0
FPSO in Australia and New Zealand
         Status and Future




                        Yoshihide Shimamura
             ...
FPSO – Over View
- Floating facility for Offshore Oil Field w/o Pipe Line
- Fit for Marginal Field
- Booming in West Afric...
GROWTH OF FLOATING PRODUCTION SYSTEMS
                                                                                    ...
FLOATING PRODUCTION SYSTEMS IN OPERATION
                    22                                                           ...
FPSO – In Australia/New Zealand
-18 FPSO are operating or under construction
-Lease (11) vs Operator Own (7) – average (54...
FPSO in Australia/NZ
FPSO Operation in Australia/New Zealand

                                     Laminaria
             ...
FPSO in Australia/NZ - Statistics
               Water Depth                              Production - Gas
   <100m       ...
Disconnectable FPSO – MV11




                             8
Disconnectable FPSO – MV1
MODEC Venture 1




                                              9
FPSO ex Buffalo Venture




                          10
Technical Challenges
 Last 10 years
- Continuous Challenges to
  - More Deep
  - Bigger Capacity
Coming 10 years
- New pha...
Historical Change in Water Depth
                 1 ,6 0 0


                 1 ,4 0 0

                 1 ,2 0 0


      ...
Historical Change in Production Capacity
                          3 0 0 ,0 0 0


                          2 5 0 ,0 0 0
 ...
Expanding Topside Footprint
                         80,000BOPD/2007
25,000BOPD/1986




                       100,000BOP...
Technical Challenges - Gas
 Last 10 years
- Continuous Challenges to
  - More Gas Handling
  - Efficient Use
Coming 10 yea...
Historical Change in Gas Handling Capacity
                                   700.0

                                   60...
Disposition of Produced Gas

                      Flare


             Boiler            Turbine
Fuel Gas




           ...
FLNG




       18
GTL Plant with Micro Channel Reactor Technology




                                             19
FPSO Contractor – Lease Operation
Merit for Operator
- Saving of CAPEX
- Flexible charter period – minimize development ri...
FPSO Lease Operation
        Contract          Facility Owner         O&M
 Bare Boat Charter       FPSO Contractor     Oil...
FPSO/FSO TIME CHARTER / O&M PERIOD
                                                                Time Charter Contract  ...
Leased FPSO
Production Rate




                                                          Crude Price

                   ...
FPSO - Lease Operation
Before Financial Crisis – Win-Win
- Financial Support from Investor
- Raising Oil Price
- Technical...
FPSO Ordered and Crude Oil Price
                       FPS O O rde re d / C ru de O il Pric e

20                        ...
Re-deployment Project

          Timing
          Compatibility of Facility
          Depreciation of CAPEX




          ...
FPSO Operation
Short Term Issues
  - Increased fuel cost
  - Higher wage

Long Term Issues
  -   Aging of operator
  -   L...
Operation - Complement
          A n o a N atu n a
         K akap N atu n a
     N an H ai S h e n g L i
         C u u l...
Demographics of Operating Crew

                                                     20-29
                               ...
Thank You and
Any Question?
           30
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FPSO In Australia And New Zealand By Yoshihide Shimamura

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Transcript of "FPSO In Australia And New Zealand By Yoshihide Shimamura"

