Steve banks woodside browse ukti aog presentation


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Steve banks woodside browse ukti aog presentation

  1. 1. Woodside Browse LNG Development Steve BanksGeneral Manager Browse Development & Governance February 2013
  2. 2. Disclaimer and Important NoticeThis presentation contains forward looking statements that are subjectto risk factors associated with oil and gas businesses. It is believed thatthe expectations reflected in these statements are reasonable but theymay be affected by a variety of variables and changes in underlyingassumptions which could cause actual results or trends to differmaterially, including but not limited to: price fluctuations, actualdemand, currency fluctuations, drilling and production results, reserveestimates, loss of market, industry competition, environmental risks,physical risks, legislative, fiscal and regulatory developments,economic and financial market conditions in various countries andregions, political risks, project delay or advancement, approvals andcost estimates.All references to dollars, cents or $ in this presentation are to Australiancurrency, unless otherwise stated.References to “Woodside” may be references to Woodside PetroleumLtd. or its applicable subsidiaries Slide 2
  3. 3. Woodside overviewDomgas plant North Rankin KGP LNG 1-3 Cossack Goodwyn A Northern KGP LNG 4/5 1984 A 1984 1989-1992 Pioneer FPSO# 1995 Endeavour 2004-2008 1995 FPSO 1999 Nganhurra Otway gas Ngujima-Yin Angel Okha FPSO Pluto A Pluto gas FPSO plant* FPSO 2009 2011 2012 plant 2006 2007 2008 2012*Otway gas plant interest divested 2010 #Cossack Pioneer replaced by Okha in 2011 Slide 3
  4. 4. North West Shelf Australia’s largest oil & gas resource development A$27 billion investment Operating for 28 years 3500+ LNG cargoes Operated by Woodside Slide 4
  5. 5. Pluto LNG 90% Woodside owned (operator) LNG production began in April 2012 First LNG cargo in May 2012 20+ year production life Slide 5
  6. 6. Sunrise Located in the Timor Sea 80% in Australian waters Joint venturers –Woodside (operator) –Conoco Phillips –Shell –Osaka Gas Slide 6
  7. 7. Browse basin Slide 7
  8. 8. Browse LNG resource Contingent resource – 15.5 Tcf dry gas – 417 MMbbl condensate Joint venture with tier one multi-nationals Greenfields development concept – 3DTUs, 1CPF offshore – 3 trains with 12 -13mtpa capacity FID in 1H 2013 Slide 8
  9. 9. Browse video animation Slide 9
  10. 10. Quality development Basis of Design – “Consistent with megaprojects that had good outcomes” – Independent Project Analysis Front End Engineering & Design – Top decile FEED definition – “CPF FEED… is considered to be best in class” – Browse JV Reservoir analysis – 20% increase in resource base – independently verified by Miller & Lents Slide 10
  11. 11. Browse contracting strategy Competitive tender process Maximising front-end loading Optimising lump sum components Tier one contractors Slide 11
  12. 12. Leveraging our capabilities Core capabilities and functional excellence – Leverage lessons learned Joint venture partners involved in extensive assurance program Historic Native Title Agreement State environmental approval Slide 12
  13. 13. Next steps Complete evaluation Secure final approvals Final Investment Decision – 1H 2013 Execute Slide 13