GREECE AT THE ENERGY CROSSROADS OF SOUTH EAST EUROPE

Size: px

Start display at page:

Download "GREECE AT THE ENERGY CROSSROADS OF SOUTH EAST EUROPE"

Jacob Singleton
5 years ago
Views:

1 Leading independent E&P company in the Eastern Mediterranean GREECE AT THE ENERGY CROSSROADS OF SOUTH EAST EUROPE Dimitris Gontikas Vice President & Managing Director of Kavala Oil American-Hellenic Chamber of Commerce, 28 th The Greek Economy Conference, Athens, 5 December 2017

2 Energean at a glance: A leader in oil and gas development in the East Mediterranean 4 countries 9 E&P licences 15 active wells (11 producing) Assets with 36 year production history and an excellent HSE track record 233 mmboe 2C resources + 37 mmboe 2P reserves* 389 full-time employees (not including subcontractors & sailors, as of 31 October 2017) A leading E&P player in the Eastern Mediterranean *Source: Prinos ERCE and Karish and Tanin NSAI CPR Currently the sole producer of oil and gas in Greece 3 Source: Energean

(mmboe) Energean at a glance: Reserves Growth 150 237 270 120 90 60 58 30 0 30 24 17 11 5 7 2 2008 2009 2010 2011 2012 2013 2014 2015

investors Founding Shareholders 4 Source: NSAI CPR for Karish and Tanin, 50% WI - ERCE CPR for Prinos Basin Fields.

3 (mmboe) Energean at a glance: Reserves Growth H 2017 Prinos Basin 2P Prinos Basin 2C Karish and Tanin 2C Strong Shareholder Support Backing from reputable institutional investors Founding Shareholders 4 Source: NSAI CPR for Karish and Tanin, 50% WI - ERCE CPR for Prinos Basin Fields. Figures for , 2012 and 2013 based on company estimates. Additional unrisked prospective resources in W. Greece and Montenegro awaiting confirmation

Developing Greece s Hydrocarbon Potential: 2007-2017 Rejuvenating Prinos Since 2009, 4 jack ups have been mobilized in Kavala Gulf 13 wells successfully drilled Three

4 Developing Greece s Hydrocarbon Potential: Rejuvenating Prinos Since 2009, 4 jack ups have been mobilized in Kavala Gulf 13 wells successfully drilled Three producing fields and ongoing development planned in the Prinos basin Production more than 1,2 million barrels in 2016 (1st time over 1 million since 2002) 5 Source: Energean

5 Developing Greece s Hydrocarbon Potential: Sigma processing plant and supply vessels VALIANT ENERGY ENERGEAN WAVE 6 Source: Energean

6 Developing Greece s Hydrocarbons Potential: Excellent HSE Record in sensitive areas 19 Cruise Ships Docked at Kavala Port in 2016 Energean s HSE Mission Kavala & Thassos: over 10 Blue Flags annually for the last 10 years To transfer our 36 years experience of working safely in NE Greece s environmentally sensitive locations to every area we operate in Safety of Offshore Oil & Gas Operations Directive Creating a safe and healthy working environment 7 Source : Energean

Developing Greece s Hydrocarbons potential: Prinos

Greece ongoing programmes Actions PRINOS PRINOS

Drill up to 22 development wells in Prinos 2.

7 Developing Greece s Hydrocarbons potential: Prinos and W. Greece ongoing programmes Actions PRINOS PRINOS ongoing drilling plan 1. Drill up to 22 development wells in Prinos 2. Install new unmanned platform on Epsilon field 3. Increase production WESTERN GREECE 4. Explore Western Greece 5. Develop Katakolo WESTERN GREECE Operator Onshore Western Greece Off-Take Agreement Prinos 8 Source: Energean Petrel/ArcGis database

From Prinos to East Mediterranean: Montenegro Montenegro Key Highlights Blocks 4218-30 2017 (Energean 100%) Surface area and 4219-26 officially awarded in March 338 km2 3 year initial

8 From Prinos to East Mediterranean: Montenegro Montenegro Key Highlights Blocks (Energean 100%) Surface area and officially awarded in March 338 km2 3 year initial exploration phase Water depth 5 75 m NSAI s CPR reported 1,8 TCF natural gas and 144 mmboe unrisked (2C) prospective resources Plan to acquire 3D seismic in Source: Energean ArcGis database