  1. 1. FPSO in Australia and New Zealand Status and Future Yoshihide Shimamura MODEC Offshore Production System 2009-11-9 WA Oil and Gas Facilities Group Meeting
  2. 2. FPSO – Over View - Floating facility for Offshore Oil Field w/o Pipe Line - Fit for Marginal Field - Booming in West Africa, Brazil, S.E. Asia, incl. ANZ Why? - Low CAPEX - Early Development - Adaptable for Deep Water - Flexible for Field Characteristics 2
  3. 3. GROWTH OF FLOATING PRODUCTION SYSTEMS Between 1999 and 2009 - Number of FPSO increased from 67 units to 165 units (+ 98 units, + 146%) - Number of TLP increased from 11 units to 22 units (+ 11 units, + 100%) FPSO TLP S par S em i 250 44 200 17 22 (Num ber of Ins talled Units ) 150 32 100 2 165 11 50 67 0 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 as of end y ear (2009 inc ludes units on order to be delivered during the y ear) Source: FLOATING PRODUCTION SYSTEMS assessment of the outlook for FPSOs, Semis, TLPs, Spars and FSOs – April 2009 (IMA) 3
  4. 4. FLOATING PRODUCTION SYSTEMS IN OPERATION 22 Projects in Operation as of July 2009 151 12 7 2 SEM I T LP F PSO F SO 2 15 North Sea 40 SEM I T LP F PSO F SO Spar 7 Canada 4 1 1 15 15 88 SEM I F PSO T LP 7 F SO SEM I F PSO T LP F SO 17 3 China 1 Mediterranean 9 SEM I F PSO T LP F SO Spar 34 1 1 1 1 1 GOM 28 SEM I SEM I 43 T LP F PSO T LP F PSO F SO F SO Spar India SE A s ia 18 15 15 22 16 4 4 3 SEM I SEM I SEM I F PSO F PSO T LP T LP SEM I F SO F SO T LP F PSO F PSO T LP F SO F SO Spar W es t A f ric a Pac if ic W orld Total Braz il Source: FLOATING PRODUCTION SYSTEMS assessment of the outlook for FPSOs, Semis, TLPs, Spars and FSOs – July 2009 (IMA) *Not shown are 9 FPSOs and 3 production semis that are off-field and available for reuse. 4
  5. 5. FPSO – In Australia/New Zealand -18 FPSO are operating or under construction -Lease (11) vs Operator Own (7) – average (54/46%) -Lease/Operation period <10 years -Disconnectable FPSO (13) -Water Depth – no deep water -Production rate - average 82,000BOPD/52mmscfd -Storage Capacity – average 860kBBL -Conversion case (13), new built case (5) -Less Operation crew (<30) 5
  6. 6. FPSO in Australia/NZ FPSO Operation in Australia/New Zealand Laminaria Buffalo Elang/Kakatua Jabiru Challis Skua Griffin Cossack Puffin Darwin Vincent Montara Van Gogh Karratha Mutineer-Exeter Woolybutt Pyrenees Enfield Stybarrow Perth Maui-B Tui BMG Maari 6
  7. 7. FPSO in Australia/NZ - Statistics Water Depth Production - Gas <100m 3 17% <50MMSCFD 7 100m - 300m 10 56% 50-100 5 >300m 5 28% >100MMSCFD 2 total 18 Max 115 Cossack Max Pyrenees 850m Min 2 Mutineer/Exeter Min Montara 79m Average 52 Production - Oil Storage <50KBOPD 5 <1Mil BBL 12 50-100 7 >1Mil BBL 6 >100KBOPD 6 Max 1.4Mil Laminaria Max 170KBOPD Laminaria Min 42 BMG Min 40KBOD Average 0.86Mil Average 82KBOPD 7
  8. 8. Disconnectable FPSO – MV11 8
  9. 9. Disconnectable FPSO – MV1 MODEC Venture 1 9
  10. 10. FPSO ex Buffalo Venture 10
  11. 11. Technical Challenges Last 10 years - Continuous Challenges to - More Deep - Bigger Capacity Coming 10 years - New phase of Challenge - More complex crude - More efficient - More eco-friendly 11
  12. 12. Historical Change in Water Depth 1 ,6 0 0 1 ,4 0 0 1 ,2 0 0 1 ,0 0 0 W ate r De pth 800 600 400 200 0 1980 1985 1990 1995 2000 2005 2010 12
  13. 13. Historical Change in Production Capacity 3 0 0 ,0 0 0 2 5 0 ,0 0 0 Production Rate (BOPD) 2 0 0 ,0 0 0 1 5 0 ,0 0 0 1 0 0 ,0 0 0 5 0 ,0 0 0 0 1970 1975 1980 1985 1990 1995 2000 2005 2010 13
  14. 14. Expanding Topside Footprint 80,000BOPD/2007 25,000BOPD/1986 100,000BOPD/2007 31,000BOPD/1996 14
  15. 15. Technical Challenges - Gas Last 10 years - Continuous Challenges to - More Gas Handling - Efficient Use Coming 10 years - New phase of Challenge - More efficient - More eco-friendly - New technology – GTL/LNG 15
