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Luís Guerreiro Exploration and New Ventures Manager Partex Oil and Gas Partex Oil and Gas Worldwide

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Luís Guerreiro Exploration and New Ventures Manager Partex Oil and Gas Partex Oil and Gas Worldwide Luís Guerreiro Exploration and New Ventures Manager Partex Oil and Gas Partex Oil and Gas worldwide Kazakhstan Portugal Algeria Abu Dhabi Oman Brazil Angola • Operations in oil and gas upstream activities; • Participations in concessions and joint ventures worldwide; • Exploration, development, production and sales. Outline • Exploration efforts in Portugal • Portugal attractiveness Pangea and the Continental Drift Newfoundland Analogue COS = 18% 5 wells : 1 discovery “we believe that increased synergy between research and industry groups on both sides of the Atlantic will lead to greater drilling success on these conjugate margins” S. Kearsey & M. Enachescu Portuguese basins Bacias Interiores (Onshore/Offshore pouco profundo) • Bacia do Porto • Bacia Lusitânica • Bacia do Algarve Bacias Exteriores (Offshore mais profundo) • Bacia Interior da Galiza • Bacia de Peniche • Bacia do Alentejo • Bacia de Sagres • Bacia do Golfo de Cadiz Basin sedimentary provenance West Flowing Rivers Endorheic Rivers Elevated areas Gulf of Cadiz Gas Fields (Poseidon) Dados disponíveis • 175 sondagens (apenas 81 com mais de 500 m) – 117 com indícios de óleo/gás – 27 destes com produção em testes • 72.600 km de Sísmica 2D • Onshore: 5.856 km • Offshore: 67.009 km • 10.272 km2 de Sísmica 3D • Onshore: 580 km2 • Offshore: 9.752 km2 • 26.086 km de dados aeromagnéticos • Campanha de “Piston Core” • Bacias de Peniche e Alentejo (57 amostras) European exploration drilling efforts (1961-2001) 3000 2814 2635 2519 2500 2000 1955 1500 1161 1070 1000 997 979 725 653 500 591 530 382 0 282 267 0 248 165 156 137 132 120 106 94 83 79 73 33 29 13 12 9 7 4 4 4 1 The 5 magic factors 10 New broad band seismic data Soco Algarve Basin Mesozoic (Pre-salt) Petroleum System Source Rock Carboniferous shales/ Triassic organic shaly levels Reservoir Triassic Sandstones/ Sinemurian dolomites Seal: LJ (Hettangian/ Sinemurian) Marls/ Evaporites OR Reservoir Miocene sandstones and turbidites (delta fans deposits, contourites) / biodegradation Seal: Shale units Triassic Carboniferous Algarve Basin Tertiary Petroleum System Source Rock Tertiary (Miocene) sandstones + shales (anoxic conditions) Reservoir Miocene sandstones and turbidites (delta fans deposits, contourites) Seal: Shale units Cenozoic sandstones Algarve Basin Hydrocarbon potential Conceptual Development Plan Main development case: Subsea tie back from gas field to a new onshore plant in the Portuguese coast: Poseidon Plant as analogue Natural gas network How much does Portugal pays for hydrocarbons? Oil and gas consumption 350.0 300.0 250.0 200.0 K BOE/D 150.0 100.0 50.0 0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ANOS Petróleo Gás natural Source: DGEG Source: Pordata Is Portugal tax attractive for the oil companies? Health and Safety source: U.S. Bureau of Labor Statistics, U.S. Department of Labor, February 2015 19 The source of oil spills Source: http://www.whoi.edu/oceanus/feature/while-oil-gently-seeps-from- the-seafloor Source: Wall Street Journal, “An Oasis of Oil in Kurdistan” Source: Analysis of U.S. Oil Spillage API PUBLICATION 356 AUGUST 2009 Source: Analysis of U.S. Oil Spillage Regulatory and Scientific Affairs Department PUBLICATION 356 AUGUST 2009 20 The threat of oil spills 0.833 MMbbl 1.6 MMbbl 0.441 MMbbl 0.259 MMbbl 0.924 MMbbl 1 MMbbl 4.9 MMbbl 2 MMbbl 3.9 MMbbl 0.805 MMbbl 1.82 MMbbl 1.8 MMbbl 21 Blowout probabilities – European Waters Source: COMMISSION STAFF WORKING PAPER IMPACT ASSESSMENT, ANNEX