" The Future of Drilling R&D"
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1 Mike Harr is 1 DEA Meeting 3Q2002 " The Future of Drilling R&D" An Independent View Mike s Thoughts P. Michael Harris Director - World Wide Drilling Apache Corporation August 22, 2002 Apache World 23% Canada MC 10% 13% 26% Southern GOM Argentina Poland Egypt 13% 15% China Australia * Estimated 2001 Production Distribution after Planned Acquisitions Mike Harr is 2
2 Mike Harr is 3 Offshore Region Established operations in nd largest holder of producing acreage on the shelf 4 th largest producer on the shelf Operate 170 platforms 4Q00E production: 90 Mboe/d Apache Corporation A Growth Company Mike Harr is 4
3 Mike Harr is 5 Apache Corporation A Growth Company Past Performance Fueled by Acquisitions Apache Significant Acquisitions and Mergers Repsol - Egypt Western Desert (2001) Fletcher Challenge - Canada (2001) Phillips (Zama) - Canada (2000) Oxy - Gulf of Mexico (2000) Collins &Ware - Texas (2000) Shell - Canada (1999) Shell - Gulf of Mexico (1999) Mobil - Australia (1997) Phoenix - Egypt (1996) Dekalb, Texaco - (1994) Hall Houston, Hadson (1993) Amoco MW Properties (1991) Mike Harr is 6
4 Mike Harr is 7 Market Capitalization of Some Independents Market Cap OXY APC UCL MRO BR APA DVN ETP Company KMG EOG MUR OEI NXY PXD NBL Apache Corporation A Growth Company Past Performance Fueled by Acquisitions Future Performance Depends on Technology Corporate Technology Strategy Identify Appropriate Technology Implement Mike Harr is 8
5 Mike Harr is 9 West Mediterranean Concession Activity Mediterranean Sea Deepwater: 1,488 Sq. km Repsol/ BPA: 945 Sq. km Offshore: 740 Sq. km Onshore: 140 Sq. km Oil Fields Gas Fields Prospects Apache Acreage 3D Seismic Questions What is Technology? What is Research? Who funds it? Who uses it? Mike Harr is 10
6 Mike Harr is 11 Technology Greek - "study of know-how Webster - a technical method of achieving a practical purpose Old Oil & Gas Professional - Research Older Oil & Gas Professional - Something someone else wants me to do that I can t do because I don t want to. Our Definition - Make Money with Know-How Disruptive Technology: The Internet Users Online Online Users In the U.S. Milions of Users (Nielson Internet Demographic Survey 1999) Year Mike Harr is 12
7 Mike Harr is 13 Oil Industry workers vs. Internet Users Percent Use Internet USA Europe Other SEG Under Age Ranges Over 75 Unknown (Nielson Internet Demographic Survey 1999) Growth in GDP per Worker Percent 's 1980's 1990's Mike Harr is 14 Source: Federal Reserve Bank of Dallas, 1999 Annual Report
8 Mike Harr is 15 When Do You Need Technology Must Do What We Are Doing DIFFERENTLY When Do You Need Technology Must Do What We Are Doing DIFFERENTLY Must Do Something DIFFERENT - Like Someone Else in the Industry is Doing Homework, sharing best practices, training Mike Harr is 16
9 Mike Harr is 17 When Do You Need Technology Must Do What We Are Doing DIFFERENTLY Must Do Something DIFFERENT - Like Someone Else in the Industry is Doing Homework, sharing best practices, training Must Do Something VERY DIFFERENT - Like No One Else in the Industry is Doing Applied research, creativity, lateral thinking When Do You Need Technology Must Do What We Are Doing DIFFERENTLY Must Do Something DIFFERENT - Like Someone Else in the Industry is Doing Homework, sharing best practices, training Must Do Something VERY DIFFERENT - Like No One Else in the Industry is Doing Applied research, creativity, lateral thinking Must Do Something RADICALLY DIFFERENT - Like No One Else in the World is Doing True research Mike Harr is 18
10 Mike Harr is 19 When Do You Find Out You Need Technology During Project Stages Front End Loading Economics (risk mitigation) When Do You Find Out You Need Technology During Project Stages Front End Loading Economics (risk mitigation) When Change Occurs Competition gets better Prices Change (product or supplies, up or down) Nature (encounter what you didn t expect, expect what you didn t encounter - risk elimination) Emerging technology emerges Mike Harr is 20
