Kurdistan Iraq Oil and Gas Growth opportunities for the Oil and Gas Industry: Projects Potential

Transcription

1 Kurdistan Iraq Oil and Gas Growth opportunities for the Oil and Gas Industry: Projects Potential 13 th November

2 Afren today A high impact portfolio spanning some of the world s most prospective basins Production and development Exploration and appraisal Net 2P & 2C recoverable reserves: 1,026 mmboe Net 2P 80 mmboe Net 2C 946 mmboe 2005 Admission to AIM via interest in JDZ-1 block 2006 Agreement for the development of the Okoro Setu field 2007 Acquisition of Devon Energy s interests in Ghana and Côte d Ivoire 2008 First Oil achieved at Okoro Setu. Farm in agreement for the development of the Ebok field Net prospective resources: 3,515 mmboe East Africa 2,113 mmboe Kurdistan region of Iraq 183 mmboe West Africa 1,219 mmboe 2009 Successful appraisal at the Ebok field more than quadruples reserves to over 100mmbbls; Afren establishes First Hydrocarbon Nigeria (FHN) 2010 FTSE main board listing achieved; Pan African expansion into East Africa; FHN acquires a 45% interest in OML 26, onshore Nigeria 2011 First oil at Ebok. FTSE 250 inclusion achieved. Kurdistan acquisition Growing production base E Exit 2011 rate 50 Slide 2

3 Billion bbls Entry into Kurdistan Transferring a core production and development skill set built in Nigeria Leverage strong development track record - Demonstrable track record in developing assets in Nigeria Early mover advantage - Absence of Majors today makes Kurdistan a compelling opportunity Fast track, early production opportunity - Fast track development of Ebok field in two years - on track to deliver 35,000 bopd Assets under developed/overlooked/misunderstood/ out of reach for Major IOC s at present Tanzania - OML 26 a significant onshore portfolio to be bought on-stream via a 3 phase development plan delivering 50,000 bopd Nigeria Nigeria Kurdistan region of Iraq Low unit cost reserve growth (target sub $4/bbl) - Accessing cash generative reserves Positions Afren in two of the world s top 10 oil reserves Saudi Arabia Venezuela Iran Iraq Kuwait United Arab Emirates Russian Federation Libya Kazakhstan Nigeria Slide 3

4 Fast track development Fast growth via acquisition and accelerated development Replicating our African track record and technical capability of pursuing established oil plays and developing assets on a fast track basis Okoro Setu Field, 2008 Ebok Field, Agreement signed with partner AMNI Rig secured for development drilling Appraisal drilling Awarded to Oriental Farmed in to field and formed partnership 2007 RBL facility / certified reserves FDP approval 2009 Successful appraisal campaign more than quadrupled gross 2P reserves to >100 mmbbls (NSAI) FPSO secured 2010 Development drilling 2008 Development drilling (7 wells) Production 2011 Production start up; 35,000 bopd from Phases 1 and 2 Year and exit rates at 50,000 bopd Slide 4

5 Significant production growth A clear forward plan to develop Barda Rash Gross production bopd * Expected work programme a phased development strategy LIGHT OIL Phase 1 Re-entry of existing three wells Target 10,000 15,000 bopd in 2012 (trucked) Acquire multi-component 3D seismic over the field for full field development planning Phase 2 Additional development and appraisal drilling; Target 35,000 bopd (trucking capacity) Phase 3 Full field development to capture reserves to ullage capacity in planned pipeline route from Taq Taq field to Ceyhan. Heavy oil production test HEAVY OIL Heavy oil development Phases to be initiated for Najmah (ESP) and Qamchuga (CSS) * Subject to government approvals 1,470 mmbbls total gross recoverable resources** Phased work programme to deliver 125,000 bopd 140, , ,000 80,000 60,000 40,000 20, % 1% 3% 30% * *Independently estimated by RPS Energy Phase 1 Phase 2 Phase 3 Phase 1 light oil Phase 2 light oil Phase 3 light oil Phase 4+ heavy oil development Slide 5

6 Regionally experienced team We have the right people to ensure project delivery Shahid Ullah, Chief Operating Officer Held senior management positions at Randall & Dewey Western Atlas and Baker Hughes where he was responsible managing petroleum interests & assets Headed Western Atlas Middle East/North Africa/Europe business for seven years Extensive technical and commercial knowledge of the African and Middle Eastern petroleum industry Advised North Oil Company on several large deals Iain Wright, Group Technical Director Extensive international geosciences experience in both development and exploration geology roles Has held senior positions with Randall & Dewey, Baker Hughes, Qatar Petroleum, Conoco (UK) and Anadrill Schlumberger Significant fractured carbonate experience in Qatar, UAE and Oman Ron Parenti, Corporate Drilling Manager Wealth of international drilling management experience, most recently with Addax Petroleum where he worked extensively in the Kurdistan region of Iraq Ravi Sharma, Director of Production and Development Over 20 years international experience in reservoir engineering, management and sub surface development with BHP Billiton, Occidental, BP and Baker Hughes Previous fractured carbonate experience in Qatar, UAE and Oman Ricardo Ramirez, Corporate Geosciences Manager Over 30 years experience in the upstream sector having worked for Exxon Corp; PDVSA in Venezuela, Englehart Energy & Addax Petroleum Extensive fractured carbonate experience in Middle East and Indonesia Niall McCormack, Exploration Director Held senior positions within Hess Corporation, most recently managing Exploration, Exploitation and Appraisal for Africa and the Middle East Led a large multi-disciplinary team and was accountable for all exploration, exploitation and early appraisal activities in Africa Robert Adams, Drilling Manager Over 20 years industry experience with Addax Petroleum (Kurdistan region of Iraq) In-depth knowledge of drilling, completion and production technologies for fractured carbonate reservoirs David Capra, Group Head of EHSS Extensive international oil and gas experience in EHSS matters gained at Occidental, ENI and most recently for Addax Petroleum Recent assignments include acting as HSSE & Social Responsibility Corporate Manager for Addax Petroleum where he had responsibility for HSSE and Community relation activities worldwide including Africa and the Middle East (Kurdistan) Slide 6

7 Sustainable Development Initiatives Holistic, sustainable approach to improving quality of life for our stakeholders. Existing CSR Initiatives: - University of Uyo Project: - 3 Phases to assist the University of Uyo s Petroleum Engineering Department regain accreditation - Supporting orphanages and school rehabilitations in Cote D Ivoire - Infrastructure and business development projects in Ghana - Funding Faith Regen s Mobile Midwives Project in Nigeria - Donating to the East Africa Food Crisis Response in Kenya - Building science labs, distributing scholarships, supporting youth skills acquisition training and youth entrepreneurship programs in the Niger Delta Slide 7

8 Afren/American University of Iraq - Sulaimani (AUIS) Partnership Train the future leaders of the petroleum industry in the Kurdistan region of Iraq Afren has pledged resources in capacity building to support to AUIS for: - Development of the university s infrastructure - Development of a world-class petroleum engineering program in collaboration with the University of Texas at Austin Exploring Future Initiatives: - Developing a Heavy Oil Research Institute - Establishment of a vocational training program for high school graduates in partnership with other local operators in the Kurdistan region of Iraq Slide 8