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  • 1. Management Presentation
  • 2. Disclaimer
    This presentation uses the terms “potential petroleum quantities”, “prospective resources” and “contingent resources” to describe those quantities of petroleum that are potentially recoverable from accumulations yet to be discovered. Because of the uncertainty of commerciality and lack of sufficient exploration drilling, and the lack of identified prospects, leads, or future development and exploration projects, the potential petroleum quantities estimated herein cannot be classified as prospective resources, contingent resources or reserves, and the prospective resources and contingent resources cannot be classified as reserves. Investors are advised that the U.S. Securities and Exchange Commission (SEC) and other international securities regulators do not recognize potential petroleum quantities and prospective and contingent resources. There is no certainty that any portion of the potential petroleum quantities or prospective resources will be discovered and, if discovered, whether they could be developed economically. Therefore, investors are cautioned not to assume that all or any part of OGX’s potential petroleum quantities or prospective resources exist, or that they can be developed economically. Accordingly, information concerning potential petroleum quantities and prospective and contingent resources contained in this presentation are not comparable to information permitted to be made public by U.S. or other international companies subject to SEC reporting and disclosure requirements, especially Regulation S-K under the Securities Act.
    Certain of the information and conclusions set forth herein are based on projections. These projections were prepared for the limited purpose of analyzing the potential risks and benefits of an investment in the securities by illustrating under certain limited assumptions projected capital and operating expenditures, installed production capacity, expected production, and number of wells drilled. In addition, because of the subjective judgments and inherent uncertainties of projections and because the projections are based on a number of assumptions, which are subject to significant uncertainties and contingencies that are beyond the control of OGX, there can be no assurance that the projections or conclusions derived therefrom will be realized. Under no circumstances should the projections set forth herein be regarded as a representation, warranty or prediction that OGX will achieve or is likely to achieve any particular future result. There can be no assurance that OGX’s future results or projections will not vary significantly from those set forth herein. Accordingly, investors may lose all of their investment to the extent the projections or conclusions included herein are not ultimately realized.
    This presentation also contains forward-looking statements, which may be identified by such words as "may", "plans", "expects", "believes" and similar expressions, or by their context. These statements are made on the basis of current knowledge and, by their nature, involve numerous assumptions and uncertainties.
    This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.
    Various factors could cause OGX's actual future results, performance or events to differ materially from those described in this presentation. In no event shall OGX or the members of its board, directors, assigns or employees be liable to any third party (including investors) for investment decisions or acts or business carried out based on the information and statements that appear in this presentation, or for indirect damage, lost profit or related issues. OGX does not intend to provide to potential shareholders with a revision of the statements or an analysis of the differences between the statements and the actual results. You are urged to carefully review OGX's offering circular, including the risk factors included therein. This presentation does not purport to be all-inclusive or to contain all the information that a prospective investor may desire in evaluating OGX. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision.11
    2
  • 3. Agenda
    • OGX Overview
    • 4. OGX Portfolio
    • 5. OGX Operations
    • 6. Path to Production
    • 7. Financial Overview
    • 8. Appendix
    Lastupdate: 09/16/11
    3
  • 9. OGX Overview
  • 10. OGX Overview
    OGX is among the 15 largest pure E&P companies globally with a market cap of approximately US$25 billion, and is the 3rd most traded stock in Latin America
    World class E&P portfolio with 10.8 billion boe of potential resources, mostly in shallow waters and onshore (low cost and off-the-shelf technology)
    Multi-billion barrel discoveries and overall success rate exceeding 90% with high productivity reservoirs amongst the best in Brazil
    Solid cash position allows OGX to conclude the largest and most successful private sector exploratory campaign in Brazil and to support production development (more than 60 wells spud since the beginning of its exploratory campaign in Aug. 2009)
    Highly successful and experienced management team, combining unique intellectual capital and superior execution skills
    Proven execution capability (from concept to oil in an unprecedented timing) with fully established operations comprising more than 5,000 people
    Brazil’s historical under-exploration underpins massive growth opportunities for OGX
    5
  • 11. OGX Main Accomplishments
    OSX-1 and initial
    production
    1 block acquired in Parnaíba (50% stake)
    OGX Main Accomplishments
    Updated OGX portfolio to 10.8 bn(1)boe of potential resources
    5 onshore blocks acquired in Colombia
    Bond: US$ 2.6bn raised
    Nov/ 11
    High productivity horizontal well
    FPSO secured for 20 years
    Sep/11
    OGX included in the Ibovespa Index
    US$1.3 bnraised through an equity Private Placement
    21 blocks acquired during the 9th Bidding Round
    Beginning of thedrilling campaign
    May/11
    Apr/11
    Acquisition of 70% stake in the Parnaíba Assets
    • Total investments of US$ 3.7 bn of Drilling Capex and Bonus Signature + US$ 218 M of Seismic Campaign
    • 12. Total equity raised to date: US$8.0 bn
    Feb/11
    Jun/10
    IPO: US$4.1 bn raised
    Jan/10
    OGX Creation
    Survey and interpretation of the 3D seismic data
    Sep/09
    Aug/09
    Procurement of all equipment and services necessary to initiate the drilling campaign
    Jun/08
    Nov/07
    Jul/07
    Proven execution capability (from concept to first oil in unprecedented timing) with fully established operations comprising more than 5,000 people
    (1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and MacNaughton Reports
    6
  • 13. (1)
    Free Float
    Free Float
    39%
    61%
    Petróleo e Gás Participações S.A.(Market Capitalization (3): ~ US$25 Billion)
    99.99%
    66.67% (4)
    Petróleo e Gás Ltda.
