RESERVOIR MANAGEMENT IN LOW PRICES SCENARIO. Carlos Saavedra

Transcription

1 RESERVOIR MANAGEMENT IN LOW PRICES SCENARIO Carlos Saavedra

2 Agenda 1 Repsol E&P Business Features 2 3 Cost efficiency program Cost efficiency application 4 Conclusions 2

3 Agenda 1 Repsol E&P Business Features 2 3 Cost efficiency program Cost efficiency application 4 Conclusions 3

4 Repsol business features Upstream E&P Downstream Exploration and Production Refinery and Petrochemical Logistics and Marketing E&P business is the head of the petroleum industrial process chain and usually the main economic motor. Exploration Development Production 4

5 Repsol E&P Business Main Assets PM3, Kinabalu (Malasia) WI: PM3 WI:60% K Sudeste Asiático C. & J. Merang (Indonesia) WI:36% C / 25% JM Red Emperor (Vietnam) WI: 46,8% Inicio producción:

6 Repsol production Net Production - KBoepd Key Projects Net Production

7 Latin American & Caribbean Region Assets Portfolio Colombia: 38 MSCFD & 15 KOBD Akacias (45%) Block CPE 6 Cravo Norte Equion Trinidad & Tobago: 535 MSCFD & 11 KOBD BpTT Offshore Trinidad (30%) 352 MSCFD & 13 KOBD Ecuador: 8 KOBD Block 16: Bogi Capiron Block 16: Campos del Sur Block 67: Tivacuno Peru (HQ): 200 MSCFD & 12 KOBD Block 57 (53.8%) Block 88 Block 56 Venezuela: Occidental Cardon IV (50%) Mene Grande Barua Motatan Venezuela: Oriental Carabobo (11%) Quiriquire Quiriquire Deep Lic. Gas Yucal Placer 233 MSCFD & 9 KOBD Bolivia: Repsol S.A. Margarita-Huacaya (37.5%) Mamore Monteagudo Cambeiti Bolivia: Andina San Alberto San Antonio Rio Grande Yapacani Sirari 7

8 Latin American & Caribbean Region Production (KBOED) 140 GAS (KBOEPD) OIL (KBOPD) Worldwide Distribution (%) % 35% 16% 43% % TOTAL - LAC GAS (MSCFD) 1320 OIL (KBOPD) 69 TOTAL (KBOED) % % 9 41 Trinidad & Tobago Venezuela Bolivia Perú Colombia Ecuador % LAC Kboed North America Kboed Europe, Africa & Brasil Kboed Asia & Russia Kboed 7% 15 7 TOTAL - WORLD GAS (MSCFD) 2580 OIL (KBOPD) 250 TOTAL (KBOED) 704 3% 8 8

9 Agenda 1 Repsol E&P Business Features 2 3 Cost efficiency program Cost efficiency application 4 Conclusions 9

10 Cost efficiency program 7 success factor keys 1 Strong leadership commitment and engagement to the program 2 Clear focus with ambitious, yet achievable, targets using a topdown methodology for all levels of the organization Operational Efficiency Process Efficiency 3 Make the Business accountable for success through top-down targets and ensure ownership of the initiatives 4 Wave as the common tool for management Talent management 5 Strict milestones during the implementation of the program 6 Detailed roadmap established at the beginning of the program 7 Significant resources dedicated to the program 10

11 Resilience in low prices scenario Operational resilience Oil and gas business Portfolio resilience Financial resilience 11

12 Agenda 1 Repsol E&P Business Features 2 3 Cost efficiency program Cost efficiency application 4 Conclusions 12

13 Perla Field - Venezuela Optimize Perla Field Development Plan by reduction of number of wells required from 26 to 21, applying new technologies to optimize well productivity: MPD: Manage bottomhole pressure during drilling to work in near balanced conditions & maximize well productivity minimizing the risk of formation influxes or mud losses. GEOPILOT TM : Higher versatility during drilling of horizontal wells, improvement navigability in the different levels of the targets and extreme extended reach drilling. TOTAL SAVINGS: 312 MUSD 13