  16. 16. Historical Change in Gas Handling Capacity 700.0 600.0 Gas Handling Capacity (mmscfd) 500.0 400.0 300.0 200.0 100.0 0.0 1970 1980 1990 2000 2010 16
  17. 17. Disposition of Produced Gas Flare Boiler Turbine Fuel Gas Generator Elect Motor Compressor Gas Turbine Generator Gas Turbine Compressor Gas Lift Gas Injection Export Gas 17
  18. 18. FLNG 18
  19. 19. GTL Plant with Micro Channel Reactor Technology 19
  20. 20. FPSO Contractor – Lease Operation Merit for Operator - Saving of CAPEX - Flexible charter period – minimize development risk - High Oil Price = Extent Lease Period - Reduce OPEX – salary of crew (time charter case) Merit for FPSO Contractor - Constant revenue for long period - Redeployment of facility - Pool of resource 20
  21. 21. FPSO Lease Operation Contract Facility Owner O&M Bare Boat Charter FPSO Contractor Oil Company Time Charter Contract FPSO Contractor FPSO Provider Operation Contract Oil Company FPSO Contractor Multiple Fleet Pool of Human Resource Synergy Effect Training Utilize for Multiple Fields Mobilize to Multiple Facilities Facility Management System 21
  22. 22. FPSO/FSO TIME CHARTER / O&M PERIOD Time Charter Contract O&M Contract Fixed period Option period Fixed period Option period 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 FPSO Cidade de A ngra dos Reis MV 22 * 15y Tullow Jubilee FPSO * 7y FPSO Cidade de Santos MV 20 * 12y BHP Py renees FPSO - 15y FPSO Cidade de Niteroi MV 18 * 9y FSO Rang Dong MV 17 * 9y FPSO Song Doc Pride MV 19 * 5y FPSO Sty barrow V enture MV 16 * 10y FSO Cidade de Mac ae MV 15 * 20y FPSO Cidade do Rio de Janeiro MV 14 * 8y FSO Rong Doi MV 12 * 7y FPSO Baobab Iv oirien MV 10 * 10y FPSO Jas mine V enture MV 7 * 3y (FPSO Buf f alo V enture) 2.5y FPSO MODEC V enture 11 * 5y FPSO Cuulong MV 9 * 5y ( pu rc h ase d by th e c lie n t) FPSO Fluminens e - 13y FPSO MV 8 Langs a V enture * 1y 2y FSO Ta'Kuntah * 10y 5y FPSO MODEC V enture 1 * 2y 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Oct 2009 * Consolidated Subsidiary Time Charter: 11 FPSO/FSOs, O&M: 2 FPSO * Affiliates accounted for by the Equity Method 22
  23. 23. Leased FPSO Production Rate Crude Price High Initial Period Option Period Charter Period 23
  24. 24. FPSO - Lease Operation Before Financial Crisis – Win-Win - Financial Support from Investor - Raising Oil Price - Technical maturity – lower barrier for new comer - Speculation FPSO fleet After Financial Crisis - Conservative investor - Lower Oil Price - High Fuel Cost/High Wage 24
  25. 25. FPSO Ordered and Crude Oil Price FPS O O rde re d / C ru de O il Pric e 20 FPS O O rde re d 140 18 120 16 C ru de O il Pric e 14 100 12 80 10 8 60 6 40 4 2 20 0 0 1997/9 1998/9 1999/9 2000/9 2001/9 2002/9 2003/9 2004/9 2005/9 2006/9 2007/9 2008/9 25
  26. 26. Re-deployment Project Timing Compatibility of Facility Depreciation of CAPEX 26
  27. 27. FPSO Operation Short Term Issues - Increased fuel cost - Higher wage Long Term Issues - Aging of operator - Lack of resources - Impact to quality of operation (HSE) - Industrial-wide recruit and training program 27
  28. 28. Operation - Complement A n o a N atu n a K akap N atu n a N an H ai S h e n g L i C u u lo n g M V 9 R u by P rin c e ss V ie tso vpe tro 0 1 SE Asia R an D o n g M V 1 2 P ath u m abah a M V 8 L an gsa V e n tu re N an H ai S h e n g K ai F lu m in e n se B ao bab Ivo rie n M V 1 0 K o m e K ribi Ta'K u n tah Atlantic M adie la S tybarro w B u ffalo V e n tu re M o de c V e n tu re 1 1 M O D EC V e n tu re 1 Aus/NZ W h akaaro pai 0 10 20 30 40 50 60 70 80 90 100 110 28
  29. 29. Demographics of Operating Crew 20-29 T o tal 30-39 40-49 T h ailan d 50-59 60+ Vie tn am In do n e sia Au stralia 100% 80% 60% 40% 20% 0% 29
  30. 30. Thank You and Any Question? 30
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