    Maranhão Petróleo e Gás Ltda.
    70%
    100%
    OGX Ownership and Corporate Structure
    • Daily traded average volume (1 month): ~ US$184 million
    • 14. ~33 thousand investors
    • 15. 3rdmost representative stock in Ibovespa index 4.1%
    • 16. Most liquid common share
    99.99%
    OGX Campos Petróleo e Gás S.A.
    30%
    100%
    8 Blocks
    7 Blocks
    20 Blocks
    • 7 - Parnaíba(70%) (2)
    • 17. 1 – Parnaíba (50%) (2)
    • 18. 5 - Campos (100%) (2)
    • 19. 2 - Campos (50%)
    • 20. 5 - Santos (100%) (2)
    • 21. 5 - Espirito Santo (50%)
    • 22. 5 - PAMA (100%) (2)
    • 23. 5 - Colombia (100%) (2)
    (1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”)
    (2) OGX as operator
    (3) Market data as of June 30, 2011
    (4) MPX S.A. holds 33.33%
    7
  • 24. CEO
    Eike Batista
    Gen. Exec. Officer
    Paulo Mendonça (38)
    Oil & Gas Commercialization
    Joaquim Dib Cohen (32)
    Exploration Officer
    Paulo Mendonça (38)
    General Counsel
    José Roberto Faveret
    CFO
    Marcelo Torres
    Production Officer
    Reinaldo Belotti(34)
    ExplorationCampos-ES
    Paulo Ricardo (28)
    Procurement
    Olavo Foerch (32)
    Production Development
    José Brito (42)
    Exploration Santos and Eq. Margin
    Edmundo Marques (24)
    Reservoir & Reserves
    Roberto Toledo (31)
    Drilling
    Ricardo Juiniti (27)
    E&P Laboratory
    Dolores Carvalho (35)
    Onshore Basin
    Celso Martins (34)
    Logistics
    Billy Pinheiro (30)
    Strategic Alliances
    Luiz Reis (45)
    International
    Ernani Posrche (33)
    Production
    Ricardo Abiramia (24)
    New Areas Executive Manager
    Paulo de Tarso Guimarães (34)
    GeologicalOperations
    Moacir Santos (38)
    Applied Technology
    Marcos Amaral (28)
    HSE
    Leandro Leme (31)
    Highly successful and committed management team,
    Combining unique intellectual capital and superior execution skills
    Management Organization Structure (1)
    (1) Parentheses represent years experience in the E&P industry
    8
  • 25. PBR success index
    Exploratory Team
    • Paulo Mendonça led the Petrobras exploration team from 2002 to 2007
    • 26. Success index in excess of 60% on average offshore Brazil from 2002-2007 whilst at Petrobras
    • 27. Over 10 billion boe and more than 50 new fields discovered
    Proven track record having opened several new oil frontiers, including the pre-salt, and discovering over 50 new oil fields
    Highly Qualified Exploration Team
    9
  • 28. Brazil: Vast Untapped Oil & Gas Potential
    Brazil: Vast Untapped Oil & Gas Potential
    Largest oil and gas discoveries in the world
    New provinces could propel Brazil into top reserves holders
    Still significantly under-explored
    % of sedimentary basins under concession
    + 35 bn boe
    SaudiArabia
    Venezuela
    Iran
    Iraq
    Kuwait
    Brazil post Tupi
    UAE
    Russia
    Libya
    Kazakhstan
    Nigeria
    Canada
    US
    Qatar
    China
    Angola
    Brazil
    Licensed
    4%
    BrazilTurkmenistan Iran
    Kazakhstan China
    Russia
    Australia
    Kuwait
    Israel
    SaudiArabiaIndia
    Indonesia Venezuela Papua
    NewGuineaGhana
    Unlicensed 96%
    Source: ANP
    Oil & gas in the world
    Oil and Gas Discovered Volumes
    2000 – 2010 (Bn boe)
    Oil Resources- December 2009 (Bn bbl)
    Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi Aramco, UPPSALA University, Petrobras, ANP and OGX analysis
    Source: IHS
    Source: BP Statistical Review of World Energy 2010 & analyst estimates
    Brazil’s historical under-exploration underpins massive growth opportunities for OGX
    10
  • 29. OGX Portfolio
  • 30.
