DOCSLIB.ORG

Brazilian Pre-Salt & Libra

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Brazilian Pre-Salt & Libra: Overview, Initial Results & Bruno Moczydlower Remaining Challenges Petrobras | Libra Reservoir Manager SPE Brazil Section Chairman Disclaimer Forward-looking statements: Disclaimer The presentation may contain forward-looking statements about We undertake no obligation to publicly update or revise any future events within the meaning of Section 27A of the Securities forward-looking statements, whether as a result of new Act of 1933, as amended, and Section 21E of the Securities information or future events or for any other reason. Figures for Exchange Act of 1934, as amended, that are not based on 2014 on are estimates or targets. historical facts and are not assurances of future results. Such forward-looking statements merely reflect the Company’s current views and estimates of future economic circumstances, industry All forward-looking statements are expressly qualified in their conditions, company performance and financial results. Such entirety by this cautionary statement, and you should not place terms as "anticipate", "believe", "expect", "forecast", "intend", reliance on any forward-looking statement contained in this "plan", "project", "seek", "should", along with similar or presentation. analogous expressions, are used to identify such forward- looking statements. Readers are cautioned that these statements are only projections and may differ materially from Non-sec compliant oil and gas reserves: actual future results or events. Readers are referred to the cautionary statement for us investors documents filed by the Company with the SEC, specifically the Company’s most recent Annual Report on Form 20-F, which We present certain data in this presentation, such as oil and gas identify important risk factors that could cause actual results to resources, that we are not permitted to present in documents differ from those contained in the forward-looking statements, filed with the United States Securities and Exchange including, among other things, risks relating to general economic Commission (SEC) under new Subpart 1200 to Regulation S-K and business conditions, including crude oil and other because such terms do not qualify as proved, probable or commodity prices, refining margins and prevailing exchange possible reserves under Rule 4-10(a) of Regulation S-X. rates, uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability to obtain financing. 2 Agenda 1. Brazilian Pre-Salt Overview Main Challenges & Technological Solutions Initial Results 2. Libra Overview Main Exploratory Data Information Acquisition Plan Main Technical Challenges & Opportunities Way Forward & Final Message 3 Agenda 1. Brazilian Pre-Salt Overview Main Challenges & Technological Solutions Initial Results 2. Libra Overview Main Exploratory Data Information Acquisition Plan Main Technical Challenges & Opportunities Way Forward & Final Message 4 Brazilian Pre-Salt Province CONCESSION (100%) BALEIA FRANCA (CAMPOS BASIN) BALEIA AZUL CONCESSION (SANTOS BASIN) PRODUCTION SHARING BMS-8 (Carcará) (66%) (10%) (10%) (14%) (30% (40%) BRAVA BMS-9 (Sapinhoá / Lapa) (45%) (25%) ONEROUS ) ASSIGNMENT (20%) TRACAJÁ (65%) (25%) (10%) BMS-10 (Parati) (20%) (65%) (25%) (10%) (100%) NAUTILUS BMS-11 (Lula-Iracema/ Iara) (10%) CARIMBÉ BMS-21 (Caramba) (80%) (20%) (10%) BMS-24 (Júpiter) (80%) (20%) BMC-33 BMS-50 (Sagitário) (60%) (20%) (20%) LIBRA IARA BÚZIOS SAGITÁRIO FLORIM IRACEMA ENTORNO DE IARA LULA NE DE TUPI JUPITER Santos Basin Pre-Salt Cluster CARCARÁ SUL DE LULA LAPA SAPINHOÁ SUL DE GUARÁ 5 Pre-Salt Size 6x City of Moscow Campos Basin 7,000 km2 (1.7 million acres) Santos Basin Pre-Salt 15,000 km2 (3.7 million acres) 6 A história geológica do PrePré--salSalt Geological History 164 MY 7 A história geológica do PrePré--salSalt Geological History 152 MY 8 A história geológica do PrePré--salSalt Geological History 130 MY 9 A história geológica do PrePré--salSalt Geological History 122 MY 10 A história geológica do PrePré--salSalt Geological History 108 MY 11 A história geológica do PrePré--salSalt Geological History 79 MY 12 A história geológica do PrePré--salSalt Geological History 49 MY 13 A história geológica do PrePré--salSalt Geological History Nowadays 14 Pre-Salt Reservoirs | Recent Analogs Recent Stromatolites Lagoa Salgada, RJ, Brazil Recent Stromatolites Shark Bay, Australia 15 Pre-Salt Reservoirs | Getting There 16 Petrobras Evolution | From Post-Salt to Pre-Salt 1st oil field OTC 1st FPSO OTC 1st comercial Well with found in Award Production Award discovery from thickest oil Campos Basin 1992 System 2001 Pre-Salt column (563m) 8 km Mount Everest 7 km 8,8 km 6 km 5 km 4 km 3 km 2 km 1 km 17 0 km Agenda 1. Brazilian