Aspen 5. Relationships and Technology. Marine Technology Society June 28, 2007

Transcription

1 Aspen 5 Relationships and Technology Marine Technology Society June 28, 2007

2 Aspen Block Green Canyon 243 Water depth 3,050ft Lease purchased in 1998 by Vastar Resources Vastar purchased by BP in 2000 as part of approximately 50 prospects BP original operator with 80% Nexen increased ownership to 40% during original development and bought out BP at startup

3 GC 243 and Surrounding Area Bullwinkle Brutus Genesis Typhoon Troika Aspen

4 Aspen Timeline Drill Expl Well Drill / Compl Wells Aspen I First Oil Phase II Well #3 Phase II Well #4 Phase II First Oil Concept Selection Eng. & Design Project Sanction Install & Commission Concept Selection Eng. & Procure Install & Commission Fast Track Project Infield Development Well

5 Aspen Phase I (Well #1 and #2) 3,050ft x 16 miles subsea oil tieback

6 Flowline Initiation

7 Flowline Initiation

8 Aspen Phase II (Well #3)

9 Aspen Phase II (Well #4)

10 Who moved the oil? OIL Well #5 OIL OIL Well #3 Well #5 Well #4 Well #2 Well #1

11 Aspen Phase II Inventory Spare tree Manifold Infield flowline Flexible jumper Infield umbilical Flying leads Installation engineering and SIT

12 Subsea Architecture (dual flowlines) Well #5 Well #3 4,250 ft Flowline Long #1 4,250 ft Flowline Long #2 Well #4 Well #2 Well #1

13 Selected Architecture Well #5 Well #3 4,250 ft Flowline Long #1 Well #4 Well #2 Well #1

14 Aspen 5 (Aspen)

15 Aspen 5 (Well #5)

16 Aspen 5 Timeline Hurricane Katrina Hurricane Rita Hurricane Ivan Rig with Partner Rig Repairs Rig Starts Drilling Well #5 First Oil Well #1ST6 First Oil Concept Selection Eng. & Procure Installation Tenders Install & Commission Earliest First Oil Managing Change

17 Market Conditions Changed 1. High oil price = high activity (worldwide) 2. Numerous deepwater/subsea developments = high activity 3. Investment lag = limited vessels 4. Hurricane damage = high activity and low resources 5. Relatively new industry and lack of training = skilled resource limitations

18 Industry Problem Oil Company Contractor Oil Company Contractor

19 Example - Installation Contract Lump sum / fixed price Multiple contractors responded Prices were higher than anticipated Vessel availability limited drilling rig schedule kept moving Selected a vendor and worked schedules Vessel already contracted Reduced price by minimizing contractor risk Removed equipment mobilization from work scope Single installation campaign Equipment installation ready (installation aids) Removed hydrotest from work scope Weather downtime (13 days + 5 days weather)

20 Cut the Manifold in Half

21 Cut the Manifold in Half

22 Flexible Flowline 5.25 ID ~13 OD ~2 of insulation 10,000psi

23 Original Flowline SIT

24 Jumper and PLEM SIT

25 Single Crane Installation

26 Double Crane Installation

27 Mobilizing Equipment

28 Mobilizing Equipment

29 Mobilizing Equipment

30 Slightly Congested

31 All New

32

33 Loadout

34 Winter Weather

35 PLEM Installation

36 Installing PLEM C

37 Flowline Installation

38 Flowline Installation

39 Attaching the Gooseneck

40 Installing the Umbilical

41 Attaching the UTA Mud Mat

42 Umbilical Over Boarding

43 Jumper Installation

44 Hydrotest Equipment

45 Hydrotest Equipment

46 Conclusions Proven deepwater/subsea building blocks Careful contracting and open relationships can reduce risks and costs Market conditions have changed and industry needs to work together on a long term plan Thank you to everybody who helped make Aspen a success