I Accompanying the document PROPOSAL FOR A REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on safety of offshore oil and gas prospection, exploration and production activities Brussels, 27.10.2011 SEC(2011) 1292 final 22 Environmental practices Environmental Studies must comply with the following international standards (non- exhaustive list): • World Bank (WB) • International Finance Corporation Guidelines (IFC) • International Association of Oil & Gas producers Guidelines (OGP or E&P Forum) • A Guide to Social Impact Assessment in the Oil and Gas Industry (IPIECA, 2004); International Petroleum Industry Environmental Conservation Association (www.ipieca.org) • Health, Safety & Environment Case Guidelines for Mobile Offshore Drilling Units (IADC, 2010): International Association of Drilling Contractors (www.iadc.org) • Environmental Guidelines for Exploration Operations in Near-shore and Sensitive Areas (UKOOA, 1995); United Kingdom Offshore Operators Association (www.oilandgasuk.co.uk) Oil companies Internal HSE and EIA Standards and Procedures 23 Environmental practices Agradecimentos 25 End Thank you! Source: The Economist, 06-12 December 2014 Backup Source: The Economist, 06-12 December 2014 Outline • Exploration efforts in Portugal • Portugal attractiveness • Energy and richness • Oil price: question for a crystal ball GDP worldwide Source: World Energy Outlook 2014 How difficult is to estimate the oil price? Source: World Energy Outlook 2014 Source: DOE/EIA, Annual Energy Outlook 2015, April 2015 Is this the venue of low oil price? 160.00 140.00 2008 Obama President Fights between Russia and Georgia Suprime limited to US 120.00 2013/2014 World alert US almost auto sufficient 100.00 Macondo disaster 80.00 2014/2015 60.00 Battle for oil market share 1990/91 2009 Iraq invades Kuwait 40.00 Subprime infecting Collapse of URSS Worldwide economy 1989 US Invads Iraq Exxon Valdez 2001 9/11 attack 20.00 disaster 0.00 Source: US. Energy Information Administration Is this the venue of low oil price? 160.00 140.00 120.00 2008 Obama President Fights between Russia and Georgia Suprime limited to US 100.00 2013/2014 World alert US almost auto sufficient 80.00 Macondo disaster 60.00 2014/2015 40.00 Battle for oil market share 1990/91 2009 20.00 Iraq invades Kuwait Subprime infecting Collapse of URSS Worldwide economy 1989 US Invads Iraq Exxon Valdez 2001 0.00 disaster 9/11 attack Source: US. Energy Information Administration The silent revolution Colombia; 1016 Kazakhstan; 1719 India; 978 Angola; 1756 Algeria; 1721 Norway; 1904 Qatar; 2055 United States; 13973 Nigeria; 2427 Venezuela; 2689 Kuwait; 2780 Saudi Arabia; 11624 Mexico; 2812 Brazil; 2950 Iraq; 3371 Iran; 3375 Russia; 10853 Canada; 4383 China; 4572 United Arab Emirates; 3471 Over plus production Source: Short-Term Energy Outlook, October 2015 Oil Producers - Fiscal Breakeven Oil Price (USD/bbl) Source: BMI research, December 3rd, 2015 Oil reserves Gas reserves Portuguese Energy Policy Reduce energy imports aiming to reduce external dependence Ensure the continuous supply of energy at reduced prices Promote the development of local energy fonts, as well as support their production and management in a decentralized manner Reduce dependence on hydrocarbons and diversify its suppliers Diversify sources of energy and ensure security of supply Reduce the environmental impact caused by the production and use of energy Reduce energy bills Increase efficiency and energy conservation Promote the hydrocarbon potential to boost exploration and possible exploitation of oil and natural gas in the Portuguese territory Support the integration of the national energy market in the EU energy market Increase the quality of service 38.
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