Pre-Salt Overview Main Challenges & Technological Solutions Initial Results 2. Libra Overview Main Exploratory Data Information Acquisition Plan Main Technical Challenges & Opportunities Way Forward & Final Message 18 Four Main Technological Challenges Ultra-deep waters / long Ultra-deep waters D distance to shore (~300 km) Presence of contaminants C (CO2 and H2S) in the reservoirs Thick salt layer & very deep B reservoirs Very heterogeneous A carbonate reservoirs & seismic imaging complexity 19 Overall Strategy: Phased Development Phase 0 Phase 1 Operating Data acquisition production > 1MM bbl /d 2008/2013 2014/2020 • FPSO families • Exploratory and adapted to pre- appraisal wells salt scenario • EWTs • Standardization • Pilot systems • Repeatability 3 Pilot Projects 18 Definitive Systems 20 G&G / Reservoir . High density, full azimuth seismic acquisition (world record: 21,700 km²) . Intensive use of seismic atributes . Highly detailed characterization of poorly-known microbial carbonate reservoirs . Lab testing & numerical modelling of complex recovery mechanisms, such as WAG . First use of WAG in ultra-deep waters (2,200 m) . Flexible / robust drainage plans 21 Wells Engineering . High level standards for HSE . Learning curve approach in well design and construction . Adoption of 5th and 6th generation rigs . Intensive use of specialized vessels . High angle wells, build up in the salt layer . Water depth record (2,249 m) for a subsea well drilled with Pressured Mud-Cap Drilling (PMCD) . Intensive use of intelligent completion -12 wells with this system installed Moscow, Russia | 15-19 June, 2014 F03 – Deep water exploration and production 22 Flow Assurance . 9 ⅝’’ intelligent completion with down hole chemical injection . Adoption of thermal insulation to prevent wax . Subsea layout to mitigate hydrates formation . Operational success in the first WAG cycles in Lula Field 23 Subsea Engineering . Mix of rigid and flexible lines: qualification of new gathering systems for pre-salt scenario . Deepest flexible riser installed in Lula field (2,220 m) . New design for WAG manifold . Subsea flexibility for reservoir drainage plans . Development of pre-salt 10kpsi X-trees, with standard mechanical interfaces 24 Topside Facilities . Use of standards FPSO: VLCC hulls with maximum electric energy generation of 4 x 25 MW . Flexibility to handle variables concentration of contaminants (mainly CO2 and H2S) . CO2 separation and reinjection in the reservoir . Development of local suppliers 25 CAPEX (2014 – 2018) Total CAPEX Production Development + Exploration US$ 153,9 billions US$ 135,9 billions 18,0 12% 23,4 15% 53,9 40% 112,5 82,0 73% 60% Production Development Exploration Post Salt Concession Infrastructure & Support Pre Salt Onerous Assignment PSC (Libra) E&P Petrobras E&P Partners Total with Partners US$ 153,9 billions US$ 44,8 billions US$ 198,7 billions (77%) (23%) (100%) 26 Agenda 1. Brazilian Pre-Salt Overview Main Challenges & Technological Solutions Initial Results 2. Libra Overview Main Exploratory Data Information Acquisition Plan Main Technical Challenges & Opportunities Way Forward & Final Message 27 Main Results: Great Reduction of Average Well Construction Time Average construction time decreased by more than 60% since 2010 100% 80% Drilling Completion -60% -65% 60% 40% 20% 0% 2010 2011 2012 2013 2014 TIMELINE AND TECHNOLOGICAL MILESTONES 2010 2011 2012 2013 2014 First wells completed Mechanical completion for 2 intervals 28 28 Main Results: Great Reduction of Average Well Construction Time Average construction time decreased by more than 60% since 2010 100% 80% Drilling Completion -60% -65% 60% 40% 20% 0% 2010 2011 2012 2013 2014 TIMELINE AND TECHNOLOGICAL MILESTONES 2010 2011 2012 2013 2014 Bit Design, BHA (Bottom Hole Assembly) and Fluid Optimization First Results Achieved 29 29 Main Results: Great Reduction of Average Well Construction Time Average construction time decreased by more than 60% since 2010 100% 80% Drilling Completion -60% -65% 60% 40% 20% 0% 2010 2011 2012 2013 2014 TIMELINE AND TECHNOLOGICAL MILESTONES 2010 2011 2012 2013 2014 First Horizontal Well 30 30 Main Results: Great Reduction of Average Well Construction Time Average construction time decreased by more than 60% since 2010 100% 80% Drilling Completion -60% -65% 60% 40% 20% 0% 2010 2011 2012 2013 2014 TIMELINE AND TECHNOLOGICAL MILESTONES 2010 2011 2012 2013 2014 MPD/PMCD in Floating Rigs to drill in ultra- deep waters Intelligent Completion for 9 ⅝” casing 31 31 Main Results: Great Reduction of Average Well Construction Time Average construction time decreased by more than 60% since 2010 100% 80% Drilling Completion -60% -65% 60% 40%
Recommended publications
  • Lacustrine Coquinas and Hybrid Deposits from Rift Phase Pre-Salt

