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Oil. Sim Faroes 2007 Facilitator Course Tórshavn, 2. Oktober, 2007 Oil. Sim Faroes 2007 Facilitator Course Tórshavn, 2. Oktober, 2007

Overview • Enhance your overall understanding of petroleum exploration • Common platform to work Overview • Enhance your overall understanding of petroleum exploration • Common platform to work on • Multidisciplinary challenge • You are an exploration team in charge of a new petroleum province • Your task is to get maximum return on investment (ROI)

Money • You start with $200 Millions – You can apply for more money Money • You start with $200 Millions – You can apply for more money later • Earnings: – Net value of the oil fields discovered – MINUS costs (surveys, wells, etc. ) • Winning team: – highest return on investment (ROI) – ROI = Earnings / Funds received • Government Bonus for the 10 best teams

Learning Points • • Where and how to find oil Surveys used in exploration Learning Points • • Where and how to find oil Surveys used in exploration Licensing rounds Farm-in and Partnerships Rigs and Sub-contractors Reducing uncertainty Economically viable volumes

Oil & Gas Industry • Upstream – Exploration – Development – Production • Downstream Oil & Gas Industry • Upstream – Exploration – Development – Production • Downstream – Refining – Distribution

Structure • Phase 1: Find Basins • Phase 2: Bid for Licences • Phase Structure • Phase 1: Find Basins • Phase 2: Bid for Licences • Phase 3: Drilling – 3. 1 Farm-in – 3. 2 Order Rig – 3. 3 Select Providers – 3. 4 Select Position – 3. 5 Testing

Schedule 09. 00 Introduction to Oil. Sim Phase 1 starts (Find Basins) Phase 1 Schedule 09. 00 Introduction to Oil. Sim Phase 1 starts (Find Basins) Phase 1 Deadline Phase 2 (First Licensing Round) intro First Licensing Round deadline Lunch Phase 3 (Partnering) intro Deadline Partnering Drilling intro 2 nd Licensing round opens 2 nd Licensing round deadline Simulation end Debriefing 15. 00 End

Map Columns (1 to 112) Rows (1 to 152) 600 sea bed depth 134 Map Columns (1 to 112) Rows (1 to 152) 600 sea bed depth 134 Cell (73, 66) Block 134

Login www. oilsim. com Login www. oilsim. com

Main screen Main screen

First task • Find the 3 basins in the area • Basin: Sedimentary rocks First task • Find the 3 basins in the area • Basin: Sedimentary rocks in the deep subsurface where oil and gas was generated • Procedure 1. Buy and study magnetic and gravimetric surveys 2. Submit 3 block numbers; one for each basin centre

Surveys Surveys

Gravimetric surveys • Gravimetric surveys show the gravity in the sub-surface • Sedimentary rocks Gravimetric surveys • Gravimetric surveys show the gravity in the sub-surface • Sedimentary rocks (“basins”) have lower densities than the surrounding crystalline rocks • Low gravity (green) -> Basins • High gravity (red) -> Crystalline rocks

Gravimetric surveys Gravimetric surveys

Magnetic surveys Magnetic surveys

More detail North East More detail North East

Quarter map survey Quarter map survey

Enter decision Enter decision

Task 1 • Possible to get between 0 and 100 knowledge points (KP) – Task 1 • Possible to get between 0 and 100 knowledge points (KP) – KP’s can be used e. g. when you apply for money • Must be solved before deadline • After the deadline, all submissions are evaluated

Task 1 solved • All basins are located • Message sent to all teams Task 1 solved • All basins are located • Message sent to all teams with the results • Oil and gas is close to the basins • Next step: First licensing round – The blocks around one of the basins are on offer

Second task • Bid to get a exploration licence • Exploration licence: A permission Second task • Bid to get a exploration licence • Exploration licence: A permission from the Government to explore a block • Procedure 1. Buy and study Common Risk Segment Maps and 2 D Seismic surveys 2. Submit 3 bids – Block number – Amount offered to Government (“bonus”)

Migration Prospect Play Basin Migration Migration Prospect Play Basin Migration

Prospect Seal Reservoir Migration Prospect Seal Reservoir Migration

Common Risk Segment • Prospect probability – Red: low – Orange: medium – Green: Common Risk Segment • Prospect probability – Red: low – Orange: medium – Green: high There is one CRS for each geological layer

Common Risk Segment Band 3 Eocene Band 2 Paleocene Band 1 Creataceous Common Risk Segment Band 3 Eocene Band 2 Paleocene Band 1 Creataceous

Real Seismic Real Seismic

2 D Seismic surveys • A 2 D Seismic survey is a cross section 2 D Seismic surveys • A 2 D Seismic survey is a cross section of the geological layers – along either a column or a row • Is used for locating prospects • Look out for traps • Three separate geological layers

2 D Seismic example 2 D Seismic example

Prospects Top of sealing rock Top of reservoir rock Prospects Top of sealing rock Top of reservoir rock

Cross-sections Column Row Basin, Source Prospect, Reservoir Cross-sections Column Row Basin, Source Prospect, Reservoir

Wells 79 1 Wells 79 1

Remarks • In Oil. Sim, there is only one type of trap: the four-way Remarks • In Oil. Sim, there is only one type of trap: the four-way closure structural trap – in reality, there are several other types • Three prospecting systems – 3. Eocene (1. 500 m below seabed) – 2. Paleocene (2. 500 m -) – 1. Cretaceous (3. 500 m -)

Tips • Use CRS to see which blocks to study • Buy and study Tips • Use CRS to see which blocks to study • Buy and study many 2 D surveys • Focus on shallow water blocks – It is cheaper to drill exploration wells in shallow water – It is more economically viable to produce oil and gas in shallow water

