S
Naga-1
N
Gajah Baru
December 2011
Premier Oil exploration in Asia Rift Basins
NW Natuna 1
1997-1998
In 1997 Premier discovered gas in Gajah Puteri-1 and Pelikan-1. In 1998 Ujung Pangkah-1 discovered oil and gas. A fourth W Natuna block, NW Natuna 1, was added.
December 2011
Indonesia – Natuna Sea Block A
Gas ResourcesNo Certified Gas
In 1996 Natuna Sea Block A contained the stranded Anoa Field gas, nominally 476 bcf, plus 3 old exploration wells that had tested gas.
1996
Gas Reserves (2P)2009 Certified Gas Reserves
Anoa Field 1192 BCF
Beruang 32 BCF
Gajah Puteri 150 BCF
Bison 57 BCF
Pelikan 158 BCF
Naga 137 BCF
Iguana 29 BCF
Gajah Baru 353 BCF
Total 2108 BCF
2002
Natuna Sea Block A Gas
Through a combination of exploration and appraisal Premier Oil has built the Natuna Sea Block A gas resources from 476 BCF to over 2.1 TCF. All of this gas has been commercialized through gas sales to Singapore and Indonesia.
This success came about as the result of extensive geological and geophysical work. With this experience and knowledge Premier Oil has become a Basin Master in West Natuna.
December 2011
Premier Oil exploration in Asia Rift Basins
2003
In 2003 Premier sold Myanmar and Pangkah to buy two major shareholders out of Premier. This restructuring freed Premier to grow shareholder value.
December 2011
Premier Oil exploration in Asia Rift Basins
12W 107/03
Tuna
Buton – learning’s from Pakistan; stepping stone into East Indonesia under the frontal fold belt theme
NSBA
104
LEARNINGS
Using our Tertiary rift basin knowledge Premier acquired interests in two Vietnam blocks, 12W & 07/03. Followed by NSBA in 2005, Tuna and Buton in 2007 and Block 104 in 2008.
2004-Present
December 2011
Exploration in Asia – historic performance
• Starting as a Frontier Explorer in Thailand and Myanmar, Premier built a position in the region. Premier evolved to a basin-focussed Play Master through exploring for gas to build the West Natunagas project. The petroleum systems Knowledge gained in West Natuna enabled successful expansion into Vietnam.
• From 1988-2011 58 wildcats have been drilled.
• 17 oil and gas field have been found: – 15 Commercial fields– 2 under appraisal or being commercialised
• Overall commercial success rate: 30%
• All discoveries are within Tertiary rift Basins
• Premier has discovered 1.3 billion boe (Premier net 500 mmboe) of resources in SE Asia
• Premier has created Value in Asia, and it has been created from Rift Basin exploration
1400
Premier Discoveries 1988-2011 (gross mmboe)
1000
800
400
200
01988 1992
600
1200
1996 2000 2004 20122008
December 2011
Nam Con Son exploration and future potential
December 2011
Natuna:Biawak Besar
Natuna:Anoa Deep
.
