Petrotrin Upstream Update 2015

Transcription

1 Energy Based, People Powered Trinidad and Tobago Energy Conference Hyatt Regency Hotel and Conference Centre, Trinidad Petrotrin Upstream Update Presented By: Jamaludin Khan Vice President, Exploration & Production 2015 January 27

2 Petrotrin State-owned Company We are a State-owned National Oil & Gas Company Integrated Organisation Crude Producer Our Business includes Exploration and Production Refining and Marketing Largest Crude Oil Producer in Trinidad and Tobago (~53% of National Crude Oil production for FY 2014) Refining Capacity Full Refinery conversion capacity of up to 168,000 BPD Financial Rating Investment Grade : Baa3 (Moody s) and BBB- (Standard and Poors) 2

3 Upstream Operations CRUDE OIL PRODUCTION Crude oil production averaged 45,663 BOPD TRINIDAD AND TOBAGO NATIONAL CRUDE OIL PRODUCTION 2014 (TOTAL ESTIMATED: ~ 81,000 BOPD) SOURCE: MEEA (Financial Year 2013/2014) Petrotrin: Including LO s and IPSC s excluding FO s: ~ 53% 3 PARTNERSHIPS (COMMERCIAL RELATIONSHIPS WITH MOST OIL & GAS COMPANIES IN T&T) Joint Ventures Twenty-three (23) onshore and offshore Partnerships Twenty-four (24) Lease Operatorships (LO s) Seven (7) Incremental Production Service Contracts (IPSC s) Ten (10) Farmouts (FO s)

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5 Upstream KEY STATISTICS FY 2013 FY 2014 (Unaudited) FY 2015 Projected CAPEX (TT $ Million) 1,353 1,431 2,029 Equity Crude Production (BOPD) 44,805 45,663 48,259 Equity Gas Production (MMSCFD) Oil and Gas Production (BOEPD) 70,010 71,236 72,584 5 Government Take (TT $ Million) 4,886 4,050 1,966

6 2014 Update Own Operations Land Drilling Drilled and completed sixteen (16) wells on Land Five (5) primary and eleven (11) Enhanced Oil Recovery (EOR) Trinmar Drilling Drilled four (4) wells in Soldado Acreage Trinmar OBC 3D Seismic Survey South West Soldado (SWS) Completed acquisition of 540 m² of 3D seismic data on 2014 May 30 th Continued drilling and reactivation activities, along with requisite upgrade and installation of facilities and infrastructure in these fields Asset Integrity Emphasis on asset integrity programmes to enhance reliability and operability of facilities and infrastructure 6

7 3D Seismic - Trinmar 7

8 2014 Update - Partnerships 8 Mature Field Rejuvenation (MFR) Joint Ventures (JV) Innovative new commercial model for field operation and development, that contemplates sharing of investment, returns and risk Signed new Joint E&P licences for the Rio Claro, Ortoire and St. Mary s onshore blocks on 2014 October 31 Exploration (One (1) well), Appraisal (Two (2) wells) and Development (Five (5) wells) in TSP, SECC and PGB Joint Ventures Galeota Joint Venture (Trintes Field) and Parrylands Joint Venture converted to Overriding Royalty (ORR) arrangements

9 2014 Update Partnerships Cont d Lease Operatorships Farmouts Lease Operatorship (LO) Blocks Sixteen (16) development wells drilled Farmout (FO) Blocks Nine (9) development wells drilled 9 Incremental Production Service Contracts (IPSC s) (LO/FO/IPSC) Incremental Production Service Contracts (IPSC) Five (5) development wells drilled Petrotrin s operations in Inniss-Trinity, Catshill and Balata East handed over to the Contractors in these blocks from 2014 January 01

10 2015 PLANS 10

11 2015 Plans Upstream 3D Seismic Exploit potential new opportunities from new 3D data: By-passed and outstep development opportunities Deeper discoveries EOR opportunities 11 Drilling/EOR Propose to drill twenty-eight (28) wells on Land and eight (8) wells in Trinmar New EOR Projects - To commission two (2) new steamflood projects in our Forest Reserve Field by 2015 mid year New Licences New licences for Cipero Block and Deep Horizons in Core acreages

12 2015 Plans Upstream (Cont d) Southwest and West Soldado Development Project (SWS) To accelerate the implementation of the South West Soldado Project, which represents the most immediate potential for a step increase in crude production for Petrotrin New processing facility (MOPU) contract awarded New Pipelines and Infrastructure (including nineteen (19) Pipelines and Riser Platform (RP) 13) In progress Workovers (NRT s & Reactivations) On-going Installation of new Bulk Line from RP10 to RP1 In progress 12

13 2015 Plans Upstream - (Cont d) JV/LO/FO/IPSC Licence for East Brighton Block signed on 2014 December 22 (FY2015) Exploration programmes and development activity in new and existing JVs, including seven (7) development wells (TSP and SECC) Commencement of activity in the three (3) new Onshore Bid Round blocks (Rio Claro, Ortoire and St. Mary s) and in new East Brighton Licence New licences for Moruga West, Parrylands E and Tabaquite Drilling in LO, FO and IPSC Blocks 13

14 BOPD 70,000 60,000 CRUDE OIL: LAND, TRINMAR, JV EQUITY, EOGR, LEASE OPERATORSHIPS, FARMOUTS, IPSC's & JV NON-EQUITY DELIVERIES 50,000 40,000 30,000 20,000 10, Land Prod Trinmar Prod JV Equity & EOGR Prod LO, FO, IPSCs & JV Non-Equity Deliveries

15 Conclusion Despite falling oil prices, our upstream business was profitable in 2014 Petrotrin is focused on accelerating crude oil and gas production and reserves, safely and responsibly, via our own efforts as well as through our various commercial partnerships Our commitment to ensuring quality at every stage of our assets life cycles remain unwavering as we continue towards excellence in all our operations 15

16 THANK YOU Presented By: Jamaludin Khan Vice President, Exploration & Production Petroleum Company of Trinidad and Tobago Limited (Petrotrin) Trinidad and Tobago Energy Conference Hyatt Regency Hotel and Conference Centre, Trinidad Energy Based, People Powered