    • 35 blocks: 30 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 3 Colombian sedimentary basins
    • 31. Unique portfolio with 10.8 billion potential recoverable barrels of oil equivalent (boer)
    • 32. OGX’s business plan is based on 4.1 billion barrels already discovered in the shallow waters of the Campos Basin
    Portfolio
    Shallowwater
    ~120m
    Shallowwater
    ~150m
    Shallowwater
    ~60m
    Deepwater
    ~1,000m
    12
    OGX Portfolio
  • 33. Campos Basin
    • 5.7 bn bbl of net 3C, net delineation and net mean risked prospective resources, evaluated by D&M (pre-salt not included)
    • 34. 5 blocks operated by OGX (100% owned) and 2 operated by Maersk Oil (50% owned)
    • 35. Total area of 1,177 km2
    • 36. Average water depth of ~120m
    • 37. 46 wells drilled
    • 38. 100% success rate
    OGX’s discovered accumulations confirm a new hydrocarbon province in the southern Campos Basin
    Campos Basin: Low Risk, Shallow Water and Large
    13
  • 39. Santos Basin: High Potential
    Santos Basin
    • 1.8 bnboe of net risked prospective resources (POS of 27%), evaluated by D&M
    • 40. 5 blocks operated by OGX (100% owned)
    • 41. Total area of 820 km²
    • 42. Average water depth of ~150 m
    • 43. 9 wells drilled
    • 44. ~ 65% success rate
    Santos basin is oneofthemostpromisingexploratoryareas in brazil, withsignificantpotential for gasand light oil
    14
  • 45. Parnaíba basin
    Newfrontierbasinwithhighpotential for gasproduction
    Parnaíba Basin: Major Gas Province
    • 1.0 bn boe of net risked mean prospective resources POS (17%) and net 3C, evaluated by D&M
    • 46. 8 blocks operated by OGX Maranhão
    • 47. Total area of 24,500 km²
    • 48. Monetization of gas through thermoelectric plants to be developed by MPX/Petra (3,722 MW already licensed)
    • 49. >75% success rate (9 wells drilled)
    • 50. Commerciality declared for 2 accumulations
    15
  • 51. Pará Maranhão Basin: PromisingNewFrontier
    Pará-Maranhão Basin
    • 447 mnboe of net mean risked prospective resources (POS of 21%), evaluated by D&M
    • 52. 5 blocks operated by OGX (100% owned)
    • 53. Total area of 960 km²
    • 54. Average water depth of ~60m
    • 55. 1st well to be drilled in 2H11
    Newfrontierwithgeologicalmodel similar to westAfrica, wheresignificantdiscoveriesweremaderecently
    16
  • 56. Espírito Santo Basin: NewFrontier in DeepWater
    Espírito Santo Basin
    • 817 mnboe of net mean risked prospective resources (POS of 33%), evaluated by D&M
    • 57. 5 blocks operated by Perenco (50% owned)
    • 58. Total area of 3,620 km²
    • 59. Average water depth of ~1,000 m
    • 60. 1st well to be drilled in 2H11
    Thenewfrontierof Espírito Santo hasproven to be a veryactivepetrolific system
    17
  • 61. Colombia: Cesar-Ranchería, Middle and Lower Magdalena Valleys: Great Upside Potential
    Colombian Basins
    MARACAIBO
    BASIN
    • 1.1 bnboe of net prospective resources and net potential petroleum quantities, evaluated by D&M
    • 62. 5 blocks operated by OGX (100% owned), 3 of which are located close to Maracaibo Basin (~80 bnboe discovered and ~50 bnboe already produced)
    • 63. Beginning of the Seismic Campaign in 2H11
    Balancedportfolioofexploratoryassets, combiningproductionregionswithlessexploredareasnext to theMaracaibobasin, oneofthemostprolificprovinces in the world
    18
  • 64. Portfolio Breakdown
    19%
    Onshore
    8%
    Deep Water
    Oildiscoveries of 4.1 bn bbl are already under production development in the shallow waters of Campos Basin
    OGX Portfolio Potential: Breakdown
    73%
    Shallow
    Water
    21%
    Gas
    79%
    Oil
    Note: “POS “ defined as geological probability of success
    (1) The OGX portfolio potential was calculated by OGX based on volume estimates contained in the DeGolyer and MacNaughton Reports
