Energy Caribbean Conference
Transcription
Energy Caribbean Conference
energy CARIBBEAN 2008 Offshore Exploration Opportunities in Guyana Kerry Sully President & CEO Who is CGX? • • • • • Canadian listed company focused on Guyana exploration (OYL on TSX-V) Completed first solid state 2D seismic in basin in 1999 Forced off Eagle location in 2000, but drilled back-up Horseshoe Well to 13,000 feet in 30 days During Maritime Border resolution, completed thorough re-interpretation of all Guyana well, seismic and geological data Currently shooting a 2400 sq km 3D seismic program • 1000 sq km net to CGX Guyana – Suriname Basin is a Proven Hydrocarbon System Abary – Shell 1975 • In-well blow out • 37 API oil in mud Tambaredjo and Calcutta have > 1.0 billion bbls OOIP (but only 18 wells drilled beyond near-shore) 3 50 Years of Exploration Offshore Guyana Company Years Wells 2D Seismic, km California Oil 1958 - 60 3,000 stations Continental / Tenneco et al 1965 - 71 2 Royal Dutch Shell 1965 - 75 7 Comoro / Tricentral 1970 - 74 Offshore Exploration Co 1972 - 75 Deminex 1972 - 76 3,962 Seagull / Denison 1978 - 84 2,564 Lasmo / BHP 1988 - 91 3,300 Guyana Expl / Total / Petrel 1988 - 92 Mobil 1991 - 94 3,577 YPF / CGX 1997 - 1,750 CGX 1998 - Century / CGX 1997 - Esso 1999 - 1 1 2,038 2,200 1,806 4 Oil – 14% of Undiscovered Potential of Latin America (pre Tupi!) 15.2 Billion Barrel Mean Undiscovered Resource Potential in Guyana Suriname Basin 5 Gas – 8% of Undiscovered Potential of Latin America 42 TCF of Gas Mean Undiscovered Resource Potential in Guyana Suriname Basin 6 Guyana’s PPLs • Corentyne 100% CGX • Georgetown 15% Repsol* 30% YPF 30% Tullow* 25% CGX • Annex 100% CGX • Pomeroon 100% CGX • Stabroek 100% Esso • Berbice 100% ON • Block X 100% Sadhna • Takutu 45% Groundstar 55% Brazalta Map Source: Wood Mackenzie Upstream Insight; Nov 2008 * Government Approval Pending 7 Current Exploration Guyana Petroleum Prospecting Licence Operator Partners Activity CGX, Repsol, Tullow 3D - 1,851 sq km OFFSHORE Georgetown YPF Guyana Corentyne CGX 3D – 536 sq km Annex CGX Data review Pomeroon CGX Data review Stabroek Esso 2D Deepwater PGS Speculative shoot 2D ~ 4,500 km Brazalta 2 wells pending ONSHORE Takatu Groundstar Berbice ON 3 wells pending Block X Sadhna 1 well pending 8 3D Seismic Seismic Grid • Fugro R/V GeoPacific • 8 streamers • 6,000 m solid-state • Corentyne • 536 sq km • Georgetown • 1,851 sq km • CGX share • net 1000 sq km • $15.5 million 9 Potential 3,200 m Lower Tertiary Turbidites Stratigraphic Traps Wishbone, Eagle, F1-F4 4,200 m Shelf Margin Deltas Structural Traps 5,400 m Cretaceous Basin Floor Fan Structural Traps Eagle Deep, Abary Deep 6,300 m 7,000 m Turonian Canje Source Kitchen Potoco Carbonates Structural Traps 10 Resource Estimate of 2.7 Billion Barrels For 4 Prospects on Corentyne PPL Only Prospective Oil Resource billions of barrels Prospect Low Estimate P90 Best Estimate High Estimate P50 P10 Eagle Shallow 0.1 0.5 2.0 Wishbone Shallow 0.2 0.4 1.0 Eagle Deep West 0.4 0.9 1.6 Eagle Deep East 0.4 0.9 1.6 Sum of Prospects 1.1 2.7 6.2 Independent Resource Assessment: Gustavson Associates 11 Drilling Considerations Water depth ~ 300 feet Ultra HPHT Tier II 370 – 410 F 15 – 18 k psi Expandable Casing Design Gorilla Class Rig Deep well to 19,500 ft - to 22,000 ft $85 mm $90+ mm Jefferies Randall & Dewey have been retained as an advisor to market a joint venture farmout to drill a Deep Well on the Corentyne PPL. Jackup Drilling Rig 12 Guyana – A Good Business Environment • Democracy • English speaking • Production Sharing Petroleum Prospecting Licence • Legal system based on English common law • Company Act based on Canadian Business Corporations Act • Strong associations with UK, USA and Canada 13 Future Licensing GGMC (Petroleum Division) Position Areas to be evaluated and a preferred procedure for awards determined that could include competitive bidding Offshore Blocks Sub Blocks which become available through relinquishment Nearshore Blocks Under re-evaluation Onshore Blocks 14 Guyana On the Brink of Exploration Success? 15