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Another Lng Success Story Le Projet Oman

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Another Lng Success Story Le Projet Oman THE OMAN LNG PROJECT: ANOTHER LNG SUCCESS STORY LE PROJET OMAN LNG: UN SUCCES DE PLUS POUR LE GNL Tony Hanna General Manager & Chief Executive Oman LNG L.L.C. PO Box 560, Mina Al Fahal, 116 Muscat, Sultanate of Oman ABSTRACT This paper covers the elements that led to the successful winning partnership between the Government of Oman and the Private Shareholders in Oman LNG. It identifies and explain the innovative strategies that were adopted by the project particularly in (i) its Engineering Procurement & Construction contract tendering (e.g., drip feed the selected EPC bidders with information from the Project Specification work while that was still half complete), (ii) its project financing (e.g., dedicated Financing Team composed of secondees from Shareholders assisted by first class advisors: Chase Investment Bank for financing and Allen & Overy for legal) and (iii) its approach to marketing (e.g., by negotiating first a Heads of Agreement which include all main commercial terms and thus avoiding long Sale and Purchase Agreement negotiation). It thereby examines the reasons for its fast development. 4.R–1 RESUME Cet article couvre l’ensemble des elements qui ont contribue a la reussite du partenariat entre le Governement Omanai et les partenaires prives de OMAN LNG. On identifiera, tout en les detaillant, les innovations strategiques qui furent developpees et adoptees par l’equipe projet et plus particulierement en matiere (i) d’appel d’offres pour le contrat d’ingenierie-procurement-construction, (passer au fur et a mesure, aux companies selectionnees, les informations emanant des etudes de specifications alors que celles ci sont en cours de developpement), (ii) le financement du project, (mise en place d’une equipe de financement dediee et composee de representants de chaque partenaire, assiste de conseillers de premier rang tels que la Banque Chase Manhattan pour le conseil financier et Allen & Overy pour le conseil juridique), (iii) et la strategie de marketing (negociation des principaux termes du contrat de vente evitant ainsi les ecueils que peuvent representer une negociation globale du contrat de vente final). On examinera ainsi les raisons qui ont contribuees au developpement rapide du project. 4.R–2 THE OMAN LNG PROJECT: ANOTHER LNG SUCCESS STORY INTRODUCTION Five years after substantial quantities of gas were discovered in Central Oman, the Oman LNG Project has established itself as the largest single Project in the Sultanate of Oman and a significant new source of Liquefied Natural Gas for the world’s rapidly growing natural gas markets. To the best of knowledge, Oman LNG is now the fastest LNG Project ever put together. From first major gas discovery for export to Sale and Purchase Agreement signing, Oman LNG would have taken only 5 years. By loading first cargo in early 2000, another record will be broken, that of the fastest LNG Project from first gas discovery for export to first LNG delivery within 9 years! This success story is mainly based on a winning Joint Venture, perhaps more aptly described as a “Partnership”, between the Government of Oman and Private Shareholders The Company was set-up by Royal Decree to handle the Downstream of this gas export project, namely the liquefaction, transportation and sales of LNG. The Shareholders of the project are 51% Government of Oman, 30% Shell, 5.54% Total, 2% Partex, 2.77% Mitsubishi, 2.77% Mitsui, 0.92% Itochu and 5% KOLNG (a Korean consortium). The Upstream of the Project is 100% Government owned and is operated by Petroleum Development Oman (60% Government, 34% Shell, 4% Total and 2% Partex), with responsibility for field appraisal and development, gas processing and transport by pipeline to the liquefaction plant at Qalhat, near Sur where the plant is being built. There is thus a commonality of Shareholding in those involved with both the Upstream and the Downstream, and between buyer and seller of feed gas and LNG which makes for improved synergies. ELEMENTS FOR A WINNING PARTNERSHIP There are usually several key elements that contribute to the success of a project, be it LNG or other. In Oman LNG, a look back and analysis was carried out to try to understand what makes Oman LNG such a successful and appealing Project. There are three core ingredients required for the production part of an LNG project, being gas, technology and money. The key to a successful project is bringing the three elements together simultaneously, and meeting the aspirations of their custodians. Gas, in the case of Oman LNG, is with the Government, whilst the technology is with the private sector. The money is with the Shareholders and financiers. But all this is no good without a market and so it is a case of developing a partnership with the common goal of supplying and buying LNG. 4.R–3 This may all seem somewhat of a truism, but with the financial and resource commitments involved, the integrity of the whole LNG chain is crucial to the overall success of the venture. Set out below is some background to the most important of these elements or basic ingredients. 