    (2) We consider the 3C contingent resources in the arithmetic summation of our potential portfolio based on the assumption that these resources will be converted to 2C and 1C resources after the appraisal campaign and that they will be converted into reserves after the removal of contingencies
    (3) We consider the high estimate and not Pg-adjusted delineation area prospective resources as we believe the delineation area is part of the 3C area
    (4) Prospective resources mean estimates Pg-adjusted. Colombia considered two Colombian basins, the Lower and Middle Magdalena Valleys Basins(5) Includes petroleum potential quantities in one Colombian basin, the Cesar-Ranchería Basin(6) OGX net interests in the table are not the same as OGX net interests contained in the DeGolyer and MacNaughton September 2009 report due to the fact that OGX now holds 100% of the interests in the concessions included in that report
    (7) Gas volumes were converted by OGX to barrels of oil, using a conversion rate of 5,615 ft³ of natural gas to one boe
    19
  • 65. OGX Operations
  • 66. Onshore Drilling
    Offshore Drilling
    Ocean Lexington (Diamond):
    • Daily Rate: US$ 335k
    • 67. Max. well depth: 20,000 ft
    • 68. Contract Expires: Feb.2013 (+one optional year)
    Ocean Ambassador (Diamond):
    • Daily Rate: US$ 260k
    • 69. Max. well depth: 20,000 ft
    • 70. Contract Expires: Sep.2012 (+ one optional year)
    Ocean Quest (Diamond):
    • Daily Rate: US$ 270k
    • 71. Max. well depth: 25,000 ft
    • 72. Contract expires: Dec.2012 (+ one optional year)
    QG-1 (QueirozGalvão):
    • Daily Rate: US$ 28k
    • 73. Max. well depth: 14,750 ft
    • 74. Contract Expires: Jan.2012
    BCH-05E (BCH):
    • Daily Rate: US$ 31.5k
    • 75. Max. well depth: 11,500 ft
    • 76. Contract Expires: Feb.2012
    • 77. 3rd rig contracted
    Ocean Star (Diamond):
    • Daily Rate: US$ 310k
    • 78. Max. well depth: 25,000 ft
    • 79. Contract Expires: Feb.2013 (+ one optional year)
    Sea Explorer (Ensco)
    • Daily Rate: US$ 220k
    • 80. Max. well depth : 20,000 ft
    • 81. Contract Expires: Nov.2013
    Pride Venezuela (Ensco):
    • Daily Rate: US$235k
    • 82. Max. well depth: 20,000 ft
    • 83. Contract Expires: Nov.2013
    Drilling campaign expanded – 8 rigs already operating simultaneously
    Exploration Drilling Campaign
    21
  • 84. LOGISTICS OPERATIONAL SUPPORT
    FIRST CLASS SUPPLIERS
    EFFICIENCY,
    AGILITYAND OPERATIONAL SECURITY
    PLATFORM SUPPLY VESSEL (PSV)
    • QUANTITY:5
    • 85. CONTRACTOR: EDISON CHOUEST/ TIDE WATER
    ANCHOR HANDLING TUG SUPPLY (AHTS)
    • QUANTITY: 6
    • 86. CONTRACTOR: EDISON CHOUEST/NORSKAN/MAERSK
    FAST SUPPLY VESSEL (FSV)
    • QUANTITY: 1
    • 87. CONTRACTOR: EDISON CHOUEST
    HIGH QUALIFIED TEAM
    MID SIZE HELICOPTER
    • QUANTITY: 4
    • 88. CONTRACTOR: AERÓLEO
    • 89. OGX Team: ~270 employees
    • 90. Over 5,000 peoplededicated
    • 91. 3D Room / IOSC
    Operational Capabilities and Structure
    22
  • 92. Path to Production
  • 93. Campos Exploratory Drilling Strategy and Results
    Drilling Strategy
    Drilling Results
    • 1st phase strategy (from Mar/08 to Dec/10)
    • 94. Seismic campaign to better image the areas and reduce risks
    • 95. Discover the maximum amount of oil
    • 96. 19 wells drilled 1
    • 97. 2nd phase strategy (from Dec/10 to Mar/13)
    • 98. 22 wells drilled 2
    • 99. Focus on the appraisal drilling campaign to delineate existing discoveries
    • 100. Continue exploratory program with drilling of wildcat wells
    • 101. Begin production in October 2011
    • 102. Drilling of 41 wells with hydrocarbons
    • 103. OGX analysis supports recoverable resources of 4.1 billion barrels
    • 104. Oil columns of up to ~250 meters
