Documente Academic
Documente Profesional
Documente Cultură
Oil and Gas Disclosure All calculations converting natural gas to barrels of oil equivalent (BOE) have been made using a ratio of six mscf of natural gas to one barrel of barrel of oil equivalent. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six mscf of natural gas to one barrel of crude oil equivalent is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Resources in this presentation are based on the report prepared by GJL Petroleum Consultants dated March 7, 2010 with an effective date of December 31, 2010 setting forth certain information regarding contingent resources of InterOils interests in the Elk and Antelope fields in PNG. Contingent resources are those quantities of natural gas and condensate estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. The economic status of the resources is undetermined and there is no certainty that it will be commercially viable to produce any portion of the resources. The following contingencies must be met before the resources can be classified as reserves: (i) sanctioning of the facilities required to process and transport marketable natural gas to market, (ii) confirmation of a market for the marketable natural gas and condensate, and (iii) determination of economic viability. Although a final project has not yet been sanctioned, pre-FEED studies are ongoing for the LNG project and FEED studies conducted for the CSP project as options for monetization of the gas and condensate. The low estimate is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. With the probabilistic methods used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate. The best estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. With the probabilistic methods used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. The high estimate is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. With the probabilistic methods used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.
InterOils Vision
Papua New Guinea
Poised to Join the Ranks of Asian LNG Suppliers
Midstream Portfolio - Refinery 36, 500 bpd capacity Condensate Stripping Project Generates Early Cash Flow and Revenue to All Stakeholders Midstream LNG Project
The World Woke Up: A World Record Rate of Over 700 MMCF/D
The Resource: 2010 Third Party Resource Estimate of Elk and Antelope Underpins a large LNG development with a 5% increase over 2009
Gross Contingent Resource Estimate for Gas and Condensate as of December 31, 2010
As at December 31, 2010 Low (C1) Initial Recoverable Sales Gas(Tcf) Initial Recoverable Condensate (MMBbls) Initial Recoverable MMBOE 6.47 105.3 1,183.6 Case Best (C2) 8.59 128.9 1,560.4 High (C3) 10.44 151.4 1,891.1
An evaluation of the potential resources of gas and condensate for the Elk/Antelope field has been completed by GLJ Petroleum Consultants Ltd., an independent qualified reserves evaluator, as of December 31, 2010 The estimates presented are in accordance with the definitions and guidelines in the COGE Handbook and Canadian NI 51-101 Gas in place increased almost 1TCF from 2009 to 2010
C1 enough to produce 8mtpa LNG, and C2 enough to produce 11 mtpa, for 15 years
10
Favorable Geography
Protected geographic region Onshore, near coast (115 Km) Close to largest global LNG market
Proposed Infrastructure
CSP EPC bids in, Mitsui to optimise financing Mid-size LNG plant funded by EWC Fixed-floating FLNG plant funded by Samsung and FLEX LNG InterOil LNG plant and infrastructure costs well below competitive proposals
Fiscal Policy
30% flat tax rate Major project incentives and exemptions available from the State Government resource project protection
12
Lessons from EGLNG and Others: US$1.2 Billion in Pre-FID investments to maintain schedule 2014 LNG Start-Up
Continuing LNG pre-investment to lower bidder risks and secure lower project costs LNG off-take HOA was signed with Noble Group for 1 mtpa for 10 years, in addition to the 300,000 tonnes per annum dedicated to the Philippines Power Project
14
The LNG Plants: EWC LNG & FLEX LNG /Samsung Project Partnerships
On February 2, 2011, InterOil and PACLNG and Energy World Corporation completed final documentation for a 3 mtpa plant. The initial 3 mtpa modular LNG plant is expected to process an estimated 2.25 Tcf of natural gas over 15 years. On April 11, 2011, InterOil and Pacific LNG Operations executed agreements with FLEX LNG LTD and Samsung Heavy Industries for a floating liquefaction project in Papua New Guinea with targeted start of LNG production in 2014. The FLNG vessel will be moored alongside the jetty and have a production nameplate capacity of up to 1.8 - 2 million tons of LNG per annum. Samsung provides the construction financing and all performance guarantees for the FLNG vessel
EWC and FLEX LNG will receive, less agreed deductions and premiums, 14.5% of the proceeds from the sale of LNG by the upstream partners from the FLNG vessel for an initial 15-year period.
