NCS Prospects Conference
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1 NCS Prospects Conference OGA Strategy & Plans Gunther Newcombe Director Operations November 2016
2 OGA OGA became a GOVCO on 1 st October 2016
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 5,000+ wells 250+ subsea systems 3,000+ pipelines 250 fixed installations Production (boepd) million million million Source OGA and Oil & Gas UK Production efficiency % % 2015 range 30% to 90+% Source OGA Resources Development Exploration & appraisal 43bn Produced Remaining potential 10bn 20bn 6.3bn boe in production or under development 2014 wells wells wells (est) 16 to 19 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 Mature Yet-to-Find c CNS NNS SNS SNS SNS WOS WOS WOS NNS CNS Number of Wells Source: OGA UKCS has up to 9bnboe YTF in mature areas
6 Exploration and appraisal Lack of funding is a global issue for exploration High well costs and JV misalignment OGA work to ensure inventory is drilled Source: OGA Estimated/OGA forecasts E&A activity currently at low levels but increasing with encouraging discovered & appraised volumes
7 Frontier exploration 80,000 kms new/reprocessed data 2015 & 2016 Programs 2016 seismic data acquisition complete CNS well review & Palaeozoic study issued Competition to define potential 1m prize money shared between 2015 & 2016 New world-class visualization facility 700,000 funding for Lyell Centre in Edinburgh New world-class visualization facility 750,000 for 3 post-doctoral appointments in geoscience & reservoir engineering 40m UK government funding to incentivize frontier exploration
8 Offshore licensing rounds 29 th Round applications closed on 26 th October currently being evaluated
9 Central estimate of reserves/resources mmboe Discoveries Producing fields Ongoing developments Currently locked discoveries 350+ unsanctioned discoveries¹, 3.4bn boe* Small pools (<50mm boe) contain 2.4bn boe* Over 150 small pools in unlicensed acreage Source: OGA ¹ Excluding potential developments currently under discussion * P50 technically recoverable resources Significant potential can be unlocked with a combination of technology, reduced cost & access
10 Reserves Mmboe Mmboe Mmboe Mmboe 157 Mmboe 342 Mmboe 300 Mmboe 65 Mmboe 514 Mmboe 511 Mmboe 566 Mmboe 582 Mmboe Produced Sanctioned Discovered and appraised UKCS production increasing, smaller projects in 2016, successful E&A
11 Asset stewardship Asset owners consistently do the right things to identify & then exploit opportunities Assets are in the hands of those with the collective will, behaviours & capabilities to achieve this Asset stewardship framework developed between OGA, Industry & Government
12 Strategies & expectations All strategies issued, delivery programmes in progress, stewardship expectations end 2016
13 Stewardship expectations 10 Asset Stewardship Expectations JV Hub Strategy Link to supporting obligations of MER UK Strategy and/or Energy Act E&A Work Programme Optimum use of Subsurface Data Licence Activity, Decision Points & Milestones Set out minimum expectations of what good looks like Robust Project Delivery Production Optimisation Information Management Technology Plan Collaboration Planning for Decommissioning Expectations have a one page overview & short guidance Issued in 4Q 2016 with implementation during 2017 Asset Stewardship Expectations co-authored with Industry
14 Key messages Since 1 st October OGA is a GOVCO & has new powers & sanction abilities Significant remaining mature & frontier exploration potential and discovered volumes NPD & OGA working together to share best practice to maximize value OGA, Industry & Government worked to develop an asset stewardship framework Processes and plans now in place with 2017 being about delivery
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