    • 105. Net pay up to ~150 meters
    • 106. Well results confirm OGX’s geological models for the Campos Basin
    • 107. DSTs (drill stem tests) support conservative production estimate of 10 – 20 kbpd
    • 108. One of the best DSTs ever performed in Brazil, with a production potential of 40,000 barrels per day
    • 109. OGX production estimates are supported by results from other fields in Campos using current technology
    Notes:1 Number of wells concluded in 2010 and included in D&M’s reports2 Number of wells concluded in 2011
    24
  • 110. Campos Basin: Focusing on Wildcat & Appraisal Wells
    Appraisal wells
    Wildcat Wells
    Note:Drilling area as per D&M’s Dec/10 reports and net pay
    26 wildcat wells and 20 appraisal wells drilled with hydrocarbons and results which support expectations
    25
  • 111. Campos Basin: Development Business Plan
    Initial Projects
    Campos Basin
    Development Plan
    Project 2Waikiki Complex 1st oil date: 4Q13
    Project 1 Waimea Complex 1st oil date: Oct. 2011
    Illustrative
    26
  • 134. Recent Horizontal Wells Tested
    Campos Basin: Positive Horizontal Wells TestResults
    Horizontal wells tested
    Drill-stem tests performed in horizontal wells
    Waimea OGX – 26HP
    • Production capacity of up to 20,000 bbl/day
    • 135. Oil Quality of 20o API
    • 136. Tested in Jan/2011
    Waikiki OGX-44HP
    • Production capacity of up to 20,000 bbl/day
    • 137. Oil Quality of 23o API
    • 138. Tested in Jun/2011
    Pipeline OGX-39HP
    • Production capacity of around 10,000 bbl/day
    • 139. Oil Quality of 19o API
    • 140. Tested in Jul/2011
    3 drill-stem tests already performed in horizontal wells prepared for production
    and more to come in the second half
    27
  • 141. Campos Basin: Production Will Begin in the Waimea Accumulation
    Beginning of Production
    1st Oil Production Concept
    Horizontal production well already drilled, completed and successfully tested
    Wet christmas tree installed
    Wetchristmastree
    OSX-1
    Electrical submersible pump installed
    Buoy
    RisersandUmbilicals
    Flexiblelines
    Hydraulic Power Unit (HPU) installed
    Mooringsand Piles
    Umbilicals delivered
    Maincharacteristics:
    • Productionpotentialof 40 kbpd w/ capacitylimited to 20 kbpd
    • 142. Oilqualityof 20° API
    • 143. Waterdepthof 140 meters
    Flexible lines delivered
    Anchor system (moorings and piles) delivered
    Installation support vessel delivered
    EWT approved by ANP (National Petroleum Agency)
    Preliminary and Installation License
    Electricalsubmersiblepump
    Horizontal Well
    OGX first oil expected for November through Extended Well Test (EWT)
    Illustrative frames
    28
  • 144. Campos Basin: Equipment Secured
    FPSO OSX-1
    Wet Christmas Tree
    Flexible Lines
    Campos Basin: Equipment Secured
    Critical equipment and services status
    Main equipment in place
    • Equipment
    • 145. Wet Christmas Tree (WCT): Already installed
    • 146. Umbilical Terminal Assembly (UTA): Contracted
    • 147. Hydraulic Power Unit (HPU): Delivered in April, 2011
    • 148. Flexible Lines: Contracted with Wellstream
    • 149. Electrical Submersible Pump (ESP): Contracted with Baker Hughes
    • 150. 80 kbpd of processing capacity & 950,000 barrels of storage capacity
    • 151. Expected arrival: Oct/11
    • 152. Already installed
    • 153. Produced by GE Oil & Gas
    • 154. Services
    • 155. Installation Vessel – Anchor System, Flexible Lines and Umbilicals: Contracted with WS and Aker
    • 156. Mud line and Subsurface analysis for FPSO mooring and WHP piles: Contracted with FUGRO – already completed
    • 157. Waimea Area Survey: Contracted with FUGRO
    • 158. Already manufactured
    • 159. Produced by Wellstream
