Delivering Growth: GoM Deepwater Exploration
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Delivering Growth: GoM Deepwater Exploration

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    Delivering Growth: GoM Deepwater Exploration Delivering Growth: GoM Deepwater Exploration Presentation Transcript

    • Delivering Growth: GoM Deepwater Exploration Jim Farnsworth Vice President, Gulf of Mexico Deepwater Exploration
    • Excellent Track Record 0 100 200 300 400 500 600 700 800 Resources Yearly mmboe 0 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 2400 2600 2800 3000 Cummulative mmboe 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 N Ram Powell Mars Ursa Kepler Diana Mickey King King’s Peak Marlin Europa Troika Fourier Neptune Ariel Crosby Hoover Anstey Atlantis MadDog Holstein Crazy Horse Houston Houston 0 500 1000 1500 2000 2500 3000 3500 4000 BP SHELL EXXON MOBIL UNOCAL BHP KERR McGEE AGIP ENTERPRISE TEXACO ALL OTHERS MMBOE Producing Planned Total: 9.6 BBOE Estimated Net Resources By Company Source: J. S. Herold Deepwater Intelligence Database and Publicly Announced Discoveries 36% 25% 13% Houston Houston 0 500 1000 1500 2000 2500 3000 3500 4000 BP SHELL EXXON MOBIL UNOCAL BHP KERR McGEE AGIP ENTERPRISE TEXACO ALL OTHERS MMBOE Producing Planned Total: 9.6 BBOE Estimated Net Resources By Company Source: J. S. Herold Deepwater Intelligence Database and Publicly Announced Discoveries 36% 25% 13%
    • Leading Deep Water Lease Position
      • Chevron
      H o u s t o n N e w O r l e a n s 0 1 0 0 M i l e s B P L e a s e s 8 - 1 7 - 0 0 U n c l a s s i f i e d / o g r e g 4 5 4 8 . c n v . H o u Chevron Source: Lexco Database, Minerals Management Service: WD >1000’ BP Vastar Exxon-Mobil Shell Texaco Others Lease Holdings - June, 2000 802 Crazy Horse Mars Atlantis Mad Dog Troika Baha Diana 2500 5000 7500 10000 N
    • GoM Deepwater Potential T e x a s L o u i s i a n a H o u s t o n N e w O r l e a n s 600' 6000' 0 1 2 3 4 Shallow Water (<2500’) Area 60 M mi 2 Production 3 MMboe/d Discovered 40 Bboe 6000' 600' Deep Water (>2500’) Area 50 M mi 2 Production* 800 Mboe/d Discovered † 10 Bboe URH 10-40 Bboe *1999 Est. † includes Crazy Horse The deepwater is still realtively immature and has the potential for 40 BBOE in large fields. 0 5 10 15 20 25 30 35 40 1 101 201 301 401 501 601 701 801 901 1001 1101 Shelf Deepwater (WD >2500ft) Cumulative Resource (BBOE) Discovery Sequence N
    • Exploration Philosophy N Frontier: New Geology (ultra-deep drilling) S 6-10,000 FT. W.D. BASE SALT PLEISTOCENE - PLIOCENE MIOCENE -CRETACEOUS BASEMENT SALT SALT Original Salt Layer Seafloor Established Plays (ultra-deep water) Frontier: New Geography
      • BP led the exploration of new plays in deeper sections and in deeper water
    • Key Technology: Petroleum Systems Analysis N Lithology Key Hydrocarbon Saturation Low High Source Shale Sand Slity Sand Salt Condensed Silty Shale
    • Key Technology: Depth Imaging 3D Depth Imaging 3D Time Imaging N
      • Dual Gradient Drilling
      Shallow Water Flow Zone Key DW Drilling Technologies SALT + + + + + + + + + + + + + + + + + + + + + + + + + + + + N • Duall Gradient Drilling • Free - Standing Riser • Pre - set Taut - Leg Mooring • Utilization of 2nd/3rd Gen. Rigs
      • Free
      - Standing Riser • Pre - set Taut - Leg Mooring • Utilization of 2nd/3rd Gen. Rigs • Expandable Casings • Expandable Casings + + • Subsalt Drilling Optimization • Salt Drilling Optimization
    • Key Technology: Subsalt Drilling
      • Eliminate Casing Strings
      • Technical Limit Drilling
      • Cost Savings of 30% over previous subsalt well
      6000ft Western Geophysical N -28000 -27000 -26000 -25000 -24000 -23000 -22000 -21000 -20000 -19000 -18000 -17000 -16000 -15000 -14000 -13000 -12000 -11000 -10000 -9000 -8000 -7000 -6000 -5000 0 5 10 15 20 25 30 35 40 45 50 55 60 65 Cost $MM Depth WD = -5,700' Well Depth vs. Cost Total Depth Eliminate Intra-salt Casing String Eliminate Second Casing String Actual Cost Plan Cost
    • Gulf of Mexico Deepwater N Actual / Projected BP Net of Royalty mboed Near Term Projects Major Developments Managing the Base 1999 2000 2001 2002 2003 2004 2005 2006 2007 0 100 200 300 400 500 600 700 800 Keeping the Facilities Full
    • Currently Drilling Exploration and Appraisal Wells JOLIET (11 mbd) R a m P o w e l l M a r l i n K i n g K i n g ' s P e a k P o m p a n o N a k i k a U r s a M a r s C r o s b y E u r o p a N e p t u n e T r o i k a M i c a C r a z y H o r s e H o l s t e i n 0 5 0 M i l e s M a d e f r o m 0 5 0 8 4 3 0 4 . c v 3 Texaco POSEIDON (400 mbd) AMBERJACK (275 mbd) Loop Storage DELTA (300 mbd) COBIA (200 mbd) (60 mbd) (150 mbd) BONITO (75 mbd) COUGAR (60 mbd) BOXER (60 mbd) LOBSTER (100 mbd) Loop SPMs MARS Oils P/L (400 mbd) COGNAC (60 mbd) (85 mbd) RAM POWELL (60 mbd) BUD (25 mbd) Bison Poseiden Crazy Horse North Crazy Horse Appraisal Atlantis Appraisal Mad Dog Appraisal Timon Producing Developments Discoveries Drilling Future Pipelines Texaco EIPS (200 mbd) N WHITE CAP (195 mbd) LOCAP St.. James Houston BP 36% 3.5 bboe Others 64% 6.1 bboe Estimated Net Resources Baha