1. Substantial Gas Reserves The first reason for the conception of an LNG Project is the availability of abundant gas reserves for export. The Sultanate of Oman has substantial gas reserves and these are growing steadily, with potential for much more to be found in the future. It was in 1989 that an exploration well in Saih Nihayda confirmed the Andam gas formation at a depth of 4500 meters in North Central Oman as an important gas exploration play. But, it all really started when significant discoveries were made in 1991 in the Andam reservoirs in three fields (Barik, Saih Rawl and Saih Nihayda (see map, next page). These brought total gas reserves greatly in excess of those required for domestic consumption well into the next century. Since it has always been the policy of His Majesty Sultan Qaboos bin Said to diversify the sources of the country's revenues, it was decided to capitalise on this new resource through export earnings and seek energy deficient countries as outlets for the gas. The large requirements for natural gas are in the Far East, in Asia and in Southern Europe - all in distant markets. In order to access these markets and to achieve maximum return and sales of the product, it was agreed to transport the natural gas in bulk in its liquefied form. This was the basis for the foundation of the Oman LNG Project in 1992. The gathering of 3D seismic data over these three Central Oman fields, together with the exploration results, have led to an increase in 'proven' gas reserves from 3.3 Tcf at the start of the appraisal in 1992 to 12.3 Tcf as of 1.1.97 with expectation reserves at 17.6 Tcf. The continuing exploration and appraisal campaign is expected to result in further updates of reserves. The majority of Oman's gas reserves are found in non-associated gas fields. Over the past 4 years, the total expectation of non-associated gas reserves have more than doubled and on 1.1.97 stood at around 25 Tcf. The gas is rich and of high quality, with low inerts (around 1% CO2), no H2S and high condensate ratio, all of which make it particularly attractive for development. There is a good raw material in the gas, and the desire of the resource holder to realise its economic potential. 4.R–4 Sultanate of Oman Existing and Future SOHAR LNG PLANT Gas Systems QALHAT MUSCAT LEKHWAIR NIZWA SUR YIBAL SAIH NIHAYDA SAIH RAWL BARIK 360 km PIPELINE CENTRAL PROCESSING PLANT ARABIAN SEA SALALAH 2. Host Government – The Resource Holder Under the wise guidance of His Majesty Sultan Qaboos bin Said, Oman rapidly developed, within a quarter century, into a modern, prosperous and politically stable state. It is also very well respected in the international community. Oman is envisaged to be soundly and prudently managed, has a robust economy and financial stability that is the envy of many developed countries. In June 1995, under the wise guidance of His Majesty, a vision for Oman for the year 2020 was formulated. Oman has thus set-up long-term strategies and goals for itself such as further development of the private sector, human resources development, economic diversification, preservation of the environment etc. Oman’s experience in oil and gas production goes back some 3 decades. Petroleum Development Oman, the largest oil company in Oman, has grown to be one of the largest in the Gulf. Oman already has an established international oil trade, and the opportunity to 4.R–5 export LNG builds on these existing trading relations. The countries that are going to purchase LNG from Oman and those most likely to do so in the future have already a long established track record in oil trade with the Sultanate. The political, financial and economic stability of the Sultanate added to its wealth of experience in the oil & gas business, not only contributed to the rapid development of this LNG Project but also inspires confidence and reliability to LNG buyers and financiers. 3. Private Shareholders of International Renown Realising that the development of an LNG Project is a mammoth task, Shareholders were sought who could bring the other core ingredients of technology and money, and of course help to secure the market and financing. Shell, Total, Partex, Mitsubishi, Mitsui and Itochu, Oman LNG's Private Shareholders, are some of the world's most financially sound, longest established, internationally respected and most experienced companies, especially in the LNG field. They were joined by KOLNG, a Korean consortium itself constituted of Kogas, Samsung, Hyundai, Daewoo and Yukong, representing some of the best known companies in Korea all with an international reputation.
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