Luís Guerreiro Exploration and New Ventures Manager Partex Oil and Gas Partex Oil and Gas worldwide
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 K 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 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 40.00 Iraq invades Kuwait 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 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
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