    Lacustrine Coquinas and Hybrid Deposits from Rift Phase Pre-Salt

    Journal of South American Earth Sciences 95 (2019) 102254 Contents lists available at ScienceDirect Journal of South American Earth Sciences journal homepage: www.elsevier.com/locate/jsames Lacustrine coquinas and hybrid deposits from rift phase: Pre-Salt, lower T Cretaceous, Campos Basin, Brazil Vinicius Carbone Bernardes de Oliveiraa,b,*, Carlos Manuel de Assis Silvaa, Leonardo Fonseca Borghib, Ismar de Souza Carvalhob a Petrobras Research and Development Center (CENPES), Avenida Horacio de Macedo, 950, Ilha do Fundao – Cidade Universitaria, Rio de Janeiro, RJ, 21949-915, Brazil b Universidade Federal do Rio de Janeiro, Centro de Ciencias Matematicas e da Natureza, Instituto de Geociencias, Departamento de Geologia, Programa de Pos-graduacao em Geologia, Av. Athos da Silveira Ramos, 274, Bloco F, Ilha do Fundao – Cidade Universitaria, Rio de Janeiro, RJ, 21949-900, Brazil ARTICLE INFO ABSTRACT Keywords: This study presents a facies characterization, facies succession and conceptual depositional model of the Pre-salt Coqueiros Formation, Lower Cretaceous of Campos Basin, based on core analyses of two wells. WELL-1 is a Rift sedimentation shallow water drilling located at south of Campos Basin within the Badejo structural high, and WELL-2 is an ultra Coquinas deep water drilling located at north, over the “External High”. Ten carbonate facies, three siliciclastic facies, two Hybrid deposits magnesium clay mineral rich facies and two hybrid facies were identified. The carbonate facies were defined as Lower cretaceous rudstone, grainstone, packstone and mud supported carbonate rock, composed of bivalves, ostracods, and rare gastropods. Bivalve shells, mostly disarticulated with distinct degrees of fragmentation, characterized the main components of the ten carbonate facies.
  • Geotectonic Controls on CO2 Formation and Distribution Processes in the Brazilian Pre-Salt Basins