Buton:Benteng
Aceh: Matang
Blk 07:Silver Sillago
Blk 07:Blue Marlin
Aceh: Peudawa Rayeu
VietnamBlock 12W: CS NW
Asi
a (n
on N
CS)
Asi
a N
am C
on S
on B
asin
Tuna:KudaLaut
Tuna:SingaLaut
Blk 07: CRT
Blk 07: AD
Blk 07: Mackerel
Blk 07: Cobia Leads
VietnamBlock 12W: CS
DEEP VietnamBlock 07: CRD NE
Blk 07: Stingray
Blk 07: Albacore
Blk 07: Ca Loc
Tuna: CacingLaut
Tuna: Gaja LautBarat
Tuna: Kur Kura
LeadsTotal Unrisked: 240Total Risked : 68
ProspectsTotal Unrisked: 152 Total Risked: 38
Mature ProspectsTotal Unrisked: 0Total Risked: 0
AppraisalTotal: 19
AppraiseDrillEvaluate
Acquire Licence gate
Drill Decisiongate
AppraisalApproval Gate
ProjectExtension
Gate
Prospect potential resourcemmbo (net unrisked):
NAM CON SON
QUOTED
Pre-Development
Nam Con Son Basin – exploration portfolio funnel
December 2011
Chim Sao North West
Chim Sao
Zoom
Chim Sao
Line 4070
• Chim Sao Near Field Exploration 2012• Resource potential 7 to 12mmbo plus upside subject to appraisal
Chim SaoCSNW Far
CSNW NN
Line 3614
Shallow Anomalies associatedWith CSNW Far Fault
December 2011
Gajah Laut UtaraBelut Laut
Silver Sillago
CRD NEBlue Marlin
AD Deep
Mackerel
Singa Laut
Top OligoceneStructure Map
CRD
Cobia Leads
Key prospects in Tuna and Block 07/03 acreage
December 2011
Silver SillagoChim SáoSW NE NW SE
CS
-2X
Top NCS
Top Basement
Top Cau
MMU
Dua
MMU
Top BasementTop Cau
MDS5
• Similar proximal access to source package
• Fault seal remains a key riskSilver Sillago Line
Chim Sáo Line
Direct access toBright Lower-Cau
SR package
Chim Sao field vs. Silver Sillago
December 2011
• Similar proximal access to source package• Fault seal is other key risk• Direct Hydrocarbon indicators in Kuda Laut
Sing Laut
Top NCS
Top Basement
Top Cau
MMU
Dua
Kuda Laut
Chim SáoSW NE
CS
-2X
MMU
Top BasementTop Cau
MDS5
W ESinga LautKuda Laut
Direct access toBright Lower-Cau
SR package
Singa Laut Line
Chim Sáo Line
Chim Sao field vs. Singa Laut
December 2011
Nam Con Son Basin – exploration portfolio funnel
Natuna:Biawak Besar
Natuna:Anoa Deep
.
Buton:Benteng
Aceh: Matang
Aceh: Peudawa Rayeu
VietnamBlock 12W: CS NW
Asi
a (n
on N
CS)
Asi
a N
am C
on S
on B
asin Blk 07:
CRT
Blk 07: AD
Blk 07: Mackerel
Blk 07: Cobia Leads
VietnamBlock 12W: CS
DEEP VietnamBlock 07: CRD NE
LeadsTotal Unrisked: >240Total Risked :>68
ProspectsTotal Unrisked: 152 Total Risked: 38
Mature ProspectsTotal Unrisked: 0Total Risked: 0
AppraisalTotal: 19
AppraiseDrillEvaluate
Acquire Licencegate
Drill Decisiongate
AppraisalApproval Gate
ProjectExtension
Gate
Prospect potential resourcemmbo (net unrisked):
NAM CON SON
QUOTED
Pre-Development
Blk 07: Albacore
Blk 07: Ca Loc
Tuna: CacingLaut
Tuna: Gaja LautBarat
Tuna: Kur Kura
Blk 07:Silver Sillago
Blk 07:Blue Marlin
Tuna:KudaLaut
Tuna:SingaLaut
December 2011
Indonesia exploration
December 2011
Natuna A PSC
Prospect Inventory Review completed.
Preparations for drilling Anoa Deep and Biawak Besar in Q1 2012.
NSBA & Buton PSC
Preparations for drilling Benteng(Buton) and Matang (NSBA) in 2012.
New Ventures
West Tuna JSA awarded, executing study.
Andaman II JSA Approved. Awaiting execution.
Eastern Indonesia Frontier basin study Underway.
Tuna PSC
Drilled Gajah Laut Utara and BelutLaut. Confirmed oil source rocks present.
Oil and gas shows provide evidence of working petroleum system elements in both previously un-drilled frontier sub-basins. Oligocene reservoir, seal, & source proven. Miocene failed due to lack of access to hydrocarbon charge.
NSBA PSC (41.67%)2011 Drilling rig delay
Andaman II JSA (40%)Approved, awaiting award
Tuna PSC (65%)Gajah Laut Utara & Belut Laut (2011)P&A with oil & gas shows
West Tuna JSA (100%)Awarded April 29, 2011Executing study
Kakap PSC (18.75%)Seismic reprocessing
Natuna A PSC (28.67%)2011 Drilling rig delay
Buton PSC (30%)2011 Drilling rig delay
Indonesia exploration – 2011 activity summary
December 2011
Deltaic system
Meandering
Gajah Baru field
Naga Field
Pelikan Field
Iguana Field
DistributaryMouth Bars Distributary/Tidal
ChannelDistributary
Channel
Dist Channel
CrevasseChannel
CrevasseChannel
The mouth bar is cut by ayounger generation of channels (IFV?)
