BP plc · LSE:BP.
BP — Investor Presentation (October 2013)
22 slides from BP's investor presentation, Oct 18, 2013
Slide 1: BP Exploration Review
BP Exploration DDRAFT Review 18th October 2013
Slide 2: Cautionary statement
Cautionary statement Forward-looking statements - cautionary statement This presentation and the associated slides and discussion contain forward-looking statements, particularly those regarding: BP’s expectations regarding the expected number of exploration wells to be completed in 2013 and in the
Slide 3: Mike Daly, Executive Vice President, Exploration
DDRAFT Mike Daly Executive Vice President, Exploration
Slide 4: Operational momentum regained
Operational momentum regained • Strategy and implementation − Strategy refreshed; spend doubled; reorganised to deliver with efficiency • Exploration delivery − 10 completions, up to further 8 expected in 2013 − 3 discoveries announced so far in 2013 • Resource progression − Technology is leading re
Slide 5: Reloading completed; it's now about execution
Reloading completed; it’s now about execution Access volumes Direct access Exploration Steady state target 2013F 2014F 2015F 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Exploration wells (gross) 20 Expected 15 Completed 10 5 Conventional exploration and appraisal 0 Unconventional res
Slide 6: Conventional exploration: leading positions
Conventional exploration: leading positions Offshore net acreage of key international competitors in selected basins(1, 2) Arctic(3) Top 3 by basin in km2 XOM BP ENI Nova Scotia BP net acreage (km2) 40,000 Libya Egypt 140,000 GoM Nile Delta RDS BP XOM Deepwater South China 30,000 BP XOM ENI India Ea
Slide 7: Spencer Howe, Vice President, Exploration
DDRAFT Spencer Howe Vice President, Exploration
Slide 8: Deep exploration inventory: key wells
Deep exploration inventory: key wells(1) Country/Basin 2012 2013 2014 2015 2016 2017 Angola Katambi, Borboleta, Ogonga Lontra Puma, Orca Mangandos Blk-19A-Play Test pre-salt Onca Brazil Pitu, Guajuru, Pecem Pitanga Amapa-1 Amapa-2 & 3 Amapa-4 & 5 Deepwater Jacana Hopkins, Bluegill, Mazama, Gulf of M
Slide 9: Exploration delivery: India gas discoveries
Exploration delivery: India gas discoveries • Multi-tcf gas condensate accumulation • 155m hydrocarbon column: flowed at 31mmscfd(1) and 2,121bcpd(2) • Field appraisal programme underway: MJ-A1 well spudded in September • A further gas condensate discovery in Cauvery Basin: − 143m hydrocarbon column
Slide 10: Exploration delivery: East Nile Delta gas discovery
Exploration delivery: East Nile Delta gas discovery • Salamat well encountered two independent hydrocarbon columns in excess of 180m and 150m respectively • Establishes presence of hydrocarbons within a 50km long structure with significant upside potential • Potential standalone development or tie-b
Slide 11: Rebecca Wiles, Vice President, Resource Appraisal
DDRAFT Rebecca Wiles Vice President, Resource Appraisal
Slide 12: Resource progression: Trinidad seismic acquisition
Resource progression: Trinidad seismic acquisition • Columbus Basin seismic survey designed to progress resources and discover new segments in existing and future major gas fields • 1,000km2 high density ocean bottom data – first commercial use of BP’s Independent Simultaneous Source technology with
Slide 13: Project 20K
Project 20K™ • Major technology project designed to progress 20 kpsi(1) resources • Collaboration with contractors, vendors, regulators and universities expected • Key system defined by end 2013 • Front End Engineering Design begins in 2014 (1) Thousand pounds per square inch 13
Slide 14: Unconventional gas: Oman Block 61
Unconventional gas: Oman Block 61 • Extensive appraisal applying BP’s technology in 3D Block 61 seismic and tight gas production N • Heads of Agreement reached in May 2013, defined terms for initial project and next appraisal phase • On track for FID(1) by end-2013 to develop initial phase BP well w
Slide 15: Jonathan Evans, Vice President, Access
DDRAFT Jonathan Evans Vice President, Access
Slide 16: Access sustained: Atlantic Margin theme
Access sustained: Atlantic Margin theme • Built material new positions around the Atlantic Margin − Nova Scotia − Angola pre-salt − Brazil − Uruguay − Norway West Barents • Exploring for new oil plays through the themes of − Cretaceous deltas − Testing subtle traps • Continuing to screen for new acc
Slide 17: Canada Nova Scotia
Canada Nova Scotia Nova Scotia Seabed oil seeps A Salt A’ 0 100km Gulf of Mexico • Significant access (~14,000km2) in an unexplored deepwater province • Frontier exploration − Confirmed reservoir on shelf and salt structures on slope − Undrilled source rock • GoM(1) is analogue for Nova Scotia (1) G
Slide 18: The Arctic
The Arctic Alaska North Slope Siberian shelf(1) 6,097km2 188,176km2 340 Blocks 3 Blocks BP 42% equity BP 13% equity East Siberia(1) 251,832km2 3 Blocks BP 13% equity Canadian Arctic N Kara Sea(1) 14,199km2 196,000km2 63 Blocks 1 Block BP 40% equity BP 13% equity S Kara Sea(1) 132,538km2 3 Blocks BP
Slide 19: Shale portfolio: from US to global focus
Shale portfolio: from US to global focus • Significant portfolio of US shale plays; ~25% of BP’s total US 80 BP US Shale Production onshore production 60 • Integration across subsurface, drilling and completions is mboed essential in delivering the best well results. Shale outcrop 40 research is one
Slide 20: Exploration project efficiency
Exploration project efficiency Exploration efficiency 2007 to 2013 Sunbury Prospect Inventory Headcount growth growth (risked boe) Houston Prioritised project work 2013 Future Work Resource appraisal Current Work Exploration Access Conventional exploration and appraisal Basin analysis Unconventional
Slide 21: The take aways
The take aways… • BP’s exploration portfolio is reloaded: the right components in place − Material positions: large prospects, key technologies and valuable terms • Momentum is back in drilling: 5 year programme outlined − Seeing success in 2013 − 10 wells completed year to date: 3 discoveries, 1 dr
Slide 22: Q&A
DDRAFT Q&A 22