Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Det norske oljeselskap — Q3 2010 Earnings Presentation
37 slides from Aker Bp Asa's earnings presentation, 2010
Slide 1: Third quarter 2010 presentation
Third quarter 2010 presentation TICKER – - DETNOR - CEO Erik Haugane - VP IR Knut Evensen - VP HES Anita Utseth
Slide 2: Disclaimer
Disclaimer All presentations and their appendices (hereinafter referred to as “Investor Presentations”) published on www.detnor.no have been prepared by Det norske oljeselskap ASA (“Det norske oljeselskap ” or the “Company”) exclusively for information purposes. The presentations have not been revie
Slide 3: Agenda
Agenda: Highlights & production Financials Exploration Development projects Outlook & Summary Appendix 3
Slide 4: Highlights
Highlights David gas and condensate discovery (PL 102C) Secured harsh environment rig to summer 2014 Currently drilling on Stirby and Dalsnuten Eleven exploration wells planned for 2011 • 7 North Sea, 2 Norwegian Sea and 2 Barents Sea Applied for prospective acreage in 21st round Frøy de
Slide 5: Production
Production Production & realised oil prices Issues Boepd USD/bbl Third quarter production 3000 85 was 1 861 boepd 2500 80 Realised oil price 2000 USD 77.8 per barrel 75 1500 Planned maintenance on 70 Varg, Jotun and Glitne, 1000 resulted in reduced output 500 65 compared to second quarter 0 60
Slide 6: Agenda
Agenda: Highlights & production Financials Exploration Development projects Outlook & Summary Appendix 6
Slide 7: Financial position as of third quarter
Financial position as of third quarter ”net cash” position as of Q3 Elements Total cash and tax receivables for refund in 2010/11: 4 980 MNOK 1 801 2 954 Interest bearing debt: Short term debt and convertible bond : 3 368 MNOK 2 078 ”Net cash” position: 1 612 MNOK, 414 1 612 down from 1 691 MN
Slide 8: Profit & Loss Q3 2010
Profit & Loss Q3 2010 MNOK Q3 2010 Q2 2010 Comment Operating revenues 80.6 88.7 Reduced production and oil price No dry wells, partially offset by high seismic Exploration expenses 209.1 367.2 activity and G&G studies Change in inventories 0.7 -1.6 Production cost 35.8 39.6 Payroll expenses 7.5 1.4
Slide 9: Exploration expenses Q3 2010
Exploration expenses Q3 2010 MNOK Q3 2010 Q2 2010 Comment Seismic, well data, field studies, etc. 117.3 1.7 Exploration expenses from license 81.0 87.2 participation Expensed capitalized exploration wells 0.0 9.8 previous years Expensed dry wells this quarter 10.5 293.6 No dry wells booked in Q3 – c
Slide 10: Balance Sheet 30.09.2010
Balance Sheet 30.09.2010 Assets (MNOK) Q3 2010 31.12.09 Comment Goodwill 666.5 697.9 Capitalized exploration exp. 1 935.3 893.5 Capitalized Q3 Dalsnuten, Stirby, David, Grevling, Storklakken – MNOK 248 Other intangible assets 1 218.5 1 320.5 Property, plant and equipment 409.0 447.6 Tax receivables
Slide 11: Balance Sheet 30.09.2010 (cont.)
Balance Sheet 30.09.2010 (cont.) Equity and Liabilities (MNOK) Q3 2010 31.12.09 Comment Equity 3 491.3 3 850.5 Pension obligations 24.3 19.9 Deferred taxes 1 885.4 1 173.5 Abandonment provision 233.6 224.5 Deferred revenues 2.8 5.6 Total Provisions Derivatives 0 21.8 Convertible bonds 413.9 390.6 Sh
Slide 12: Agenda
Agenda: Highlights & production Financials Exploration Development projects Outlook & Summary Appendix 12
Slide 13: Secured rig capacity to summer 2014
Secured rig capacity to summer 2014 Harsh environment rig for deepwater Norwegian Sea and the Barents Sea Flexible day rate structure • USD 450 000/day below 500 meters • USD 550 000/day in deep waters and the Barents Sea Tight market – Two Barents Sea sublets done at higher day rates Asset
Slide 14: Discovery on David in PL 102C
Discovery on David in PL 102C Gas/condensate discovery 1 Bcm of gas proven 15 to 20 MBOE in estimated total recoverable volumes Potential development is a subsea tie-back David to Heimdal, via Byggve / Skirne The exploration well can be reused as a production well. Water depth 119 meters
Slide 15: Considering appraisal well to the north
Considering apprasial well to the north 25/5-7 28 m Gas potential upside 114 m gas or oil in Brent Brent Gp Statfjord Fm Pressure data indicates a deeper hydrocarbon column - gas or oil downflank? Brent erosion
Slide 16: PL 341 Stirby – currently drilling
PL 341 Stirby – currently drilling Large HTHP prospect • East Brae, Miller and Gudrun analogue Recoverable gas/condensate Stirby Upper 150 MBOE High case Upper 800 MBOE Stirby Deep 190 MBOE Main risk Reservoir quality Stratigraphic seal Water depth 120 meters Operator Det norske
Slide 17: PL 392 Dalsnuten – currently drilling
PL 392 Dalsnuten – currently drilling Gross unrisked resources 600 MBOE Luva Asterix Main risk is the presence of reservoir License with several prospects PL392 Dalsnuten Deep water well - 1 446 meters Gro Drilling with Aker Barents Operator Norske Shell Det norske holds 10 percent Vic
Slide 18: Exploration roadmap
