Beruflich Dokumente
Kultur Dokumente
13 November 2014
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HIGHLIGHTS
KRI exports ramp-up
Pipeline capacity in Turkey no longer a constraint currently 500,000 bopd to increase to 700,000 bopd by
year-end 2014
Pipeline exports currently at c.300,000 bopd, expected to increase to 400,000 bopd by year-end and 500,000
bopd in Q1 2015
KRG on track to budget equilibrium in Q1 2015
Increasing production
Net working interest production up 47% YTD to 66,000 boepd
Strong future production growth: 2015 working interest production guidance of 90,000-100,000 boepd
STRATEGY
Payment for KRI oil flowing to KRG via KRG controlled Halkbank account
KRI exports will continue to increase
Note: Information on cargoes, tankers and sales based on Platts and Bloomberg reports
58
107
101
163
184
310
380
430
495
525
545
700
700
700
480
500
800
600
500
kbopd
500
400
300
300
300
300
450
200
150
150
350
400
280
107
150
57
56
34
30
30
30
45
45
45
Jul-14
Aug-14
Sep-14
Oct-14E
End
Nov-14E
End
Dec-14E
End
Jan-15E
End
Feb-15E
End
Mar-15E
49
44
16
42
59
Q1-14
Q2-14
Trucked exports
Pipeline exports
Pipeline capacity
Note: Liquids export volumes are indicative based on publicly available information, media reports and internal estimates. Data reflects averages for historical periods and month end estimates for forecasts
Source: Company disclosures, media reports
Taq Taq
46 Pipeline with
1mm bopd of capacity
Khurmala Dome
30 tankers shipped totaling over
23 mmbbls of Kurdish crude
Avana Dome
Bai Hassan
Baba Dome
Note: Information on cargoes, tankers and sales based on Platts and Bloomberg reports
10
11
160
Taq Taq and Tawke life of field F&D costs < $3/bbl
150
Marginal
heavy oil
and deep
water,
Kashagan
140
130
120
(1)
110
100
90
80
70
Taq Taq and Tawke: 10% fall in oil price = c.6% fall in
net Contractor proceeds over the next 2 years
60
40
50
30
Kurdistan
20
-
10,000
20,000
30,000
40,000
50,000
Note: Estimates for breakeven prices do not include the costs of acreage acquisition or exploration that, if
included, would lead to higher breakeven commodity prices. This can be particularly material for North
American onshore resource plays
Source: Top 400 Projects, Goldman Sachs Global Investment Research
12
Wells
13
TAWKE UPDATE
9M 2014 average production of c.87,000 bopd
Wells
14
15
Cost competitive
Well positioned on cost curve to meet Turkish gas demand
Financing solution
Contractor responsibilities: (i) oil development, (ii) gas wells & flowlines, (iii) first stage condensate
separation
KRG responsibilities: gas treatment facilities
Reduced gross Contractor gas capital exposure to c.$1bn until first gas
17
Miran and Bina Bawi combined under one PSC with one
aggregate production target: 1,400 mmscfd raw gas from 2018
Raw Gas
Wells
Contractor
Export market
Trunk/flow lines
Condensates (C5+)
First Stage
Condensate
Removal Plant
Genels entitlement
$0.78 fee per mscf raw gas delivered to gas treatment plant
KRG entitlement
Condensate
Removal + Loading:
Residual
Gas Stream
3rd Party
Sulphur
Genel responsibility
Sales
Gas
KRG
Condensate
Loading Facilities
Residual
Condensates
& LPGs
KRG responsibility
Turkey
GSA
18
Contractor entitlement
Resource
Range: 243471 mmbbls
30 mmbbls to be booked as 2P reserves at year-end
Development
Miran cross-section
19
Liquids (mmbbls)(1)
19tcf
20
18
80
142mmbls
70
16
7
14
60
79mmbls
11tcf
50
12
50
60
40
10
4
8
48mmbls
6tcf
30
12
20
2
4
2
32
30
17
23
10
4
21
13
11
7
0
0
Low
Mean
Bina Bawi Raw Gas
High
Miran Raw Gas
1
Low
Condensate
Low Oil
Mean
Condensate
Mean Oil
High
Condensate
Miran Oil
High Oil
Miran Condensate
20
Bina Bawi
4.3tcf
7.1tcf
3.5tcf
4.9tcf
32mmbbls
13mmbbls
Trunk/flowlines
$75m
$75m
$0.8/boe
$0.6/boe
Mean condensate(1)
Number of wells
Condensate loading
& separation facility
Opex
PSC restructuring lowers gross Contractor capital investment to $1bn until first gas
1) Condensate volumes are expected volumes from 1st stage separation (all net to Genel)
21
2014
2015
2016
2017
2018
DOC
Miran
HORIZTONTAL
OIL WELL
EARLY OIL
EWT
DOC
OIL PRODUCTION
Bina Bawi
EXPORT GAS/CONDENSATE
OIL PRODUCTION
FEED
MW5
Miran
FID
TURKEY / KRG
ENERGY
AGREEMENT
Bina Bawi
BB4/5
TESTING
GENEL / KRG
TERM SHEET
AMENDMENT
SIGNED
GENEL / OMV
BINA BAWI
BUY-OUT
AGREEMENT
REACHED
PSC AMENDMENT
AGREEMENT
COMPLETED
FID
EWT: Extended Well Test; DOC: Declaration of Commerciality; FEED: Front End Engineering Design; FID: Final Investment Decision; PSC: Production Sharing Contract
22
23
Peshkabir exploration
New opportunities
Africa
Exit Malta
Evaluate Morocco
Middle East
24
HORN OF AFRICA
Somaliland Blocks SL-10B/13 & Odewayne
Berbera
Burao
Hargeisa
Prospect Area
defined by 2014 2D
Seismic Data
10km
2014 2D Seismic
2009 2D Seismic
Adigala cross-section
25
26
kboepd
100
80
60
40
@ $100/bbl
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
$600-700m(1)
Jan-14
20
$500-600m(1)
90-100
kboepd
$500-600m(1)
@ $80/bbl
60-70
kboepd
348
44
FY 2013
2014E
2015E
FY 2013
2014E
2015E
(1) 2014E and 2015E guidance revenue recognition methodology on an accruals basis for domestic and export sales
27
$300-350m
programme
$229m
2011
2012
KRI Development
2013
2014E
2015E
Africa Exploration
28
2014
90,000
80,000
70,000
60,000
KRG assurance that Contractors will be paid in full in line with PSC
50,000
40,000
30,000
20,000
0
2011
2012
2013
1Q
2Q
3Q
4QE 2015E
29
30
SUMMARY
Politics
KRI exports
KRI Oil
KRI Gas
Exploration
Financials
KRI remains safe and secure, KRG working closely with international community
Progress continues to be made following the formation of the new Iraqi Government
Low cost and resilient KRI oil and gas business, relatively insensitive to oil price volatility
New Miran and Bina Bawi gas deal signed with the KRG
Appendix
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33