    Geotectonic Controls on CO2 Formation and Distribution Processes in the Brazilian Pre-Salt Basins

    geosciences Article Geotectonic Controls on CO2 Formation and Distribution Processes in the Brazilian Pre-Salt Basins Luiz Gamboa 1,*, André Ferraz 1, Rui Baptista 2 and Eugênio V. Santos Neto 3 1 Geology & Geophysical Department, Universidade Federal Fluminense, UFF, Niterói 2410-364, Brazil; [email protected] 2 Geology Department, F. Ciências Universidade de Lisboa, 1749-016 Lisboa, Portugal; [email protected] 3 Independent Consultant, Rio de Janeiro 22271-110, Brazil; [email protected] * Correspondence: [email protected] Received: 7 March 2019; Accepted: 16 May 2019; Published: 5 June 2019 Abstract: Exploratory work for hydrocarbons along the southeastern Brazilian Margin discovered high concentrations of CO2 in several fields, setting scientific challenges to understand these accumulations. Despite significant progress in understanding the consequences of high CO2 in these reservoirs, the role of several variables that may control such accumulations of CO2 is still unclear. For example, significant differences in the percentages of CO2 have been found in reservoirs of otherwise similar prospects lying close to each other. In this paper, we present a hypothesis on how the rifting geodynamics are related to these CO2-rich accumulations. CO2-rich mantle material may be intruded into the upper crustal levels through hyper-stretched continental crust during rifting. Gravimetric and magnetic potential methods were used to identify major intrusive bodies, crustal thinning and other geotectonic elements of the southeastern Brazilian Margin. Modeling based on magnetic, gravity, and seismic data suggests a major intrusive magmatic body just below the reservoir where a high CO2 accumulation was found. Small faults connecting this magmatic body with the sedimentary section could be the fairway for the magmatic sourced gas rise to reservoirs.
  • Porosity Permeability Volume and Lifespan Gabriel Wimmerth

    Porosity Permeability Volume and Lifespan Gabriel Wimmerth

    POROSITY PERMEABILITY VOLUME AND LIFESPAN GABRIEL WIMMERTH 1 THE POROSITY OF A RESERVOIR DETERMINES THE QUANTITY OF OIL AND GAS. THE MORE PORES A RESERVOIR CONTAINS THE MORE QUANTITY, VOLUME OF OIL AND GAS IS PRESENT IN A RESERVOIR. BY GABRIEL KEAFAS KUKU PLAYER WIMMERTH DISSERTATION PRESENTED FOR THE DEGREE OF DOCTORATE IN PETROLEUM ENGINEERING In the Department of Engineering and Science at the Atlantic International University, Hawaii, Honolulu, UNITED STATES OF AMERICA Promoter: Dr. Franklin Valcin President/Academic Dean at Atlantic International University October 2015 2 DECLARATION I declare by submitting this thesis, dissertation electronically that that the comprehensive, detailed and the entire piece of work is my own, original work that I am the sole owner of the copyright thereof(unless to the extent otherwise stated) and that I have not previously submitted any part of the work in obtaining any other qualification. Signature: Date: 10 October 2015 Copyright@2015 Atlantic International University All rights reserved 3 DEDICATION This work is dedicated to my wife Edla Kaiyo Wimmerth for assisting, encouraging, motivating and being a strong pillar over the years as I was completing this dissertation. It has been quite a tremendous journey, hard work and commitment for me and I would not have completed this enormous work, dissertation without her weighty, profound assistance. 4 ABSTRACT The oil and gas industry, petroleum engineering, exploration, drilling, reservoir and production engineering have taken an enormous toll since the early forties and sixties and it has predominantly reached the peak in the early eighties and nineties. The number of oil and gas companies have been using the vertical drilling approach and successfully managed to pinch the reservoir with productive oil or gas.
  • Ongoing Compression Across Intraplate South America: Observations and Some Implications for Petroleum Exploitation and Exploration