9 From Prinos to East Mediterranean: Karish and Tanin Field Development Plan, Israel Tanin Karish 2.4 TCF (67 BCM) of natural gas and 32.8 mmbls oil 2C contingent resources, next to East Med other significant discoveries FDP approved in August 2017 first gas expected in 2021 Gas sales from K&T will bring competition to the Israeli gas market Five Supply Agreements already signed with Dalia Group, Dorad Group and Edeltech Group for up to 33 BCM* in total Near-field, low-risk, exploration prospects within both Karish & Tanin 10 Source: Energean ArcGis database; *Calculated from MMBTU to be supplied under the agreements

10 From Prinos to East Mediterranean: Karish and Tanin FDP (schematic) 11 Source: Energean

11 Important infrastructure at the energy crossroads: Karish & Tanin FPSO plan 12 Source: Energean,

Important infrastructure at the energy crossroads: South Kavala Underground Gas Storage Potential Infrastructure Development South Kavala is an almost depleted offshore gas field, located close to

12 Important infrastructure at the energy crossroads: South Kavala Underground Gas Storage Potential Infrastructure Development South Kavala is an almost depleted offshore gas field, located close to the Greek gas transportation network and TAP Kappa platform To be connected with a 32 km pipeline Sigma site Candidate for an underground gas storage ( UGS ): South Kavala reservoir Existing infrastructure Strategic location Gas initially in place 1 BCM Greece imports the majority of the gas it uses and would benefit from greater security of gas reserves 13 Source: Energean

Important Infrastructure at the energy crossroads: An increasingly active region Greece is at the crossroads of gas supply and infrastructure in the Eastern Mediterranean In the last decade, gas

13 Important Infrastructure at the energy crossroads: An increasingly active region Greece is at the crossroads of gas supply and infrastructure in the Eastern Mediterranean In the last decade, gas discoveries in the Eastern Mediterranean total over 60 Tcf (Operators estimates): ITALY UGS South Kavala Egypt/ Zohr 30 Tcf Israel: 36 Tcf Cyprus: Aphrodite 4 Tcf There is an increasing presence of majors in the region GREECE LNG terminal Revythou ssa FSRU Alexandroupoli TURKEY CYPRUS Karish &Tanin FPSO Karish and Tanin FPSO is well positioned to develop East Mediterranean s natural resources Kavala gas storage is well positioned to support Greece s energy security Greek National Natural Gas Pipeline Trans-Adriatic Pipeline East-Med Pipeline Trans-Anatolian Pipeline Other possible gas markets and routes EGYPT 70 Tcf ISRAEL JORDAN 14 Source: Energean and Operators estimates

14 Challenges Greece needs to address Greece is located at the crossroads to Europe and can become an energy hub The region has already attracted oil & gas majors, significant discoveries have already been made, but Greece is still an underexplored country Committed Operators like Energean are well positioned to develop the opportunities offered in the region Neighbouring countries like Cyprus and Israel are very active in their effort to unlock and further develop their natural resources Greece should ensure swift decision making and permitting/licensing procedures, and authorize HHRM to work as a one stop-shop Greece should maintain a stable legal and fiscal regime, protect sensible investments and implement a long term strategy for the hydrocarbons sector 15

www.energean.com Offices United Kingdom 21, Gloucester Place, London W1U 8HR UK Tel: +44 2038593540 Cyprus 36, Vyronos str. 1506 Nicosia, Cyprus Tel: +35 722447444 Israel 9, Metsada str. B.S.

15 Offices United Kingdom 21, Gloucester Place, London W1U 8HR UK Tel: Cyprus 36, Vyronos str Nicosia, Cyprus Tel: Israel 9, Metsada str. B.S.R 3 Tower, 21st floor Bnei Brak, Israel Tel: Greece- Athens 32, Kifissias Ave. Atrina Center, 17 th floor Maroussi Tel: info@energean.com Greece - Kavala Nea Karvali P.O Box 8, Kavala Greece Tel: Egypt Building 1 Square 1169 Mokarar Sheraton, Heliopolis Cairo, Egypt Tel

The re-emergence of Greece s Upstream Oil & Gas sector:

8 th South East Europe Energy Dialogue 12 June 2014 The re-emergence of Greece s Upstream Oil & Gas sector: Hellenic Petroleum experience Yannis Grigoriou E&P D. General Manager Hellenic Petroleum S.A.