PROSPEX. UKCS Exploration & Appraisal Status. Gunther Newcombe Director Operations. December 2016
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1 PROSPEX UKCS Exploration & Appraisal Status Gunther Newcombe Director Operations December 2016
2 OGA OGA became a GOVCO on 1 st October 2016 with additional powers and sanctions
3 Progressive Regulation Role of the OGA OGA Approach MER UK Strategy binding obligations & safeguards Effective stewardship Sanctions Sanctions Dispute resolution Information & Samples Rewards Meetings Striking the right balance Encouraging collaboration Investment and action Balanced application of new regulatory framework
4 UKCS Summary Infrastructure 12,000+ wells 250+ subsea systems 3,000+ pipelines 250 fixed installations Production (boepd) million million million Source OGA and Oil & Gas UK Production efficiency % % % target Source OGA Resources Development Exploration & appraisal 43bn Produced Remaining potential 10bn 20bn 6.3bn boe in production or under development 2014 wells wells wells 20 Source OGA Source OGA Source OGA and Oil & Gas UK Costs Supply chain Jobs Unit costs down by nearly 30% Average unit operating costs have fallen from 18 per barrel in 2014 to an estimate of 13 per barrel in 2016 Source OGA c. 30bn turnover 80% of UK oil and gas jobs 40% through exports Source Oil & Gas UK and EY 330,000 jobs in the UK Delivered through or supported by upstream oil and gas activity Source Oil & Gas UK Improving & adapting to new conditions
5 OGA Corporate Plan Share dry-hole review with industry Licensing strategy for frontier & mature acreage Work with HMT & Industry to enhance exploration Provide high quality geophysical data Rockall & MNSH Undertake rigorous pre & post-drill evaluation High-grade operator prospect inventory to stimulate drilling Manage release of geophysical & well data Produce high quality geological maps Q Provide industry with regional prospectivity & YTF 2018 OGA on track to delivering exploration priorities
6 Fiscal Regime Strong commitment & listening from government Recent budgets provided 2.3bn relief to industry OGA provide expertise and evidence to HMT UKCS highly competitive fiscal regime with government working closely with OGA & Industry
7 Mature Yet-to-Find c CNS NNS SNS SNS SNS WOS WOS WOS NNS CNS Number of Wells Source: OGA UKCS has 6bnboe YTF best estimate in mature areas
8 mmboe Exploration and Appraisal Lancaster Loanan Lincoln Skipper Storr W/E Bagpuss Finlaggan Eagle Belinda Laverda/Slough Sanctioned Reserves Reserve Adds Oil Gas Winchelsea Source: OGA Commercial discovery rate better than 1 in 2 with 350mmboe at $3.50 finding cost
9 E&A Well Activity Exploration Well Appraisal Well Firm Well Contingent Well Other well OGA working with operators to ensure well activity is undertaken
10 Templewood accelerated to 2016 and well spudded in October Exploration Activity Templewood Central North Sea (ConocoPhillips) Late Jurassic turbidite sands Hanging wall structural trap, HPHT 3D seismic reprocessed 2011 Drill or drop commitment
11 Appraisal Activity Halifax Fractured basement Rona Ridge fractured basement potential Hurricane exploration & appraisal Fast track appraisal moving towards development
12 Reserves/resources mmboe Total Recoverable Resources (mmboe) Discoveries Producing fields Ongoing developments Currently locked discoveries SNS NNS CNS 3.4bnboe MF WoS Source: OGA 5bnboe discovered to date with 2.4bnboe in small pools & 150 small pools in open acreage
13 Frontier Exploration 29 th Round Areas 2015 & 2016 Programs 40m government funded 80,000 km new/reprocessed data 2016 seismic data acquisition complete, processing underway Palaeozoic study issued. SW Britain & East Shetland Platform in progress Competition to define potential 500k prize money for 2015/2016 projects New 3D visualization facility 700k funding for Lyell Centre in Edinburgh Supporting skills for the future 750,000 for 3 post-doctoral appointments in geoscience & reservoir engineering Significant focus & investment in frontier exploration in last 2 years
14 29 th Round received 29 applications from 24 companies covering 113 blocks 29 th Offshore Licensing Round Supplementary Round with 14 blocks nominated
15 Offshore Licensing Rounds 30 th Offshore Round will open in 2Q 2017 coupled with discovered small pools initiative
16 Strategies & Expectations 10 Asset Stewardship Expectations JV Hub Strategy E&A Work Programme Optimum use of Subsurface Data Licence Activity, Decision Points & Milestones Robust Project Delivery Production Optimisation Information Management Technology Plan Collaboration Planning for Decommissioning All strategies and stewardship expectations published
17 E&A Stewardship Expectations E&A Work Programme Subsurface Data Licence Activity Annual E&A work program Resource evaluations Pre, syn & post drill evaluations & weekly drilling reports OGA involvement prior to investment decisions Common JV data sets Technical & cost benefit assessment Evaluation best available data, technologies, processes and skills Focus on quality geophysical data sets Executed JOA 6 months from licence award Notify OGA one month before drill or drop OGA notified of farm-out or divestment prior to activity commencing Asset Stewardship Expectations co-authored with industry & to be viewed as good practice
18 Key Messages OGA has been a GovCo since 1 October 2016 with new powers & sanction abilities Significant remaining mature & frontier exploration potential and discovered volumes E&A activity had a successful year in 2016 with increasing activity seen Asset stewardship expectations need to be followed OGA, industry & government need to continue to work together
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