    Ongoing Compression Across Intraplate South America: Observations and Some Implications for Petroleum Exploitation and Exploration

    Revista Brasileira de Geociências 30(1):203-207, março de 2000 ONGOING COMPRESSION ACROSS INTRAPLATE SOUTH AMERICA: OBSERVATIONS AND SOME IMPLICATIONS FOR PETROLEUM EXPLOITATION AND EXPLORATION CLÁUDIO COELHO DE LIMA1 ABSTRACT Stress data compilations, intraplate stress field numerical models and space-based geodetic results show that the South American plate is now in horizontal compression and shortening. Plate wide deformation related to the Andean tectonics has been put in evidence by analyses of integrated visualizations of plate-scale information on tectonics, continental geology, topography/bathymetry, seismicity, stresses, active deformation, residual isostatic anomalies, fission track analyses, and seismically derived Moho depths and P and S wave velocity anomalies. Here, a few results of these analyses are presented and some implications of the ongoing compression for petroleum exploitation and exploration are discussed. A conceptual model for the plate-wide deformation is presented. The model states that in response to the compression, the lithosphere as a whole (or only the crust if thermal gradients are high enough) tends to buckle. The resulting antiforms are responsible for uplift along erosional borders of the basins, whereas the resulting synforms are sites of continental sedimentation, at basin centers. The denudation of sedimentary covers promotes the exhumation of increasingly deeper rocks and the adiabatic decompression, facilitating fusion and hence the observed Upper Cretaceous and Tertiary alkali-magmatism. The basement low topography adjacent to the retreating scarps is frequently associated with large Neogene basins (e.g. the Pantanal). The tendency to buckle is controlled by the previous lithospheric/crustal structure. The perception of ongoing compression opens up new perspectives for petroleum exploitation and exploration.
  • Seismic Interpretation of the Main Turbidites at Enchova and Bonito Oil Fields (Campos Basin - Brazil) João Pedro M

    Seismic Interpretation of the Main Turbidites at Enchova and Bonito Oil Fields (Campos Basin - Brazil) João Pedro M

    Seismic interpretation of the main Turbidites at Enchova and Bonito oil fields (Campos Basin - Brazil) João Pedro M. de Mello (UNESP), Maria Gabriela C. Vincentelli (FUNDUNESP/UNESPetro) Copyright 2017, SBGf - Sociedade Brasileira de Geofísica The evolutionary history of the sedimentary basins of the This paper was prepared for presentation during the 15th International Congress of the Brazilian East margin is subdivided into three Brazilian Geophysical Society held in Rio de Janeiro, Brazil, 31 July to 3 August, 2017. Supersequences: Rift, Post-Rift and Drift (Winter et al. Contents of this paper were reviewed by the Technical Committee of the 15th 2007). The stratigraphic chart of the Campos Basin International Congress of the Brazilian Geophysical Society and do not necessarily represent any position of the SBGf, its officers or members. Electronic reproduction or showing the geological ages of interest of this study area storage of any part of this paper for commercial purposes without the written consent (figure1). of the Brazilian Geophysical Society is prohibited. ____________________________________________________________________ Abstract The goal of this research is to evaluate the tectonic- stratigraphic features at Enchova and Bonito oil fields, located at the Southwest of Campos basin (Brazil). The main objective is to characterize the main turbidites reservoirs at these fields. The results were obtained based on geophysical interpretation of the different turbidites reservoir levels at both analyzed regions. The job was developed through the analysis and correlation of four-wells profiles, as well as the interpretation of approximately 1250 km of 2D seismic sections. The elaborated stratigraphic sections allowed the identification and correlation of the main turbidites seismic interest´s Figure 1 - Stratigraphic chart of the Campos Basin horizons; and the interpreted seismic data, in association (Winter et al.
  • Seismic Characterization of Carbonate Platforms and Reservoirs: an Introduction and Review

