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Exhibit Prepared for. MARCH, Page No. Hydrocarbons In-Place. Estimated Ultimate Recovery. Net Present Value Summary. Regional Geology. Missan Fields. Abu Ghirab Field.
Buzurgan Field. Fauqi Field. Reservoir and Fluid Properties. Production History. Rehabilitation Plan Summary. Reserves Estimation. Economic Analysis. Missan Oilfields, Iraq Gross Reserves.
Missan Oilfields Reservoirs. Missan Oil Price Scenario. Missan Fields Location Map. Geological Location of Missan Fields. Stratigraphy and Petroleum System. Missan Field Seismic Database. Abu Ghirab Depth Structure Map. Buzurgan Depth Structure Map. Fauqi Depth Structure Map. Reservoir Pressure for the Missan Fields. Abu Ghirab Oil Production History. Buzurgan Oil Production History. Fauqi Oil Production History. SEC Reserve Definitions. Technical Qualifications of Person Responsible for Audit.
Consultants Pte. Singapore Wang Qingru. Director of Reserve Management Office. No 25 Chaoyangmenbei Dajie. Beijing , P. Dear Mr. Missan is located km southeast of Baghdad, Iraq Figure 0. First production from the Abu Ghirab and Buzurgan fields commenced in ; with start-up of the Fauqi field occurring in early The production from all the Missan fields was shut down between October, and June, during the Iran-Iraq War; production was again shut-in for a period in during the Gulf War. The contract formally came into force on 20 th December, TPAO holds Implementation will be achieved in two periods: the first three years are the Rehabilitation Period, while the second three years are the Enhanced Redevelopment Period.
The rehabilitation of surface facilities, drilling of new wells and reservoir surveillance program shall be completed in the Rehabilitation Period and a Minimum Work Obligation is also required.
Work Obligations for the Rehabilitation Plan defined in the contract, which are summarized below. The first is appraisal work, including 3D seismic acquisition, processing and interpretation, appraisal well drilling, and geological and engineering studies. The third is the design and construction of an oil export pipeline from the oilfields to Fao Port.
During , CNOOC has commenced operations under the Rehabilitation Plan but progress has been slower than expected with only 7 new wells drilled and no workovers or stimulation operations completed. The most significant differences between the original and the updated versions of the Rehabilitation Plan are the withdrawal of 9 planned injector wells, resulting in all new wells planned being producers, and the reduction of planned well interventions from to Hence, the production rate needs to be doubled in if the initial target rates are to be achieved.
In order to meet these production targets, CNOOC expects to have a total of 19 drilling rigs and 2 workover rigs operating during Three rigs were used for the wells drilled in and are the only ones currently drilling. Four additional rigs are on stand-by and it is expected that they will start drilling in Q1 The remaining rigs are expected to start operating over Q2 and Q3 Although, if executed, GCA considers the production targets could be achieved providing that the new well productivity is as expected.
GCA has classified as Reserves those hydrocarbon volumes that would be economically recoverable as a result of implementing the 3-year Rehabilitation Plan. Therefore, the reserves estimates included in this report are limited to volumes produced from operations planned under the 3-year Rehabilitation Plan.
In line with the foregoing, the statement of reserves, presented herein, is based on a program that is expected to be superseded by the redevelopment activities proposed under the ERP to be submitted by 20 th December, As such, the volumes actually recovered under the enlarged plan are expected to be significantly greater than those presented; however, should the ERP not be approved, it is possible that the CNOOC would be seen as in default of the contract and there could be an early termination and a consequential reduction in reserves.
Under the terms of the TSC, the Contractor is entitled to use any quantity of Associated Gas from the oil reservoirs necessary for Petroleum Operations and for power generation.
Thus, the contractor has no entitlement to any Gas Reserves. It was recognized however that a complete reconciliation of all matters was beyond the scope of this study.