Opportunity for extension of Delta Plain Stratigraphic Trap Play
Opportunity for extension of Delta Front Stratigraphic Trap Play
Ca3Ca5
Ba12
Pay Seismic
Pelikan-1 AI-1X Iguana-1
Seismic Attributesof Ma-Ca3 Interval
Fluid Detection Volume – 3D Inversion
Arang GrossDepositionalEnvironment
Fluid Detection Volume – 3D Inversion
Indonesia exploration – Natuna PSCBiawak Besar play fairway
December 2011
Natuna A PSC
Drill Anoa Deep & Biawak Besar(Q12012).
Complete post well studies and incorporate into Arang regional play fairways.
Prospect maturation for 2013/14 drilling as part of the Pelikan and Naga development drilling campaign.
NSBA & Buton PSC
Drill Benteng (Buton) and Matang(NSBA).
Complete post well studies and incorporate into regional Peutu(NSBA) & Tobelo (Buton) play fairways.
Kakap PSC
Safely execute 2D seismicacquisition in time frame and budget.
New Ventures
Complete West Tuna JSA.
Execute Andaman II JSA.
Leverage 2012 drilling results (Biawak Besar, Benteng, & Matang) for opportunity identification in Natuna A, Buton, NSBA, and surrounding areas.
Tuna PSC
Completion of post well studies and incorporate into regional play fairways.
Prospect maturation for 2013 drilling.
Indonesia exploration – 2012 looking forward
NSBA PSC (41.67%)Matang Q2 2012
Andaman II JSA (40%)Execute study
Tuna PSC (65%)Propspect maturation for2013 drilling
West Tuna JSA (100%)Complete study
Kakap PSC (18.75%)2D Seismic acquisition
Natuna A PSC (28.67%)Anoa Deep & Biawak Besar Q1 2012Propect maturation for 2013+ drilling
Buton PSC (30%)Benteng Q1 2012
December 2011
Asia exploration – growth for the future
December 2011
SE Asia Creaming Curve• 125 years of exploration in Indonesia, Malaysia,
Thailand, Brunei, Vietnam, Myanmar and Cambodia and Laos.
• 6216 exploration wells found 123 billion BOE of oil and gas to 2008.
• Two creaming curve trends are discernable, the most recent from 1987 to the present. The renewed trend is due to gas commercialization, widespread use of 3D seismic, deep water exploration and political changes.
• The number of discoveries (black line) remains remarkably proportionate to the number of wells drilled (about one discovery for every five wells, on average). Discovery size is currently averaging about 63 MMBOE.
• Predicted Ultimate: 57 billion BOE remains to be discovered.
130
SE Asia Creaming CurveCumulative BOE Discovered (Billions of Barrels)
80
70
30
20
00 1000
40
90
2000 3000 4000 70005000 6000
10
50
60
100
120
110
Exploration in SE Asia – remaining potential
December 2011
Some Significant Discoveries in Last 3 years• Premier Oil 07-CRD-1X : 100 MMBOE• Husky Liwan Play : 4 TCF / 670 MMBOE• BG Qiongdongnan : 2 TCF / 330 MMBOE• Brunei Shell Geronggong : 300 MMBOE• Anadarko Badik : 41 MMBOE• ENI Janggrik : 1.5 TCF / 250 MMBOE• Genting Kasuri : 1.5 TCF / 250 MMBOE• ExxonMobil Vietnam Block 118-CVX-2X : 3 TCF / 500 MMBOE
~ 2.5 billion BOE new resources discovered
Of these Husky’s, ExxonMobil’s & Premier’s CRD (Oligocene) are new play openers
In addition, two other discoveries are considered play opener’s :• Newfield D/W Sarawak : Extends gas play
further outboard • Plains Vietnam Block 124 : Basin opener?
Exploration in the Asia RegionWhat’s working?: Many of the recent discoveries have been made by pursuing known petroleum systems into deeper water. Some new areas have also been opened up by transferring known plays to new areas.
