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Login www.oilsim.com Learning Cycle Additional knowledge/skills Environmental issues Team work and negotiation Critical decision making, analytical.

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Presentation on theme: "Login www.oilsim.com Learning Cycle Additional knowledge/skills Environmental issues Team work and negotiation Critical decision making, analytical."— Presentation transcript:

1

2 Login

3 Learning Cycle

4 Additional knowledge/skills Environmental issues Team work and negotiation Critical decision making, analytical skills, multi-tasking Learn through experience Economically viable volumes- reducing uncertainty Return on Investment Function appreciation

5 Money and Credibility You start with $250 million You can apply for more money later. Create value Measured by the net value of the oil and gas fields discovered MINUS all costs involved. Correct answers and sensible decisions are awarded with CPs

6 Complete Value Chain Upstream Oil and Gas Value Chain

7 OilSim day 1 Licence award, spread risk-negotiations Pre-concession work Gravimetric data, Magnetic data Enviromental data, Geological maps 2D seismic surveys Task 1 Task 2 1 st concession round 3D seismic maps Task 3 Todays Challenges

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9 Gravimetric surveys Gravimetric surveys show the gravity in the sub-surface. Measured by airborne sensors. Sedimentary rocks have lower densities than the surrounding crystalline rocks. Low gravity means high probability of a basin below. Low gravity are basins. High gravity are crystalline rocks

10 First task Challenge: Find three sedimentary basins in the area. Basins are sedimentary rocks in the deep subsurface where oil and gas has been generated. Procedure: Buy and study magnetic and gravimetric surveys; and to submit the coordinates, column and row number for each basin centre.

11 Gravimetric surveys Gravimetric survey: South-east quadrant

12 Magnetic surveys Magnetic surveys show similar information as gravimetric surveys. The sedimentary rocks in the basins have a lower concentration of magnetic materials than the surrounding crystalline rocks. Sedimentary basins are the areas with the lowest magnetic field. Basins have low magnetic field Non-basins have high magnetic fields.

13 Magnetic Surveys Magnetic survey: North-west quadrant

14 Centre may not be the same Example: Top basin on both maps Calculate the midpoint between the gravimetric and magnetic centres found = C55 and R105 C50 R100 C60 R110

15 Finding the Midpoint

16 Centre Midpoint calculation 3 centres – one Centre midpoint for each basin Example: C55, R105 Solve before deadline. All submissions are evaluated after the deadline (and not before). You may get CPs. All three centres must be located to get full CPs.

17 Task 1 solved All teams have submitted their answers. Basin centres are located. Message in Inbox. All teams have answers and CPs awarded.

18 OilSim day 1 Licence award, spread risk-negotiations Pre-concession work Gravimetric data, Magnetic data Enviromental data, Geological maps 2D seismic surveys Task 1 Task 2 1 st concession round 3D seismic maps Task 3 Todays Challenges

19 Sedimentary basins may contain oil and gas. The government has decided to put the blocks around one of the basins on offer. Challenge: Identify the 3 most promising blocks and offer an amount for each of them.

20 1. SOURCE ROCK where organic material is put under sufficient pressure 2. MIGRATION ROCK where hydrocarbons are driven through 3. CAP ROCK Impermeable rock that stops migration of hydrocarbons 4. PROSPECT Source and migration

21 (c) OLF Anticline trap Fault trap Stratigraphic trap Salt dome trap Geological pockets, that might contain hydrocarbons. Traps

22 Red areas You will not be allowed to bid, drill or operate in any of the red areas (environmentally sensitive areas) Green areas Blocks in area may be awarded.

23 Is there a sedimentary basin and a migration route into the prospects in the area? Is there porous reservoir rock in the area, so that the oil or gas can be stored? Is there a sealing rock in the area, so that the oil and gas can be trapped? If all are positive, then green If some negative, then orange If mostly negative, then red

24 Layer 3 Eocene 1500m below the surface Layer 2 Paleocene 2500m below the surface Layer 1 Cretaceous 3500m below the surface CRS. Common Risk Segment surveys tell you about the probability of a structure in the block/cell containing oil or gas Surface

25 2D Seismic surveys Traps can be found with seismic surveys 2D seismic survey is a cross section of the geological layers along either a column or a row. 2D seismic surveys are used for locating prospects.

26 UnprocessedProcessed Interpreted Red is top of the sealing rock Green is top of the reservoir rock 2D Seismic in OilSim

27 Anticlinal traps

28 Leakage Sealant rock Leakage?

29 Buy 2D seismic from the survey shop

30 What type of data do you want? Columns or Rows Unprocessed or processed data Interpreted or not Only buy maximum of 2 block of data at a time to speed up processing

31 Red circles – navigate through the 2D seismic Yellow square – Row 1 from Column 1-56 View the Seismic

32 Column Row Prospect, Reservoir Basin,Source

33 Minimum bid is $250K Maximum bid is $7.5M Enter numbers without commas (ex: ) You will bid for 3 licenses but each team will only be awarded one license Highest bid wins the license If two teams bid the same, the team with the most CPs gets it Random license awarded if none of your bids are high enough Submit your bid before the deadline!

34 Recap on Task 2 Environmental Sensitive Areas map to see which blocks to avoid Common Risk Segment surveys to see which blocks to examine closer 2D surveys seismic to identify which ones have the most (big) structures Remember to submit 3 bids

35 Message sent to all teams with the results Credibility Points are given for prosperity of the blocks you bid for Every team has got one exploration license

36 Licence award, spread risk-negotiations Pre-concession work Gravimetric data, Magnetic data Enviromental data, Geological maps 2D seismic surveys Task 1 Task 2 1 st concession round 3D seismic maps Task 3 Todays Challenges

37 HQ is happy with the license awarded. Challenge: Farm-out minimum 20% from your license – and farm-in as much as you can in other good licenses. Acquire 3D Seismic interpretations for the block you operate, and study the results from the licensing round Get others to invest 20% or more in your license – you can show/send 3D seismic

38 Real 3D Seismic Shows the subsurface structure in a cube.

39 Layer 1 Cretaceous Layer 2 Paleocene Layer 3 Eocene

40 Partnerships Spread the risk: e.g Investing in other blocks divides the risks amongst all partners, much more preferable than keeping 100% of one field and all the risk. Increase probability of profit: investment in only 1 field which could be a dry prospect is possible, whereas the likelihood of investing in 5 fields which are all dry is unlikely.

41 Licences

42 Enter the percentage and total amount for have agreed to offer Minimum $100,000 per % Add a message to the seller Press Send offer Farm-in

43 When a team receives a Farm-In offer to appears under Financing. This is where a team can receive finance or money for a % of their own blocks Farm-in

44 License OWNER decides whether to ACCEPT or REJECT the offer Partnerships established every time a license owner accepts an offer. Overview: On the main page, you can see all licenses. 1) licenses you operate, 2) licenses you have invested in, and other licenses.

45 All your farm-in offers to other teams are shown underInvesting on the right-hand side of the homepage. This is where a team offers investments to other teams for a % of their blocks Farm-in

46 Partnerships Partners pay a proportional share of all future costs Partners receive a proportional share of the net proceeds from oil and gas The operator team makes all decisions regarding drilling Teams can farm-out up to 70% of licence Operators must keep 30% of licence


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