This audit examination was based on information and data provided by CNOOC to GCA on or before 31 st December, , and included such tests, procedures and adjustments as were considered necessary.
All questions that arose during the course of the audit process were resolved to our satisfaction. The results presented in this report are based upon information and data made available to GCA on or before 31 st December, The economic tests for the reserve volumes as at 31 st December, were based on a prior twelve-month first-day-of-the-month average reference price for UK North Sea Brent crude of U.
No price escalation has been included. Recent historical operating expense data were utilized as the basis for operating cost projections. GCA has found that CNOOC has projected sufficient capital investments and operating expenses to produce economically the projected volumes recoverable from the development activities planned under the Rehabilitation Period of the contract. GCA concludes that the methodologies employed by CNOOC in the derivation of the reserves estimates are appropriate and that the quality of the data relied upon, the depth and thoroughness of the reserves estimation process is adequate.
It should be understood that any evaluation, particularly one involving future improvement developments, may be subject to significant variations over short periods of time, as new information becomes available and perceptions change. In this regard, it is noted again that the reserves estimates included in this report are limited to volumes produced from operations planned under the 3-year Rehabilitation Plan and as such are expected to be superseded by a revised assessment when the redevelopment activities proposed under the ERP has been approved by MOC and implementation of the plan initiated.
As such, the volumes actually recovered under the enlarged plan are expected to be significantly greater than those presented herein; however, should the ERP not be approved, it is possible that the CNOOC would be seen as in default of the contract and there could be an early termination and a consequential reduction in reserves. A glossary of abbreviations and key industry standard terms, some of which may be used in this report, is attached as Appendix II.
The total proved reserves covered by this report is about 1. Table 1. TABLE 1. Abu Ghirab. It should be noted that these estimates only consider the Rehabilitation Phase and do not include volumes to be produced from the Enhanced Redevelopment Plan, which is currently still undefined. Cumulative production, to end December, , is also included in the Low, Best and High estimates reported below.
Only volumes within the boundaries of the TSC have been considered. Cumulative production statistics were based on history production data provided. Totals may not compute exactly due to rounding errors. The economic cut offs were applied following Economic Limit Tests ELTs using costs and prices which are un-escalated throughout the period of calculation. Total Proved. Individual field volumes have been back allocated proportionally based on individual production forecasts and are only approximate.
Gross reserves include volumes attributable to third parties government and other working interest partners. Discount Rate. Proved plus Probable. The reference NPVs reported here do not represent an opinion as to the market value of a property or any interest in it. The NPVs were calculated on the basis of SEC guidelines under which the economic cut-offs were applied using constant costs and prices.
The oil prices used for these computations were the un-weighted month arithmetic average of the first-day-of-the month price for each month within the month period January to December, It should be noted that the NPVs of future revenue potential of a petroleum property, such as those discussed in this report, do not represent an opinion as to the market value of that property, nor any interest in it. In assessing a likely market value, it would be necessary to take into account a number of additional factors including: reserves risk i.
GCA has explicitly not taken such factors into account in deriving the reference NPVs presented herein. So u rc e : Modified from J.
Cnooc seals deal on Iraq oil field
Exhibit Prepared for. MARCH, Page No. Hydrocarbons In-Place. Estimated Ultimate Recovery.
Seismic Structure Study of Buzurgan Oil field, Southern Iraq
The headquarters are located in the capital of the province, Amarah. Missan was spun off from South Oil Company in to expand oil activities in Maysan and to set up and oversee joint ventures with international companies to develop the province's oil fields. The split from South Oil was seen as a political move and aroused international debates. Following the spin-off from South Oil in , Missan initiated an international consortium to develop the Zubair oil field. As part of a series of international licensing rounds, the year deal was finalized in , with companies Eni After the deal was completed, MOC took over operations and ownership from South Oil, and the final year contract was signed in January
Oil and Gas Fields: Maysan Oil Fields
Missan Oil Company