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Challenges for offshore development in Colombia Challenges for offshore development in Colombia V Colombia Investment Conference October 2012 Álvaro Racero.

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Presentation on theme: "Challenges for offshore development in Colombia Challenges for offshore development in Colombia V Colombia Investment Conference October 2012 Álvaro Racero."— Presentation transcript:

1 Challenges for offshore development in Colombia Challenges for offshore development in Colombia V Colombia Investment Conference October 2012 Álvaro Racero Baena Caribbean Regional Executive Director

2 1. Worldwide Offshore activity 2. Repsol offshore activity 3. Offshore Colombia Challenges 4. Summary 2

3 Growth in offshore projects: Source: IHS CERA, Capital Costs Analysis Forum–Upstream Houston, May 2012 Onshore and Offshore Projects Production Start Dates 3

4 Source: IHS CERA * Deepwater > feet. Worldwide offshore production Deepwater continues to be an important oil supply in the world (not only in US) and will continue to increase in the future. The contribution from deepwater fields rises from around 5.4 Mbd in 2011 to 11.2 Mbd in

5 Rigs Availability Source: ODS-Petrodata, Morgan Stanley Research, October Major offshore drilling basins (rig supply/utilization)

6 Repsol: Offshore presence around the world Morocco USA Canada Spain Norway Colombia Cuba Sierra Leone Liberia Venezuela Trinidad and Tobago Guyana Indonesia Offshore activity in 20 countries (operator in 14) Brazil * Pending of official ratification Portugal Ireland Tunusia Australia * Bulgaria Angola  * Namibia OPERATOR and joint venture NON OPERATOR Exploration Productión  Services Contract in production operations September, 30 th 2012 Deepwater 6

7 Repsol: Offshore Exploratory and Appraisal Wells Deepwater non operated (dw) : 52 Offshore exploratory (Operator & joint venture in 22) 32 deepwater (Operator & joint venture in 10) Deepwater operated & joint venture & (dw) 7

8 Repsol: Deepwater Operated Exploratory Wells 8

9 Repsol: acreage in Colombia 9 Repsol has 10 blocks in Colombia, 3 in the offshore (Tayrona, RC-11 and RC-12)

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11 Proyecto Cardón IV Ubicación y Concepto de Desarrollo – Fase 300 Cardon IV East Block Perla 2ST1 Perla 5 Cardon IV West Block Perla 3x Perla 1X Perla 4x Refineria Amuay Refineria Cardon Perla-2ST1 Perla-1X Perla-4X Perla-5 Perla-3X  El Campo Perla está localizado aproximadamente 50Km al oeste de la Península de Paraguana (Golfo de Venezuela) en lo que se denomina el Bloque Cardón IV West.  Validez de la licencia es de 30 años desde el 2 de Febrero de 2006  PDVSA tiene el derecho de entrar en la asociación hasta con el 35%, hasta 120 días después de declaración de comercialidad  Gas Original en Sitio = 17 TCF/ Reservas = 8.1 TCF  GSA firmado el  Declaración de comercialidad publicada el  Plan de desarrollo aprobado el Pozos Perforados : 4 verticales y 1 sub-horizontal. 14”Tubería del Pozo 14 Tubería del Pozo 30” Tubería de Exportación Multifasica Plataforma de Interconexión Perla 1x E structura liviana Perla 2ST1 Estructura liviana Perla 3

12 PROJECT COSTS & COST CONTROLS INFRASTRUCTURE & MARKETS INTEGRATION QUALIFIED STAFF EQUIPMENT, AVAILAVILITY AND LEAD TIME EFFICIENT APPLICATION OF TECHNOLOGY LEGAL FRAMEWORK (STABLE, ADECUATE) CONTRACTS & CONTRACTING STRATEGY GAS PRICES Challenges for offshore Colombia INTEGRATED DYNAMIC TEAMS HSE AND ENVIRONMENTAL IMPACT REMOTENNES AND LOGISTICS

13 IHS CERA Upstream Capital Cost Index Steel Land Rigs Offshore Rigs Engineering and Prof. Management Equipment Construction labour Yards Fabrication Sub-sea Bulk materials Offshore installation vessels Index includes:

14 $12,000 = $40,000 = $48,000 = 2002 Fiat Punto 2007 BMW AUDI A6 Valve (super duplex SS) Cost inflation

15 Assuring the appropriate human and technical resources Developing time and cost effective projects that consistently provide added value to the business Predicting project costs and schedule in a reliable way Manage opportunities and project risks during all phases of the project lifecycle. Improve communications establishing a common language Mitigating the Risk of project execution though a consistent and proved methodology

16 Comparación del precio del Gas en diferentes mercados (USD/MMBTU)

17 Offshore Guajira wells Statistics by spud year, WD, TD Araza-1 ~ 20 years no wells Spud year Water Depth ~ all the well in shallow water Variable TD

18 18 An integrated project to improve the subsurface imaging through seismic processing Leaded by the Repsol subsurface team in Houston Kaleidoscope

19 Applying state-of-the-art algorithms to resolve complex geological geometries Either in sub-salt environment or in complex thrust belts

20 Input: Delivered study (ies). Output: Updated Geopressure model, shallow hazards and geomechanic results, gathered and completed in the PDDP. Participants: Project manager, manager of Operaciones Geológicas, Drilling Manager, Geopressure Team. Description: The Team coordinator and the Drilling Manager validate and approve the study and its conclusions with the support of the recommendations of the Team specialists. The Project manager enters the conclusions and recommendations of the study in the PDDP. Geopressure analysis process Technical maturity Designation Call for the Geopressure team Data preparation Team meeting Budget approval Study completion Study approval PDDP

21 7 areas of coral-reefs 9 bird sanctuaries including the protected Nariva Swamp Several turtle nesting beaches Cost line geomorphologically complex with 8 zones particularly sensible to oil spills 6 zones of artisan fishing 9 types of sediments, with 4 types of benthonic communities Biodiversity, a must to preserve

22 Summary Improve quality of subsurface image and capabilities in Seismic Processing. Improves well prediction. (Kaleidoscope/Phoenix Project) Multidisciplinary geopressure group to improve on the well prognosis for areas with limited well data available Operational Deep-Water capabilities with an offshore drilling group in Houston which give support, supervise and design all offshore drilling operations. IPM and adequate contracting strategies to minimize risks of cost overruns Repsol’s regulatory and drilling groups have been actively engaged with all of the industry initiatives related to the new and evolving regulations in the GOM. Along with 23 other operators in the GOM, Repsol has elected to join the Helix Well Containment Group (HWCG), one of the two groups approved by BOEMRE, to find solutions for spill containment. 22

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