    Aker Wayfarer Vessel
    • Contracted with Aker
    • 160. Loaded with anchorage equipment for OSX-1
    29
  • 161. Campos Basin: Final Steps Towards Production
    Flexible lines / umbilicals connection and risers installation
    Moorings and Piles installation
    Arrival of the FPSO OSX-1
    Beginningofproduction
    1
    3
    2
    Arrival of the Buoy and installation
    Buoy hook-up and connection to the FPSO
    5
    4
    6
    Illustrative frames
    30
  • 162. Campos Basin: WaimeaComplexProductionConcept
    Pioneer Production Concept
    Pioneer Project Development
    • 5 development wells connected to the FPSO OSX-1
    • 163. 3 horizontal production wells
    • 164. 1st production well, OGX-26HP, ready for production
    • 165. 2nd production well, OGX-55HP, currently being drilled
    • 166. 3rd production well, OGX-60HP, currently being drilled
    • 167. Average production per well 10–20 kbpd
    • 168. 2 subsea injection wells
    • 169. 1 FPSO: OSX-1
    • 170. OSX-1 expected arrival for October/2011
    • 171. OGX-55HP and OGX-60HP wells to be hooked-up to OSX-1 after the declaration of commerciality next year
    • 172. With 3 production wells on stream next year, OGX should reach production levels of ~50 kbpd
    ProductionWell 1
    (OGX-26HP)
    ProductionWell 3
    (OGX-60HP)
    InjectionWell 2
    InjectionWell 1
    ProductionWell 2
    (OGX-55HP)
    Development Wells
    Illustrative frame
    31
  • 173. Operational Expenditures
    (Leased Equipment)
    Opex
    <US$ 16/bbl
    FPSOOil capacity: 100 K bpd
    Liquid capacity: 160 K bpd
    Oil will be offloaded
    WHPCapacity: 30 wellsDrilling package on topside
    WHP Subsea Flow Lines
    Power line
    Gas Lift line
    Service line
    Water Injection line
    Production line
    Test line
    Drilling + Completion
    Development wells with dry completion
    Gaswillbereinjected, used for gasliftorpowergeneration
    WaterInjection
    Capital Expenditures
    Campos Basin: Replicable Development Concept
    Capex
    US$ 2/bbl
    Note: Please see details in the Appendix slide: “Campos Basin: Typical Production Project”
    32
  • 174. WHPs
    FPSOs
    Unit
    2011
    … 2013
    2014
    2015
    2016
    Unit
    2013
    2014
    2014
    Waimea
    OSX-1
    WHP-1
    Waimea
    Oct
    1st Q
    Waimea
    OSX-2
    2nd Q
    WHP-2
    Waikiki
    2nd Q
    Waikiki
    OSX-3
    3rd Q
    WHP-3
    3rd Q
    OSX-4
    2nd Q
    WHP-4
    4th Q
    OSX-5
    4th Q
    WHP-5
    4th Q
    OSX-6
    4th Q
    WHP-6
    4th Q
    OSX-7
    4th Q
    WHP-7
    1st Q
    OSX-8
    1st Q
    WHP-8
    2nd Q
    OSX-9
    3rd Q
    WHP-9
    3rd Q
    OSX-10
    4th Q
    WHP-10
    4th Q
    OSX-11
    1st Q
    WHP-11
    OSX-12
    4th Q
    1st Q
    • OSX-1 to be delivered in October 2011
    • 175. OSX-2 and OSX-3 to be built in world-class Singaporean shipyards by SBM and Modec
    • 176. OSX-4 and OSX-5 hulls already acquired by OSX
    • 177. WHP-1 and WHP-2 with detailed engineering ongoing (EPC awarded to Techint by OSX)
    FPSOs and WHPs Expected Deliveries
    Production equipment allocated to begin operations until 2013
    33
  • 178. WHPs
    FPSOs
    OSX-1:
    • Production capacity of 80 kbpd and storage of 950 kbbl
    • 179. Average Day rate of US$ 263 k
    • 180. Arrival expected to Oct/11
    OSX-2:
    • Production capacity of 100 kbpd and storage of 1.3 Mbbl
    • 181. Expected Average day rate of US$ 290 k
    • 182. Contracted by OSX with SBM
    OSX-3:
    • Production capacity of 100 kbpd and storage of 1.3 Mbbl
    • 183. Expected Average day rate of US$ 290 k
    • 184. Contracted by OSX with MODEC
    WHP-1:
    • Capacity to drill up to 30 wells
    • 185. Four production wells on-stream by the end of 2013
