Slide 1: Poised to supply regional energy needs
Poised to supply regional energy needs Seruway South Madura Bonaparte Carnarvon SEAAOC – 6th October 2011 1
Slide 2: A plethora of potential LNG projects
A plethora of potential LNG projects Dili Dili MEO has expanded its regional footprint in a growing gas province INPEX – 2.5 Mtpa FLNG ABADI Woodside – 4.0 Mtpa FLNG FID: Target 2013 FID: Timing not specified SUNRISE BAROSSA EVANS SHOAL BLACKWOOD CALDITA HERON CHUDITCH Tassie NT/P68 Shoal BAYU-UNDAN
Slide 3: Prevailing paradigm = stand alone developments
Prevailing paradigm = stand alone developments Development plans (if they exist) are economically challenged – CO2 adds to this INPEX – 2.5 Mtpa FLNG 8% CO2 Content Woodside – 4.0 Mtpa FLNG FID: Target 2013 4% CO2 Content FID: Timing not specified Indonesia Australia Santos – ~6.6 TCF 28% CO2 Conten
Slide 4: Centralise hub becomes an economic enabler
Centralise hub becomes an economic enabler A central infrastructure hub enhances economics for all resources Indonesia Australia 10 km JPDA • Sufficient gas resources for multiple gas processing plants at Tassie Shoal • Shared support facilities confers synergy benefits 4
Slide 5: Tassie Shoal gas processing hub
Tassie Shoal gas processing hub Overcomes remoteness, provides CO2 solution, lowers commercial threshold Accommodation and Control Platform (ACP) Methanol Plant LNG Plant (5,000 tpd/1.75 Mtpa Stage 1 only) Methanol Gas (3.0 Mtpa) (For CO2 sequestration) Loading Buoy Supply MEO 100% MEO 100% * N Pipe
Slide 6: Methanol plant on concrete GBS
Methanol plant on concrete GBS Existing, proven technologies DPT M5000 plant - Trinidad + = MEO’s Tassie Shoal Methanol Project ExxonMobil Adriatic Re-gas terminal 6
Slide 7: Technology to suit circumstances
Technology to suit circumstances Off the shelf, proven technology vs custom built, not yet in service technology Or Source: http://royaldutchshellplc.com Shell’s Prelude FLNG Project Air Products 3.0 Mtpa Arup self-elevating (incorporating Air Products LNG technology) LNG Plant platform • 3.0 Mtpa L
Slide 8: Liquefaction of gas - methanol vs LNG
Liquefaction of gas - methanol vs LNG Methanol requires 25% CO2 in feed gas & is a liquid at room temperature Methanol LNG Storage Temperature Ambient −162 °C Asian Market Annual Growth 9.6%① 5.8%② Minimum Resource size 1.4 Tcf 3.5 Tcf (for world scale plant – 20 years supply) (incl. 25% CO2) Ideal
Slide 9: Modular projects allow for expansion
Modular projects allow for expansion ~1.5 Tcf raw gas – including 25% C02 starts the 1st methanol plant 30 Gas above 28% C02 may require blending Co-location of plants allows moderate CO2 25 feed gas to be sanitised & CO2 to be 2x 1.75 Mtpa methanol sequestered into methanol 1.75 Mtpa methanol 20 CO
Slide 10: Heron gas discovery – potential LNG scale
Heron gas discovery – potential LNG scale ENSCO 109 contracted to drill Heron-3 commencing March 2012 Blackwood East Heron-2 Heron-1 KEY FACTS NT/P68 - Timor Sea, Australia Blackwood Well Well NT/P68 Strategic Develop Heron & Blackwood Heron Objective gas discoveries Line of Cross Section MEO W.I. 5
Slide 11: Petrel sub-basin – liquids rich gas discovery
Petrel sub-basin – liquids rich gas discovery Liquids rich Marina gas discovery near existing & proposed gas developments KEY FACTS WA-454-P – Timor Sea, Australia Strategic Discover & develop liquids Objective rich gas resources MEO W.I. 100% Operator MEO GDF Suez – 2.0 Mtpa FLNG Water Depth ~100 m
Slide 12: WA-454-P: Marina-1 gas discovery
