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Al Zaafarana

Concepts Review
In-House Review
INDEX

1 Review Objective 5 Petro Gulf Implementation


MOPU OPEX

2 References 6 AL Zaafarana FPSO


FPSO OPEX

3 Al Zaafarana FPSO Feasibility Study


Utboen Consulting
7 PMT Conclusion

4 Petro-Zneima
CAPX and OPEX
Implementation

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REVIEW OBJECTIVE
The objective is to review the concepts of
replacing Al Zaafarana FPSO with the most
feasible alternative of the following alternatives:
- Converted FPSO,
- MOPU + FSO.
Based upon the carried out studies and the
implementation in the sister companies
compared to TIME opportunity cost.

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REFERENCES
This review is based upon the following:

Al Zaafarana FPSO Feasibility Study


01 Carried out by Utboen Consulting on 2011

02 Petro-Zneima Implemented Project


CAPX and OPEX case study

03 Petro-Gulf Production Facility


OPEX case study

04 AL Zaafarana FPSO
FPSO OPEX

05 PMT Conclusion

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The Most Feasible Scenario is :
“Replacement of the existing FPSO by converted tanker”
AL ZAAFARANA FPSO
With total cost of $ 123,333,415.
FEASIBILITY STUDY,
N.B.
UTBEON Consulting, 2011 We envisage much reduced costs due to the direct relation
between oil prices and all related activities as:

The crude oil markets sustained high price levels in 2011, as the spot
price of Brent averaged $111.26 per barrel.

Reference:
https://www.statista.com/statistics/262860/uk-brent-crude-oil-price-changes-since-1976/
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AL ZAAFARANA FPSO FEASIBILITY STUDY, UTBEON

• STUDY SCENARIOS CONCLUSION


Scenario 2 “Replacement of the existing FPSO by converted tanker”;
was considered as a possible alternative.
ITEM COST

Vessel Cost $ 17 MM

Shipyard General cost (laytime 18 months) $ 89,200,000

Project Management charges and construction site follow up $ 6,103,415

Other Operating Cost


Production downtime (estimated 30 days) $ 11,000,000
Towing cost forward and back from Dubai Dry-docks

TOTAL $ 123,333,415

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Average annual Brent crude oil price
(in U.S. dollars per barrel)

2018 73.06
2017 54.25
2016 43.55
Average annual Brent 2015 52.35
crude oil price 2014 99.03
2013 108.56
2012 111.63
2011 111.27
0 20 40 60 80 100 120
USD

Reference:
https://www.statista.com/statistics/262860/uk-brent-crude-oil-price-changes-since-1976/
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PETRO ZNEIMA IMPLEMENTATION

• SITE DESCRIPTION
- Production facilities are offshore platform, MOPU and FSO.
- Total gross fluid is 2,500 BFPD (Natural flowing).
- Daily Oil Production is 1,800 BOPD.

• PROJECT TOTAL CAPX


- MOPU cost is $ 28,000,000.
- Dry-Dock Activities for MOPU is $ 4,000,000.

• PROJECT TOTAL OPEX


- Site OPEX (without Fuel & Chemical costs) is $ 4,745,000.
- Site total OPEX is $ 7,560,000.

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PETRO GULF IMPLEMENTATION

• SITE DESCRIPTION
- Production facilities are offshore platforms, MOPU and on-shore facilities.
- Total gross fluid is 30,000 BFPD (ESP Lifting).
- Daily Oil Production is 5,000 BOPD.

• Total OPEX is $ 7,412,000.

AL ZAAFARANA FPSO

Based upon fiscal year 2017/2018 actual expenditures

• Al Zaafarana FPSO Total OPEX is $ 7,642,000.

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PMT CONCLUSION

• Egyptian Tanker Company (ETC) is an Egyptian company specialized in transporting


Crude Oil and Petroleum Products with a fleet of 3 tankers.

• ETC SHAREHOLDERS
- The Egyptian General Petroleum Corporation (EGPC).
- Petroleum Marine Service Co. (PMS)
- Middle East Oil Tankage & Pipelines (MIDTAP)
- others

• ETC offered its ETC MENA tanker for sale against $11,000,000.