    • 186. Detailed engineering ongoing (EPC awarded to Techint by OSX)
    • 187. Two sister VLCC´s (Very Large Crude Oil Carriers) purchased on November, 2010 by OSX to be converted into FPSOs
    WHP-2:
    • Capacity to drill up to 30 wells
    • 188. Three production wells on-stream by the end of 2013
    • 189. Detailed engineering ongoing (EPC awarded to Techint by OSX)
    OSX-5:
    • Production capacity of 100 kbpd and storage of 1.3 Mbbl
    • 190. Order placed for Leasing contract and EPCI under procurement
    OSX-4:
    • Production capacity of 100 kbpd and storage of 1.3 Mbbl
    • 191. Order placed for Leasing contract and EPCI under procurement
    Secured Production Equipment
    34
  • 192. OGX Strategy to Expedite Production
    Available Drilling Resources
    Pre-Drilling Strategy
    • Expedite drilling process and accelerate production ramp-up
    • 193. OGX plans to drill on average five horizontal wells prior to the arrival of the WHPs from semi-submersible rigs
    • 194. Upon arrival of each WHP, pre-drilled wells should ramp-up plateau production in approximately three quarters
    Ocean Lexington (Diamond):
    • Daily Rate: US$ 335k
    • 195. Max. well depth: 20,000 ft
    • 196. Contract Expires: Feb.2013
    • 197. (+ one optional year)
    Ocean Ambassador (Diamond):
    • Daily Rate: US$ 260k
    • 198. Max. well depth: 20,000 ft
    • 199. Contract Expires: Sep.2012 (+ one optional year)
     
    • Given the significant number of discoveries and their similarities, OGX has the benefit of accelerating the procurement process through the use of Flex FPSOs
    • 200. Flex FPSOs have capacity of processing oil for a broader range of APIs and GOR (gas/oil ratio)
    • 201. Standard design (same characteristics for all FPSOs)
    • 202. Capitalizes on economies of scale
    Flex FPSOs
    Ocean Quest (Diamond):
    • Daily Rate: US$ 270k
    • 203. Max. well depth: 25,000 ft
    • 204. Contract expires: Dec.2012 (+ one optional year)
    Ocean Star (Diamond):
    • Daily Rate: US$ 310k
    • 205. Max. well depth: 25,000 ft
    • 206. Contract Expires: Feb.2013 (+ one optional year)
    Pride Venezuela (Pride):
    • Daily Rate: US$ 235k
    • 207. Max. well depth: 20,000 ft
    • 208. Contract Expires: Nov.2013
    Sea Explorer (Pride):
    • Daily Rate: US$ 220k
    • 209. Max. well depth : 20,000 ft
    • 210. Contract Expires: Nov.2013
    35
  • 211. Campos Basin: Oil Production Ramp-Up
    150
    CAGR : 174%
    Oil Production Target (kbpd) ¹
    50
    20
    2011
    2012
    2013
    Note:
    1 To be reached through the end of the period
    36
  • 212. Parnaíba Basin: Business Plan
    Project 1 1stgas: 2H12
    23 production wells
    Parnaíba Complex
    • Declaration of commerciality of two fields (Gavião Real & GaviãoAzul) already submitted to ANP
    • 213. Initial production expected in 2H12
    • 214. Low capital and operating costs
    • 215. Production of 5.7 M m³per day in 2013 (2.7 M m³per day net to OGX S.A. or ~15 kboepd)
    • 216. Second seismic crew contracted to work on the southern blocks
    • 217. Recently approved leasing agreement of 2 additional rigs
    • 218. Gas to be sold to MPX Power Plants
    • 219. MPX has obtained an additional 1,859 MW of installation license, totaling 3,722 MW
    • 220. MPX Parnaíba thermoelectric complex will reach a total capacity of 1,500 MW
    • 221. Energy generated by MPX’s power plants will be sold to the energy markets
    Gavião Azul
    Gavião Real
    Legend:
    Seismic Lines
    37
  • 222. Parnaíba Basin: Project Development
    Parnaíba Development Schematic
    Gas Thermal Power Plant Development
    OGX Maranhão (70%) + Petra (30%) investments
    MPX + Petra investments
    Capex field life
    • Total drilling cost: US$ 340 M (includes re-completion cost)
    • 223. Total facilities1 cost: US$ 110M