WA-454-P: Marina-1 gas discovery Liquids rich gas discovery in 4 zones (Zone 1 of 4) Confirmed Pay 1867-1874.8mMD Net Pay=7.6m PHIEav=11.4% MDT samples Gas & Condensate Main uncertainty SW calc Possible Pay 1874.8-1891mMD Net Pay=15.7m PHIEav=11.0% MDT gradient inconclusive Main uncertainty - SW cal
Slide 13: Marina discovery – one of several targets
Marina discovery – one of several targets Multiple reservoirs, obvious seismic amplitudes, multiple follow up targets Regional top Permian Domby Fm Carbonates Gas & Condensate zones Blacktip 13
Slide 14: WA-454-P: Breakwater prospect
WA-454-P: Breakwater prospect Bright amplitudes in Blacktip equivalent reservoirs Lead Breakwater Marina Salt Swell Salt swell identified as main prospect, Blacktip analogue Reservoir section equivalent to Marina discovery Deeper potential observed 14
Slide 15: WA-454-P: Lighthouse prospect
WA-454-P: Lighthouse prospect Amplitude brightening over structure created by partial salt piercement Sandpiper-1 Dry Hole Shallow section shows amplitude flags in Petrel / Tern reservoirs Late full piercements (RHS) cause reservoirs to be breached Partial piercement and salt swells are likely to be
Slide 16: Vulcan sub-basin – liquids rich gas & oil potential
Vulcan sub-basin – liquids rich gas & oil potential Contiguous acreage position in liquids rich gas & productive oil fairway TENACIOUS PTTEP – FLNG PENGANA KEY FACTS AC/P50, AC/P51, AC/P53 – JABIRU CASH Pre-FEED HALCYON Timor Sea, Australia Cash-2 testing DELAMERE MAPLE #1: 28 Mmcfd/737 Strategic Ex
Slide 17: Seruway PSC – North Sumatra
Seruway PSC – North Sumatra NSO J 100% interest, multiple gas discoveries, local gas market, LNG export infrastructure Potential for plan of development ExxonMobil – 4 Mtpa LNG Capacity Currently operating <50% capacity Plant operations slated to cease 2014 TERIPANG IBU Horst - planned SERUWAY PSC 7
Slide 18: Gurame Field
Gurame Field Initial well blew out! Oil and low CO2 gas recovered from Lower Belumai L. Baong Shale • Only ONS-A5 & A4 drilled through the Lower Belumai section • ONS-A5 encountered a dolomite at TD underneath a thin Lower Belumai – both sections were flowed together on test (2.8 mmscf/d) • ONS-A4 e
Slide 19: Gurame field
Gurame field Multiple well penetrations confirm recoverable oil and gas Gurame-1X: TD 2,915m (Belumai not penetrated) ONS-A2: Drilled overbalanced L.Baong Recovered 45 API oil (Calc flow 4095 BOPD) Belumai Recovered gas and 45 API oil. (Calc flow 1009 BOPD). Bago A-2 Bago A-1 ONS-A1: ONS-A5X: Beluma
Slide 20: Kuala Langsa gas discovery
Kuala Langsa gas discovery 230m CO2 rich gas column in high quality carbonate reservoir in large structure Seruway PSC Gas zones Resource MEO Share Total Field Estimate P90 P50 P10 P90 P50 P10 GIIP (Bscf) 1,795 2,315 3,066 9,045 11,678 15,450 Hydrocarbon GIIP (Bscf) 533 762 1,097 2,692 3,844 5,527 R
Slide 21: Ibu horst structural high
Ibu horst structural high Featuring multiple gas/condensate discoveries - 700km2 3D planned in 4Q 2011 SERUWAY PSC OBJ: MALACCA REEF LMST NORTH SUMATRA PTD: 2900m LEAD (JUARO) RES: 350MMBO JAPEX B-2 SALEM-1 LEAD JAPEX B-2 NSO-2N LEAD Outline of 700km2 3D IKAN REEF Seismic survey NSO-2N planned for 4
Slide 22: Summary
Summary Enhanced portfolio poised to deliver a number of potential developments Tassie Shoal gas processing hub • A natural solution for economically challenged, stranded gas • Environmental approvals in place until 2052 • Unprecedented current interest from substantial international companies Enhan
Slide 23: Disclaimer
Disclaimer This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a variety of variables which could cause actual r