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PMT CONCLUSION

ETC MENA Specifications


Built year 2001
DWT 107,181 MT
CLASS NKK
NET TONES 31,693 MT
GROSS TONES 57,920 MT
LOA 246.8 MT
HULL TYPE Double Hull
DEPTH 21.3 MT
BREADTH 42 MT
MAX. LOADING RATE 8600 M³/hr

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COST ANALYSIS
Replacement of the existing
FPSO by converted tanker
Considerations and References
based upon the previous studies and current market conditions
- Vessel cost is $11,000,000; based on ETC vessel offer.
- Dry Dock activities including towing back and forward dry-dock estimated cost is $40,000,000.
- Top sides estimated cost including engineering $15,000,000.
- Power generation estimated cost is $10,000,000.
- Project management charges, construction site follow up and engineering is 10% from gross
capital cost.
- Project estimated duration is 24 months.
- OPEX will be marked up with 1.8 based upon the fuel and chemical costs due to field
development.
- Project life time is 15 years based on AL Zaafarana Agreement.
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COST ANALYSIS
Replacement of the existing
FPSO by converted tanker

Item Cost ($)

CAPX Vessel 11,000,000

Dry-Dock Activities 40,000,000

Top sides 15,000,000

Power Generation 10,000,000

Project Management + Engineering 7,600,000

Total CAPX 83,600,000

OPEX OPEX per year 13,755,600

Total OPEX 206,334,000

PROJECT TOTAL COST 289,934,000

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$ 289,934,000
Project Total Cost (CAPX + OPEX)

Replacement of the
existing FPSO by $ 83,600,000
converted tanker Total CAPX

$ 206,334,000
Total OPEX

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COST ANALYSIS
Replacement of the existing
FPSO by MOPU + FSO
Considerations and References
based upon the previous studies and current market conditions
- Vessel cost is $11,000,000; based on ETC vessel offer.
- MOPU cost is $ 28,000,000; based on Admarine III (Petro-Zneima implementation)
- Dry Dock activities including towing back and forward dry-dock estimated cost is $20,000,000.
- Top sides estimated cost including is engineering $15,000,000.
- Power generation estimated cost is $10,000,000.
- Project management charges and construction site follow up is 10% from gross capital cost.
- Project estimated duration is 24 months.
- OPEX estimation will be $ 7,486,000 based on Petro-Zneima and Petro-Gulf OPEX.
- Project life time is 15 years based on AL Zaafarana Agreement.

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COST ANALYSIS
Replacement of the existing
FPSO by converted tanker

Item Cost ($)


CAPX Vessel 11,000,000
MOPU 28,000,000
Dry-Dock Activities 20,000,000
Top sides 15,000,000
Power Generation 10,000,000
Project Management + Engineering 8,400,000
Total CAPX 92,400,000
OPEX OPEX per year 13,474,800
Total OPEX 202,122,000
PROJECT TOTAL COST 294,522,000
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$ 294,522,000
Project Total Cost (CAPX + OPEX)

Replacement of the
existing FPSO by $ 92,400,000
MOPU + FSO Total CAPX

$ 202,122,000
Total OPEX

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COST SUMMARY

Converted Tanker MOPU + FSO

Total CAPX $ 83,600,000 $ 92,400,000

Total OPEX
$ 206,334,000 $ 202,122,000

Project Total Cost


$ 289,934,000 $ 294,522,000
(CAPX + OPEX)

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Current Project Estimation
PMT estimation

Opportunity

Concept EPCI Project Project


Selection Tender Execution Hand-Over

6 Months 4 Months 17 Months 1 Month

Project Total estimated schedule duration 28 Months

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PMT CONCLUSION

- Time estimated to the first oil of the MOPU+FSO alternative and FPSO alternative is
almost the same 24 months.
- Time estimated to the first oil starting from concept select phase is 28 months.
- Hence; delaying the project start date and starting from concept select phase equal
losing production against $ 6,750,000 per month; according to the following:
• Production increase after field development is 4500 bbls/day,
• Oil price is $ 50 USD/bbl,
• Monthly lost production equals $ 6,750,000.
- The estimated cost saving by carrying out concept selection between the most
feasible alternatives as shown above is $ 4,588,000; while losing production against
the 4 months concepts execution with the amount of $ 27,000,000.

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PMT RECOMMENDATION

“PMT recommends going directly to the market and make use of the
available tankers; in order to save $ 27,000,000 loss of production”

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