Exploration roadmap* Dalsnuten Gullris Skaugumsåsen Comprehensive 2011 drilling campaign PL Prospect & Net % Drilling Gross resources (operator) start Mboe 392 Dalsnuten (Shell) 10 ongoing 600 Dovregubben 341 Stirby 30 ongoing 150-800 468 Dovregubben 95** Q4-10 100-220 482 Skaugumsåsen 65 Q1-11 20-9
Slide 19: PL468 - Dovregubben
PL468 - Dovregubben Planned drilled in Q4 2010 with Aker Barents Located in Møre Basin – close to Ormen lange Dovregubben Gross unrisked resources 100-220 MBOE Palaeocene play Main risk: Trap integrity Dovregubben Water depth 275 metres Operator Det norske Det norske holds 95 percent
Slide 20: PL482 - Skaugumsåsen
PL482 - Skaugumsåsen Skaugumsåsen To be drilled by Aker Barents after Dovregubben Located on Dønna Terrace – South East of Norne Gross unrisked resources 20-90 MBOE Jurassic play Well 6508/1-2 Main risk: Trap integrity Water depth 390 metres Operator Det norske Det norske holds 65 pe
Slide 21: PL522 - Gullris
PL522 - Gullris Planned drilled with Aker Barents after Skaugumsåsen Located in the Vøring Basin Asterix Luva Gross unrisked resources 700-1700 MBOE PL392 Gullris Dalsnuten Upper Cretaceous play Gro Main risk: Trap integrity Many prospects with DHI in the license Victoria Water depth 1
Slide 22: PL 272 – Krafla
PL 272 – Krafla Planned drilled in Q2 2011 Located between Oseberg and Frigg Rotated Jurassic fault blocks Estimated gross unrisked resources Krafla 10-50 MBOE Krafla West dependent on presence of hydrocarbons in Krafla Operator Statoil Det norske holds 25 percent 22
Slide 23: The 21st round applications submitted
The 21st round applications submitted Applied for licenses in the Barents Sea and the Norwegian Seas Big prospects in new play models Det norske would like to see Barents Sea East and Barents Sea North included in the next concession round Norvarg Salina 23
Slide 24: Agenda
Agenda: Highlights & production Financials Exploration Development projects Outlook & Summary Appendix 24
Slide 25: Frøy – PDO planned in 2011
Frøy – PDO planned in 2011 WAG / SWAG depletion strategy revisitted Aims at PDO summer 2011 First oil summer 2014 Reserves • Gross 60 MBOE Operator Det norske • Det norske holds 50 percent 25
Slide 26: Draupne – progressing according to plan
Draupne – progressing according to plan Studying joint field development solutions with Lundin Petroleum, operator of the Luno field Draupne holds estimated gross recoverable reserves of 110 to 150 Mboe Draupne and Luno hold an estimated 250 to 300 Mboe, combined This decades largest North S
Slide 27: Agenda
Agenda: Highlights & production Financials Exploration Development projects Outlook & Summary HSE 27
Slide 28: Outlook & Summary
Outlook & Summary Exploration Two high impact wells around the corner – Dalsnuten and Stirby Reassessment of the exploration strategy. Establishing core areas on NCS 21st round application contains several large prospects and an award is expected to enhance Det norske’s exploration portfolio
Slide 29: DETNORSKE
DETNORSKE NEST STORST PA NORSK SOKKEL
Slide 30: It’s all about preparedness
It’s all about preparedness TICKER – - DETNOR VP HSE Anita Utseth
Slide 31: Risk based management
Risk based management Planning is everything, but we have to be prepared. We integrate HSE and emergency preparedness in well design and planning Blow out analysis, Environmental risk analysis Emergency preparedness analysis Site spesific emergency preparedness analysis Risk analysis o
Slide 32: Professionalism
Professionalism Challenges A competent and effective emergency preparedness organization Ensure adequate and competent resources for emergency situations Ensure continuity in emergency response tasks, training and exercises Coordination of emergency response resources Answer Establishment
Slide 33: It’s all about co-operation
It’s all about co-operation Initiated and established the Operator’s Association for Emergency Preparedness (www.offb.no) Professional non profit organisation Integrated part of the operator’s organisation Recognition of Emergency Response as a disciplin 33
Slide 34: The emergency preparedness organisation
The emergency preparedness organisation Hammerfest Receiving services Brønnøysund Kristiansund Bergen Stavanger 34
Slide 35: Oil Spill Contingency
Oil Spill Contingency Membership in NOFO www.nofo.no Projects initiated by Det norske Co-operation of 25 companies Mapping of special areas (eg. The operators are responsible Lovunden and Vikna) Close cooperation with NOFO, Contingency plans for the coastal both analysis and design of the
Slide 36: Contingency plan for Dovregubben
Contingency plan for Dovregubben OFFSHORE RESPONSE Surveillance from helicopters, airplane, vessels and satellite Shipbased oil radar, IR-camera Mobilisation of Sintef within 48 hours Dedicated field system 8 oil spill combat systems in barrier 1 and 2 within 24 hours Access to chemical
Slide 37: DETNORSKE
DETNORSKE IEST STORST PA NORSK SOKK‘
Det norske oljeselskap — Q3 2010 Earnings Presentation on 6ix