14 Barúa & Motatán - Venezuela Drill & Complete 27 horizontal wells and obtain double initial production ( 53 MU$D) - Improve Drilling Performance, reducing times and operational contingencies. Replace oversized PCP ( 0.84 MU$D) - Replace PCP of high capacity ( Bls ) for PCP of middle and lower capacity ( Bls). - RIH PCP of high capacity replaced ( Bls instead of Bls) in new wells with high potential. 14

15 Mene grande - Venezuela Drill just 9 wells in 2017 (19 planned in the FDP): TOTAL SAVINGS: 29 MU$D. - Improve Drilling Performance, reducing times and operational contingencies. - Review MG locations & trajectories selecting economical location to be drilled. 15

16 Block 16 - Ecuador Tivacuno Bloque 12 BOGI CAPIRON CAPIRON NORTE-1 TIVACUNO-1TIVACUNO TIVACUNO-2 TIVACUNO SW CAPIRON-1 ") NPF PARQUE NACIONAL YASUNI Workovers grouped by well pads, reducing mobilization events. DICARON-1 Bloque 16 ZAPARO-1 ZAPARO CENTRO-1 Re-completion jobs to decrease water production and rising oil production. TERRITORIO WAORANI ZONA DE AMORTIGUAMIENTO COWI-1 AMO-1 AMO AMO-2 ") SPF DAIMI-1 DAIMI DAIMI-2 Improve water disposal system cleaning injection wells to increase injectivity; therefore, reducing energy consumption. ESP Optimization. ZONA INTANGIBLE TAGAERI-TAROMENANE Km IRO GINTA-1 DABO DABO SUR-1 ST1 IRO-1 GINTA WATI-1 WATI

17 Block 16 - Ecuador AMO BASAL TENA Water flooding pilot A109 AMO-A-109H 643 AMO-A-108H A112 AMO-A-110H Injector Well Producer well AMO-A-112H AMO-A-11 AMO-A-4-RE1 AMO-A-12 17

18 Percentage (%) Sagari project - Peru Cost efficiency program Cost contingency optimization Supply chain 6 Efficiency in drilling and well testing operations as well in the use of logistics resources Scope changes in coring, logging and testing programs. Efficiency in well pads construction Initial Current September 2015 September

19 Block 57 - Peru Kinteroni-Sagari structural model A A A SAG-4XD A SAG-8D SAG-7D SAG-4XD B K-2DST B K-3D K-1XST Avoided to drill additional well in Kinteroni field (50 MUSD) Change in wells scope core, logging and testing program ( 20 MUSD ) 19

20 Mamore Block Bolivia MAMORE: Paloma, Surubí, Surubí Bloque Bajo, Surubí Noroeste GENERAL STRATEGY: Cost Control, Study and new Opportunities 2016: CONTROL & STUDY 2017+: NEW OPPORTUNITIES Cost Control - Only activities for HSE and carry over. - Proposal of new Organization. - Contractors: unify service companies with similar activities. New structure of services. - Develop marginal fields culture Learn from the past Process Review - Analysis of activities (88 acids, rigless intervention, Pulling, etc.) - Resolve bottlenecks (HYSYS). - Modifications for energy efficiency Proposals of new stimulations opportunities New development projects Exploration opportunities: Ivirgazama (29MBbl), Chasqui (10 MBbl) 20

21 Caipipendi Block - Bolivia Change in wells scope logging & core program (1.2 MUSD) Change in testing program (3 MUSD) Innovation : Sorbwater project Saving Capex: Don t drill disposal well Water treatment for irrigation 21

22 Agenda 1 Repsol E&P Business Features 2 3 Cost efficiency program Cost efficiency application 4 Conclusions 22

23 L3- L3+ Repsol cost efficiency program Savings MU$D Cum. Target L5 L4 L3 L2 L

24 Conclusions Cost efficiency program 1 Portfolio ranking 2 Suitable management of Capex & Opex 3 Organizational right-sizing 4 Reserves incorporation 5 Marginal assets Farm-out 6 Maximize profitability 24

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