    Seismic Characterization of Carbonate Platforms and Reservoirs: an Introduction and Review

    Downloaded from http://sp.lyellcollection.org/ by guest on September 25, 2021 Seismic characterization of carbonate platforms and reservoirs: an introduction and review James Hendry1,2*, Peter Burgess3, David Hunt4, Xavier Janson5 and Valentina Zampetti6 1Iapetus Geoscience Ltd, Unit 7, Watson & Johnson Centre, Mill Road, Greystones, Co. Wicklow, Ireland 2School of Earth Sciences, University College Dublin, Bellfield, Dublin 4, Ireland 3School of Environmental Sciences, University of Liverpool, Brownlow Street, Liverpool L69 3GP, UK 4Equinor, Sandsliveien 90, Sandsli, N-5234, Norway 5Bureau of Economic Geology, Jackson School of Geosciences, The University of Texas at Austin, Austin, TX 78713, USA 6Shell Global Solutions, Lange Kleiweg 40, 2288 ER Rijswijk, The Netherlands JH, 0000-0002-8448-6057; DH, 0000-0003-1911-9389 *Correspondence: [email protected] Abstract: Improved seismic data quality in the last 10–15 years, innovative use of seismic attribute combina- tions, extraction of geomorphological data and new quantitative techniques have significantly enhanced under- standing of ancient carbonate platforms and processes. 3D data have become a fundamental toolkit for mapping carbonate depositional and diagenetic facies, and associated flow units and barriers, giving a unique perspective on how their relationships changed through time in response to tectonic, oceanographic and climatic forcing. Sophisticated predictions of lithology and porosity are being made from seismic data in reservoirs with good borehole log and core calibration for detailed integration with structural, palaeoenvironmental and sequence stratigraphic interpretations. Geologists can now characterize entire carbonate platform systems and their large-scale evolution in time and space, including systems with few outcrop analogues such as the Lower Cre- taceous Central Atlantic ‘pre-salt’ carbonates.
  • Oil and Gas Opportunities in Brazil 2017 - 2019 Bidding Rounds

    Oil and Gas Opportunities in Brazil 2017 - 2019 Bidding Rounds

    ANP - National Agency of Petroleum, Natural Gas and Biofuels Oil and Gas Opportunities in Brazil 2017 - 2019 Bidding Rounds June 2017 NATIONAL AGENCY OF PETROLEUM, NATURAL GAS AND BIOFUELS DIRECTOR GENERAL Décio Oddone DIRECTORS Aurélio Amaral Felipe Kury Waldyr Barroso Main Office Av. Rio Branco, No.65 - 12th to 22th floors Centro - CEP 20.090-004 - Rio de Janeiro - RJ - Brazil www.anp.gov.br Summary 1. Background ..................................................................................................................... 4 2. Opportunities ................................................................................................................... 5 3. Next Bidding Rounds ........................................................................................................ 9 3.1 Concession Bidding Rounds ....................................................................................... 9 3.1.1. 14th Bidding Round ............................................................................................ 9 Offshore Basins ................................................................................................... 10 Sergipe-Alagoas Basin (Sectors SSEAL-AP1, SSEAL-AP2 and SSEAL-AUP2) ................................................................................. 10 Offshore Espirito Santo Basin (Sectors SES-AP1 and SES-AP2) ........... 11 Campos Basin (Sectors SC-AP1 and SC-AP3) ...................................... 11 Santos Basin (Sectors SS-AR3, SS-AR4 and SS-AP4) ........................... 12 Pelotas
  • Apresentação Do Powerpoint