Enter bid Enter bid

Remarks • • • Minimum bonus: 1000000 Maximum bonus: 30000000 You will only get Remarks • • • Minimum bonus: 1000000 Maximum bonus: 30000000 You will only get one licence Highest bid gets the licence If you lose on all three blocks, you will get a random licence (of the ones that are left) • Do submit 3 bids -> more KP’s and higher probability for success

Task 2 • Submit your bid before the deadline • After the deadline, all Task 2 • Submit your bid before the deadline • After the deadline, all bids are evaluated, and each team gets one and only one licence

Task 2 solved • Every team has got one exploration licence • Message sent Task 2 solved • Every team has got one exploration licence • Message sent to all teams with the results • Knowledge Points: a measure of how prosperous the blocks the team bid for were • Next step: Farm-in

Farm-in & -out • The headquarters of you company has evaluated the licence that Farm-in & -out • The headquarters of you company has evaluated the licence that you got awarded • Although the possibility of finding oil is fair, the costs involved are large, and the headquarters wants you to spread the risk. • This is accomplished by: – investing in other licences (farm-in), and – letting other invest in your licence (farm-out)

Task 3. 1 Farm-out • Get other’s to invest 20% or more in your Task 3. 1 Farm-out • Get other’s to invest 20% or more in your licence (“farm-out”) • You can only send farm-in offers (!) – Offers to buy parts of other licences • Procedure for farming in: 1. 2. Study 2 D Seismic surveys Submit one offer for each viable licence – Amount offered – Share wanted (in whole %)

Farm-in Farm-in

Send an offer Send an offer

Partnerships • Partners pay their share of all future costs incurred by the partnership. Partnerships • Partners pay their share of all future costs incurred by the partnership. • Partners receive their share of the net proceedings from any oil found on the licence • The operator team takes all decisions regarding acquirement of 3 D seismic, drilling of wells and testing of wells

Task 3. 1 • Study 2 D seismic surveys of the other licences • Task 3. 1 • Study 2 D seismic surveys of the other licences • Submit your bids – Minimum amount 100, 000 for 1% • You are not allowed to drill before at least 20% of your licence has been farmed out • You can farm-in & -out at any time • Partners in a block get all info about drilled wells and discovered prospects

Task 3. 1 • Partnerships will be established every time a seller accepts an Task 3. 1 • Partnerships will be established every time a seller accepts an offer • On the main page, you can see all the licences – The licences you operate – The licences you have invested in – Other licences • Next task: order rig

Task 3. 2 Rig • 3 rig types – Drillships – Semi-submersibles – Jack-up Task 3. 2 Rig • 3 rig types – Drillships – Semi-submersibles – Jack-up rigs • Different water depths, Different day rates – Rig cost = drilling days * day rate

Available Rigs Available Rigs

Drilling days Drilling days

Drilling Depths Seabed “water depth” Layer 3 Eocene 1500 m below seabed Layer 2 Drilling Depths Seabed “water depth” Layer 3 Eocene 1500 m below seabed Layer 2 Paleocene 2500 m below seabed Layer 1 Cretaceous 3500 m below seabed

Seabed Depth Seabed Depth

Task 3. 2 Rigs Task 3. 2 Rigs

Rigs • Limited number of rigs available • You can order a rig – Rigs • Limited number of rigs available • You can order a rig – use it within 20 minutes • Not enough for all – Wait in a queue, if another team is using the rig • Rig day rates are dynamic

Task 3. 3 Providers Task 3. 3 Providers

Track Record Track Record

Select Providers Select Providers

Task 3. 4 Position • You have to choose where to drill – Which Task 3. 4 Position • You have to choose where to drill – Which cells? • . . and how deep to drill – Either to the Eocene horizon – Through the Eocene to the Paleocene horizon, – or through the Eocene, the Paleocene, and to the Cretaceous horizon

3 D Seismic • Shows the structure: – in one (of the three) horizons 3 D Seismic • Shows the structure: – in one (of the three) horizons – in one block • Look out for “tops” – a top = a trap = a prospect

3 D Seismic 3 D Seismic

Three targets Layer 3 Eocene Column 60, Row 79 Column 60, Row 78 Layer Three targets Layer 3 Eocene Column 60, Row 79 Column 60, Row 78 Layer 2 Paleocene Layer 1 Creataceous

Select Positions Select Positions

Summary Summary

Drilling position 3 Drilling position 3

Drilling position 2 Drilling position 2

Conf. & Budget Conf. & Budget

Drilling results Drilling results

Drilling result Drilling result

Task 3. 5 Testing • If you discover a field-> decide whether you want Task 3. 5 Testing • If you discover a field-> decide whether you want more information about that field • You get more information by doing a production test (and other tests) • Tests take 10 days per field • Tests have the same day-rate as the drilling (you use the same providers)

Test decision Test decision

Field value Field value

Prospects Prospects

Licence Value Licence Value

Appraisal Appraisal

Appraisal – From Probable volume to proven reserves Appraisal – From Probable volume to proven reserves

Narrowing ranges • First well: – 0 to 572 MBO (after drilling) – 11 Narrowing ranges • First well: – 0 to 572 MBO (after drilling) – 11 to 266 MBO (after testing) – Proven volume: 11 MBO • Second well – 11 to 233 MBO (after drilling) – 35 to 210 MBO – Proven volume: 35 MBO

Continue. . . • Drill appraisal wells to narrow the uncertainty (get proven volumes) Continue. . . • Drill appraisal wells to narrow the uncertainty (get proven volumes) • Drill into other prospects • Farm-in and -out • Two additional licensing rounds • Apply for more money, if you run out of cash • Winner: highest ROI