    Production Facility
    for Dry Gas
    Gas Thermal Power Plant
    Short Gas Pipeline(<2 km)
    Opex field life 2
    • Less than US$ 0.30/1,000 cubic feet
    Lines
    Transmission Lines
    Manifolds
    Wells
    Gathering System
    Notes:
    1 Facilities cost includes: gathering system (lines and manifolds), a production facility for dry gas and a very short pipeline
    2 Includes operating and maintenance of production facilities, lines, gas pipelines and wells
    38
  • 224. Production Targets
    OGX Production Targets
    OGX Offshore Equipment Demand
    19 units
    12 units for
    Campos Basin discoveries
    In kboepd
    FPSO
    24 units
    11 units for
    Campos Basin discoveries
    WHP
    5 units
    expected to be used in the
    Espírito Santo Basin
    (the only deep water blocks in OGX’s portfolio)
    TLWP
    • Portfolio potential of 10.8 bn of recoverable boe: >10 years of production growth
    • 225. Campos and Parnaíbadiscoveries (4.2 bnboe) can support 730,000 boepd of production level
    • 226. Additional potential resources (6.6 bnboe) would allow OGX to reach and sustain a plateau of 1.4 million boepd from 2019 and beyond
    • 227. Expected demand of 48 offshore units
    • 228. Total of 23 units estimated for OGX’s Campos Basin discoveries (12 FPSOs and 11 WHPs)
    • 229. Strategy to expedite development with production equipment contracted 2-3 years in advance
    39
  • 230. Financial Overview
  • 231. OGX Financial Sources and Uses (2Q11 – 4Q13)
    Financial Sources and Uses
    Notes:
    ¹ Includes net financial results
    ² Represents 40% of Exploration capex (contemplating all OGX basins) and 60% of Development capex (contemplating Campos and Parnaíba discoveries only)
    41
  • 232. Appendix
  • 233. OngoingActivities
    Parnaíba Basin
    Campos Basin
    Santos Basin
    OGX Blocks Oil & Gas Fields
    1OGX Maranhão has 70% W.I
    43
  • 234. Concluded Wells (1 of 3)
    Concluded Wells (1 of 4)
    44
  • 235. Concluded Wells (2 of 4)
    45
  • 236. Concluded Wells (3 of 4)
    ¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator
    46
  • 237. Concluded Wells (4 of 4)
    ¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator
    47
  • 238. Campos Basin: Typical Production Project
    Typical Replicable Project Assumptions Campos Basin
    • Distance from shore: 80 km
    • 239. Water depth: 100 to 150 meters
    • 240. Recoverable volume: 500 million bbl (low Gas:OilRatio (GOR)): all gas produced will be used for power generation or gas reinjection, if applicable
    • 241. Equipment oil producing capacity:
    • 242. 1 FPSO: 100 Kbblpd
    • 243. 1 WHP: 30 wells
    • 244. Drilled wells:16 horizontal production wells and 9 injection wells
    • 245. 5 horizontal production wells pre-drilled from semi-submersible rig
    • 246. 11 production and 9 injection wells drilled from WHP
    • 247. Capex:estimated unit cost of approximately US$ 2 / barrel
    • 248. Pre-drilled wells = US$ 50M (75 days per well)
    • 249. WHP drilled wells = US$ 20M (75 days per well)
    • 250. Well completion = US$ 15M (30 days per well)
    • 251. Package of sub-sea flow lines = US$ 65M
    • 252. Opex:estimated unit cost lower than US$ 16 / barrel
    • 253. Leased equipment day rates with high local content (FPSOs US$ 350k / day & WHPs US$ 160k /day)
    • 254. Operating and maintenance expenditures of US$ 85k / day
    • 255. Variable operating costs of US$ 3.5 / barrel
    • 256. Abandonment costs at end of field life of US$ 100M
    • 257. Production profile:
    • 258. Achieve production plateau in 3 quarters
    • 259. Plateau maintained for an additional 4 years
    • 260. 20 to 22 years of production decline from the plateau thereafter
    48
  • 261. OGX IR Contacts: ri@ogx.com.br
    + 55 21 2555 6237