    Apresentação Do Powerpoint

    Brazil´s Upcoming Bidding Rounds GEOLOGICAL POTENTIAL Ronan Ávila Deputy Superintendent of Geological and Economic Assessment [ANP-SAG] May 20th, 2021 NOTICE • The ANP´s institutional presentation is based on current and reliable information, but no representation or warranty is made as to its accurateness and completeness, and it should not be relied upon as such. • Projections and estimated values are included without any guarantee as to their future realization. • Forward-looking data, information, projections and opinions expressed during the presentation are subject to change without prior notice. Brazil has opportunities for different company profiles Santos and Campos Basin (Pre-Salt) Offshore Sed. Basins 73.1% Total Productions Sandstone Turbidites (K-T) and Albian Carbonates prod. Opportunities for Pre-Salt Onshore Basins 122 prod. wells Mature Basins (K) 347 prod. wells Giant Basins (Paleozoic) 5.971 prod. wells High Potential and Frontier Areas Frontier Areas Mature and Frontier Areas Operator A – qualified to ultra-deepwater, deepwater, shallow water, onshore and in areas with marginal accumulations; Operator B/C – qualified to operate blocks located in shallow water, onshore, and areas with marginal accumulations; Operator D – qualified to operate only in blocks and areas with marginal accumulations; OUTLINE 2nd Transfer of Rights Surplus Volumes 17th Bidding Round 3rd Cycle of Open Acreage WHAT DOES TRASFER OF RIGHTS MEAN? Law 12,276 / 2010 Transfer of Rights is a regime of direct contracting of specific areas of petroleum of the Union for Petrobras, granted the right to extract up to five billion barrels of oil equivalent. CNPE Resolution No. 6/2019 Considering the surplus volumes, the National Council for Energy Policy (CNPE) authorized the National Agency of Petroleum, Natural Gas and Biofuels (ANP) to hold the Production Sharing Bidding Round on those areas contracted under the Transfer of Rights.
  • CONSOLIDATED MANAGEMENT REPORT for the Financial Year 2015

    CONSOLIDATED MANAGEMENT REPORT for the Financial Year 2015

    CONSOLIDATED MANAGEMENT REPORT For the financial year 2015 REPSOL S.A. and Investees comprising the Repsol Group Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails. APPENDIX 1. MAIN EVENTS DURING THE PERIOD....................................................................................................... 3 2. OUR COMPANY............................................................................................................................................... 8 2.1. BUSINESS MODEL ................................................................................................................................. 8 2.2. CORPORATE GOVERNANCE ............................................................................................................. 13 2.3. STRATEGIC PLAN 2016-2020 ............................................................................................................. 16 3. MACROECONOMIC ENVIRONMENT ..................................................................................................... 20 4. RESULTS, FINANCIAL OVERVIEW, AND SHAREHOLDER REMUNERATION ............................. 24 4.1 RESULTS ............................................................................................................................................... 24 4.2. FINANCIAL OVERVIEW ..................................................................................................................... 30 4.3. SHAREHOLDER REMUNERATION ..................................................................................................
  • Vaca Muerta: from Source to Reservoir

    Vaca Muerta: from Source to Reservoir

    VOL. 16, NO. 4 – 2019 GEOSCIENCE & TECHNOLOGY EXPLAINED geoexpro.com GEOEDUCATION From Outcrop to Seismic HISTORY OF OIL – and Back Vaca Muerta: From Source to Reservoir TECHNOLOGY EXPLAINED Virtual Drilling EXPLORATION South Atlantic: The Bigger Picture INDUSTRY ISSUES Digital Solutions Across the Energy Value Chain Revealing Subsurface Potential with PGS FWI 3.5km PGS Full Waveform Inversion uses back scattered seismic energy, to build high-resolution velocity models at greater depths. This enables better inversions for robust ranking 4.0km and more reliable derisking of prospects. 4.5km Read more: www.pgs.com/FWI Previous issues: www.geoexpro.com Contents Vol. 16 No. 4 This edition of GEO ExPro focuses on South America and Deepwater GEOSCIENCE & TECHNOLOGY EXPLAINED Exploration; Interpretation Software; the Energy Transition. k 5 Editorial The enigmatic Cretaceous 6 Regional Update lacustrine carbonate reservoirs of offshore Brazil. 8 Licensing Update 10 A Minute to Read 14 Cover Story: History of Oil: Vaca Muerta – How a Source x Became a Reservoir What role should the oil 18 Hot Spot: Latin America: industry take in the transition to From Shallow Shelf to Deepwater a zero-carbon energy system? 20 Seismic Foldout: Deepwater Santos Basin 26 Technology Explained: v The Future of Exploration EVOLVE: developing 28 Exploration: The Pre-Salt Reservoirs the fearless explorers of the South Atlantic of the future. 32 Industry Issues: The Oil Industry and Public Perception SEG 34 GEO Education: Evolving the Future Workforce P Trinidad’s La Brea 38 Industry Issues: Digital Solutions tar pit, the largest Across the Energy Value Chain tar pit in the world.
  • Extraordinary Remaining Potential in the Pre-Salt of Santos Basin