Discoveries in New AreasExtensions of existing Areas
PXP Block 124 124-CMT-1X (oil+gas)
Newfield Block 2C Paus-1 (D/W gas)
Genting Kasuri PSCAsap-1 (gas)
Anadarko Nunukan PSCBadik-1 (gas+oil)
ENI Kutei BasinJanggrik-1 (gas)
BG China Qiongdongnan22-1-1 (Deep Water gas)
Husky PRMBLiwan 3-1-1
Brunei ShellGeronggong-1 (D/W oil)
Premier Block 07/0307-CRD-1X Discovery
ExxonMobil Block 118118-CVX-2X (gas)
Exploration in SE Asia – recent discoveries
December 2011
Exploration in SE Asia - Strategy
December 2011
Old1 Play MasterThe areas we know best• The West Natuna core area will reliably
deliver ongoing incremental value.• Exploration acreage in E Natuna/NCS
and N Sumatra contain attractive prospects with very significant potential.
• ENV in our focus areas.
Old
Exploration in SE Asia – strategy
December 2011
Old1 Play MasterThe areas we know best• The West Natuna core area will reliably
deliver ongoing incremental value.• Exploration acreage in E Natuna/NCS
and N Sumatra contain attractive prospects with very significant potential.
• ENV in our focus areas.
Old
OldNew 2 Knowledge Transfer
Transfer Tertiary rift knowledge to other basins. • This took us from Thailand into Myanmar,
then Indonesia and then Vietnam.• Cross fertilization of exploration assets• The primary strategy for successful
Exploration New Ventures
Exploration in SE Asia – strategy
December 2011
Old1 Play MasterThe areas we know best• The West Natuna core area will reliably
deliver ongoing incremental value.• Exploration acreage in E Natuna/NCS
and N Sumatra contain attractive prospects with very significant potential.
• ENV in our focus areas.
Old
OldNew 2 Knowledge Transfer
Transfer Tertiary rift knowledge to other basins. • This took us from Thailand into Myanmar,
then Indonesia and then Vietnam.• Cross fertilization of exploration assets• The primary strategy for successful
Exploration New Ventures
New3 New Themes & CapabilitiesBuild into new plays and utilize new technologies. • Seimic inversion techniques• Anoa Deep basal syn-rift exploration in
Natuna A• Biawak Besar stratigraphic traps in West
Natuna with ENV in adjacent areas
Old
Exploration in SE Asia – strategy
December 2011
OldNew 2 Knowledge Transfer
Transfer Tertiary rift knowledge to other basins. • This took us from Thailand into Myanmar,
then Indonesia and then Vietnam.• Cross fertilization of exploration assets• The primary strategy for successful
Exploration New Ventures
New4 Transformational GrowthFrontier exploration gave Premier major growth with Yetagun. Increasing core maturity pushes us to the frontiers. • Buton wildcat• Eastern Indonesia• Other underexplored areas incl. deep water Tertiary Rift basins.
New
Old1 Play MasterThe areas we know best• The West Natuna core area will reliably
deliver ongoing incremental value.• Exploration acreage in E Natuna/NCS
and N Sumatra contain attractive prospects with very significant potential.
• ENV in our focus areas.
OldNew
3 New Themes & CapabilitiesBuild into new plays and utilize new technologies. • Seimic inversion techniques• Anoa Deep basal syn-rift exploration in
Natuna A• Biawak Besar stratigraphic traps in West
Natuna with ENV in adjacent areas
Old
Exploration in SE Asia – strategy
NewNew 4 Transformational Growth
Frontier exploration gave Premier major growth with Yetagun. Increasing core maturity pushes us to the frontiers. • Buton wildcat• Eastern Indonesia• Other underexplored areas incl. deep water Tertiary Rift basins.
December 2011
Exploration in SE Asia – strategy
• Play Master : Ongoing exploration in our established core areas, both in existing licences and in future licences nearby.
• Knowledge Transfer : Use our knowledge gained from successful exploration to find new exploration opportunities in the region.
• New Themes and Capabilities : New life for our existing assets through the addition of new plays.
• Frontier Exploration : Find new plays in new areas through knowledge transfer from other regions and detailed basin analysis.
December 2011www.premier-oil.com December 2011