OGA/OGTC 30 th Round Technology Forum Standalone Solutions Hubs and Clusters Unlocking Marginal Developments

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1 OGA/OGTC 30 th Round Technology Forum Standalone Solutions Hubs and Clusters Unlocking Marginal Developments Standalone Unmanned Flexible Reusable Offshore Oil Production System 1

2 Agenda SeaCaptaur Overview Economic Model OGTC Design Premise Cluster Analysis Conclusions 2

3 System Overview Subsea 65,000 barrels TANK Production SPAR Shuttle TANKER Proven technologies in a new application, all equipment is re-usable on future projects at significantly reduced cost

4 SeaCaptaur Tank

5 SeaCaptaur Tank World s first double walled MARPOL compliant tank Seabed location simplifies architecture and reduces metocean forces Multiple foundation options: driven, drilled, suction piles or buckets. Leak monitoring through double wall Multiple thermal management options Can function as a second stage oil/water separator Scalable: 65k-750k bbls. Connected to SPAR base via riser Flex Joint Production manifold integrated with tank Ability to recover and refurbish on a slipway Reusability tank drives superior economics Approximate CAPEX $28m 5

6 Spar Spar can either be tank or seabed mounted Hosts a SCADA controlled, fully automated conventional process system Very low acceleration and motion range for all but extreme metocean events Self installable with DSV assistance Plug and play connection to subsea architecture Equipment and machinery can be pre-commissioned before fitting into hull Top to bottom access - manway, hoist, lift system MTBF redundancy philosophy Critical spares and tools preinstalled Triple fuel operation - diesel start and crude/gas fuelled Comprehensive remote monitoring Approximate CAPEX $65m

7 The Ideal Standalone Field No production infrastructure close by million barrels recoverable m water depth Low gas/oil ratio API Crude Lower risk reservoir Recoverable volumes can drop to 5 million barrels in a cluster development 7

8 SeaCaptaur Economic Model 8

9 OGTC Standalone Design Premise OGA/OGTC provided two cluster scenarios for SeaCaptaur to evaluate and determine whether the technology could potentially offer a commercially viable field development solution Recoverable reserves, production profiles, properties and separations provided Collaborative exercise with OGTC to work on solutions SeaCaptaur economic model used to carry out detailed economic analysis 9

10 OGTC Cluster One and Two 10

11 SeaCaptaur Assumptions Oil remains at $50 plus 2% inflation year on year No discount to Brent crude Production limit of 10k per day Gas used as energy source, balance to flaring. 330 operational days per year Shuttle tanker costs are $6 per barrel Chase boat is on 365 day service but shared in multifield examples All SeaCaptaur maintenance and operational costs included Drilling and basic subsea costings are included Cost of capital is added at 10% Field specific FEED included in costs Re-use at approximately 50% of original CAPEX costs All NPV calculations are at 11.2% All calculations are pre-tax and P&A 11

12 Cluster One Analysis Two fields A (3.6m bbls.) and B (11.4m bbls.) Need to do further work to include existing facility capacity Five scenarios considered 1) A & B as two separate developments 2) A & B into one SeaCaptaur unit 3) B then A in series 4) Stress test on option 2 5) Impact of oil price on standalone field B 12

13 Cluster One NPV Summary Scenario Field A Field B Cluster Total Comments 1. A and B Standalone 2. A and B Single Unit 3. B First Use A Re-use 4. Scenario 2 Stress Test Field B (11.4 mmbbl.) Generates Positive NPV with First Use (Standalone) Combined Production Generates Highest Returns. Field A still has a significant negative NPV Re-use improves NPV by 30% % CAPEX overrun and 33% higher shuttle cost still shows some positive cash flow All Values in million $, Real and Discounted at 11.2% 13

14 Cluster One Optimal Solution Key Information NPV (11.2%) = $102.9m IRR = 22% Field Development CAPEX = $193.7m Total OPEX (Inc SeaCaptaur Costs) = $453.3 Total Revenue = $810.5m 14

15 Cluster Two Analysis Five fields P (10m bbls.), Q (2m bbls.), R (5m bbls.), S (2m bbls.), T (7m bbls.) Given results from Cluster One only P, R & T considered at this stage Four scenarios reviewed 1) P, R & T standalone 2) P, T & R in series 3) P from one unit and T + R from a second unit 4) Stress test on option 3 15

16 Cluster Two Summary Scenario Field P Field R Field T Cluster Total Comments 1. P, R, T Standalone Only Field P has a positive NPV 2. P, R, T Series Re-use Improves Field R s NPV by 34%, similar improvement in T, but still not economic 3. P 1 Unit, R,T 1 Unit 4. Scenario 3 Stress Test Optimal cluster economics with facility and chase boat sharing. Still to consider modular and scale tank options % CAPEX overrun and 33% increased shuttle cost is still breakeven All Values in million $, Real and Discounted at 11.2% 16 16

17 Cluster Two Current Optimal Solution Key Information NPV (11.2%) = $99m IRR = 19% Field Development CAPEX = P $130.2m T + R = $209m Total OPEX (Inc SeaCaptaur Costs) = P $319.5m T + R $401m Total Revenue = P $525.5m T + R $684.1m 17

18 Oil Price Sensitivity Analysis NPV ($) Cluster One, Field B standalone $50 $60 $70 $80 $90 $100 Oil Price $/bbl NPV 11.2 Field B at 11.6 million recoverable had a breakeven NPV of just below $50 Only a modest improvement in the oil price significantly improves the situation SeaCaptaur continue to carry at screening at $50 with a 2% annual inflation Standalone Field Economics Our conclusions on field size are that a recoverable volume of million barrels is required for breakeven on a standalone field This number reduces towards 4 million barrels as the oil price approaches $100 Recoverable volume (million bbls.) Oil Price $ 18

19 Conclusions At the current oil price the safe recoverable reserve for a single field is around million barrels Re-use of the SeaCaptaur unit significantly improves the economics Sharing a common unit has a similar impact SeaCaptaur need to look at tank clustering and tank scale All of the OGTC cluster examples struggle with late production economics A modest rise in the oil price massively improves the economics Only serial or shared scenarios can withstand an OPEX and CAPEX stress test More work needs to be done on better defining the non SeaCaptaur costs Recent subsea costings provided by OGTC may lead to a serial development approach Gas consumption calculations need some refinement 19

20 Way Forward Where is SeaCaptaur? SeaCaptaur strongly believes that our concept is an opportunity to maximise economic recovery by unlocking small pools and extending the life of old pools All components of the system are covered by patent Working with OGIC on process systems and hydrodynamic analysis of the system Spar and Tank proof of concept design studies by INTECSEA Working with several industrial partners on advancing the system towards first build A possible solution? The OGTC cluster study clearly shows the benefit of serialisation and a multifield solution New collaborative ventures involving several fields/owners is the best way to maximise economic recovery Are we ready for this in the UKCS? 20