    Extraordinary Remaining Potential in the Pre-Salt of Santos Basin

    Extraordinary Remaining Potential in the Pre-Salt of Santos Basin Pedro Victor Zalán, ZAG Consultoria em Exploração de Petróleo Ltda., Rio de Janeiro Karyna Rodriguez, SPECTRUM Geo, London, UK Milos Cvetkovic, SPECTRUM Geo, Houston, USA Copyright 2019, SBGf - Sociedade Brasileira de Geofísica expression of a Continental Resistate; or to the east of this important tectonic feature, upon hyper-extended This paper was prepared for presentation during the 16th International Congress of the Brazilian Geophysical Society held in Rio de Janeiro, Brazil, 19-22 August 2019. crust. Practically all of the known Pre-Salt accumulations have been sourced from the Internal Kitchen grabens, Contents of this paper were reviewed by the Technical Committee of the 16th International Congress of the Brazilian Geophysical Society and do not necessarily situated upon the depressed thinned/hyper-extended represent any position of the SBGf, its officers or members. Electronic reproduction or continental crust lying between the Cretaceous hingeline storage of any part of this paper for commercial purposes without the written consent of the Brazilian Geophysical Society is prohibited. and the External High (Figure 3). These newly detected ____________________________________________________________________ Pre-Salt prospects, as most of the recently leased blocks, Abstract will depend upon the existence of an External Kitchen to the east of the External High, developed upon thinned The Pre-Salt of the Santos and Campos Basins in and hyper-extended crust. These new seismic sections Southeastern Brazil is a remarkable, world-class indicate the presence of significant Pre-Salt grabens, but petroleum province. First discovery took place in 2006 displaying slightly lesser thicknesses than those at the and first production in 2008.
  • International Deals | PLS

    International Deals | PLS

    January 3, 2017 • Volume 09, No. 01 INTERNATIONALDEALS Serving the marketplace with news, analysis and business opportunities BP emerges from the shadow of Macondo Q4 lifts 2016 international Supermajor makes up for lost time with ~$4B in late 2016 acquisitions upstream M&A to $46.0B Back in July, BP CEO Bob Dudley told investors the supermajor had finally A wave of high-value Q4 deals “drawn a line” of US$5.2 billion under its estimated remaining liabilities from the 2010 headlined by two Russian corporate Deepwater Horizon disaster in the US Gulf of Mexico and was preparing “a new phase transactions rescued what otherwise would of growth.” In the last six weeks of 2016, BP delivered on that promise by announcing have been a dismal 2016 in the ~$4.0 billion in upstream acquisitions (plus a $1.3 billion downstream international upstream sector purchase—see story on PG. 11). and brought it closer to historical www.plsx.com/ma Between Nov. 25 and Dec. Latest M&A moves are return to UAE norms. Deal values totaled US$27.6 oil block & farm-in to Kosmos gas finds. 2, BP struck more than $830 million in billion in Q4 according to the PLS Global deals in Egypt, Indonesia and the UK North Sea (see Dec. 8 issue). It announced even M&A Database—1.5x the previous three more aggressive acquisitions in late December: returning to Abu Dhabi’s producing quarters combined—boosting the year’s ADCO concession for $2.19 billion and buying into Kosmos’ gas discoveries off total to $46.0 billion.