11 Mike Harr is 21 Examples - Product Price Up Deepwater - dual activity drill ships Dual gradient drilling Intelligent completions High flow rate test and produce capabilities Examples - Product Price Down / Supply Prices Up Slim Riser Drilling Free Standing Risers Surface BOP Stacks Mike Harr is 22
12 Mike Harr is 23 Where Do You Get Technology At Home Training Next Door In house sharing of best practices Across the Street Industry sharing of best practices Around the World Applying technology from other industries or applications (creativity) Out of this world Research WHO BENEFITS FROM TECHNICAL INNOVATIONS? INNOVATOR Benefits by selling or licensing product Impacted by ability to protect idea Where do individual ideas get launched? COMPETITORS/COPIERS Benefits by doing something similar USERS Usually receives the most benefit by increasing production or lowering costs over time SUPPLIERS Benefit by capitalizing innovation Mike Harr is 24
13 Mike Harr is 25 Typical Improvement Economics Project Capex of $350 MM Development time 2 years 4 years to max production of 15,000 BOPD Improvement costs $3 MM initial investment in innovative improvement $500,000/yr increase in operating expense 15%improvement in cycle time and 5% reduction in CAPEX ROI from 67% to 82% NPV of innovation investment $32 MM WHAT HAS HAPPENED IN THE LAST 10 YEARS? WATER DEPTH DRILLING CAPABILITY SYNTHETIC DRILLING FLUIDS ADVANCES IN LOGGING WHILE DRILLING COILED TUBING DRILLING COMPLETIONS TECHNOLOGY INCREASED COMMUNICATIONS CAPABILITY INCREASED COMPUTING CAPACITY VISUALIZATION LINKS COST REDUCTIONS THROUGH PROJECT MANAGEMENT SUPPLY CHAIN MANAGEMENT Mike Harr is 26
14 Mike Harr is 27 WHAT WILL HAPPEN IN THE NEXT 10 YEARS? INCREASE IN COMPUTING CAPACITY INCREASE IN COMMUNICATIONS CAPABILITY??????? Dual gradient drilling Less casing strings Deeper water completions Smarter completions Reservoir management tools and techniques Look-ahead while drilling tools WHO IS INVESTING IN INNOVATION (RESEARCH)? MOST INDUSTRIES - 6% of Revenue Invested in Research TODAY S O&G INDUSTRY - 0.5% of Revenue Invested in Research Operators have reduced research Relying on suppliers Suppliers have to see quick return on investment How do we fund small innovators? Mike Harr is 28
15 Mike Harr is 29 BARRIERS Lack of Time (people or cycle time) Lack of Experts (attrition, industry changes) Lack of Training (loss of training focus) Not Knowing What You Don t Know Fear of Failure Fear of Success Fear of Sharing Price Cycles Lack of Research (Money) ENABLERS Training Industry Cooperation (Petroskills, Chevron/BP Drilling, NExT, etc.) Joint Research (JIP S) Successes Failures Industry cooperation Research money increase Beta testing cooperation Application of results Research partnerships? Mike Harr is 30
16 Mike Harr is 31 Apache Drilling 2001: 739 Wells Operated $650 MM Average rig count = 47 Less than 30 drilling professionals on the beach Using applied technology in drilling (more focused in Exploration) Using Halliburton, etc. for supplying technology (and deepwater expertise) Deep Water Drilling Team August 2001 Role Source # Work Location Drilling Project Mgr Apache 1 Houston/Cairo Drilling Advisor Halliburton 1 Houston/ Cairo Lead Engineer Halliburton 1 Houston phase into Cairo Deepwater Engineers Halliburton Ramp up to 2 Houston phase into Cairo depending on work plan Drilling Manager Halliburton 1 Cairo Rig Supervisors BP 2 - Rotating Cairo/Rig Nite Supervisors BP 2 - Rotating Cairo/Rig Wellsite Engineers BP/Halllib. 2 Rotating Rig Project Coordinator /HSE Halliburton 1 Houston phase into Cairo Mike Harr is 32
17 Mike Harr is 33 Sedco Express Jim Cunningham Mike Harr is 34
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