16
In Summary
Papua New Guinea was an under-discovered frontier, with world class assets strategically located on the doorstep of LNG Asia: Ignored and bushed aside by most majors The world awoke to PNGs LNG Value as Spot Prices near US$19/mmbtu Quality gas for the Asian LNG Buyers, with diversification from Qatar and Australia Vast exploration and resources to ensure reserves for all stakeholders Modular LNG can build 20 to 30 mtpa of LNG capacity in PNG
PNG could be 2nd largest Asian supplier of LNG in 10 years, behind Australia
InterOil has a significant F&D advantage, and early cashflow with Modular and FLNG development 15 years in PNG with the best track record in PNG Exploration The only PNG refinery operator providing operator advantages for LNG
Bottom line: PNG passed the turning point for LNG; and is now on the path to being a Major Supplier of clean energy as a portfolio including FLNG with Korea
18
InterOil: Working with all stakeholders and the future of Papua New Guinea
Firm orders
Strong shareholder base (K-Line and InterOil among the largest shareholders)
Large adaptability
Delivery in 2014
Gulf LNG project being developed together with InterOil Corp. and partners for an at-shore FLNG project in Papua New Guinea
21
Gulf LNG Project FLNG Scope and Interfaces Samsung Heavy Industries FLNG FEED for Gulf LNG Project FLNG vs Onshore Development Costs Summary
22
FLEX LNG Scope Includes the LNG FPSO + LNG offloading-arms. Excludes breakwater, FSU, LNGC
Battery limits: -Feed gas loading arms -LNG jettyhead manifold -Mooring lines & fender dolphins
23
Main particulars (preliminary) Length overall (approx) Breadth, moulded (approx) Depth to upper deck, moulded (approx) Full load draught (approx) LNG Storage Capacity (approx) Condensate Storage Capacity (approx) LNG Production Capacity (approx)
24
m m m m m3 m3 mtpa
25
Side View
26
27
Gulf LNG Project FLNG Scope and Interfaces Samsung Heavy Industries FLNG FEED for Gulf LNG Project FLNG vs Onshore Development Costs Summary
28
Samsung Marine
FLEX LNG Producer scope
Production Capacity
Samsung Offshore
Topsides and Integration
160,000 mt/yr
Products
Crude Oil Tankers, Container Vessels, Cruiser & Ferries, Gas Carriers (LNG,LPG), FPSO, Drill ships, etc.
Offshore Platforms, Drill ship, FPSO, FLNG Topsides, TLP, Semi Rig, Material Handling Equipment, Desalination Plant
Production (2009)
61 Vessels
Project Benefits: Favourable Risk Profile and Risk Allocation Technology risk mitigation Minimise risk for cost overruns Minimise risk for delays Minimise integration risks Favourable performance guarantees & LDs Engineering flexibility to adapt the design
30
Gulf LNG Project FLNG Scope and Interfaces Samsung Heavy Industries FLNG FEED for Gulf LNG Project FLNG vs Onshore Development Costs Summary
31
Main objectives
Adapt the generic hull and topside design to match the field-specific requirements of the Gulf LNG project Provide a sound basis for lump sum based execution contracts (EPCIC contract and SBC) Prepare to start EPCIC works immediately following Final Investment Decision in December 2011
Topside FEED scope is subcontracted to WorleyParsons (WP) and is carried out at WPs office in London
WP has teamed up with Kanfa Aragon, Costain Group, and NLI Engineering, which were all involved in the development of the generic design SHI is present at the WP office with a resident engineering team to control the FEED works
32
Project Execution
- Contractor structure
FLEX LNG technical and commercial team manages SHI - Provide design basis and project specifications - Interface management towards InterOil (jetty, feed gas, etc.) Lump sum turn key contract Overall project mgm. and interface mgm.
FLEX LNG
Offshore Division SHIs specialised organisations & yard, Geoje, S. Korea Topside EPC Topside & Hull Integration Topside Commissioning
Shipbuilding Division Hull EPC Hull Commissioning Gas & Sea Trials
SHI resident engineering team to manage subcontractor Subcontractor to be nominated Option: WorleyParsons Engineering & Procurement Subcontrractor
33
Gulf LNG Project FLNG Scope and Interfaces Samsung Heavy Industries FLNG FEED for Gulf LNG Project FLNG vs Onshore Development Costs Summary
34
Maximize LNG production capacity within a standard LNG hull-size Minimize CAPEX Work closely with the yard to ensure constructability of design
Modularisation
Maximise use of proven technology and existing equipment ranges. Simplify the design and complexity
35
2000
USD/ton liquefaction capacity
10
12
14
16
36
Gulf LNG Project FLNG Scope and Interfaces Samsung Heavy Industries FLNG FEED for Gulf LNG Project FLNG vs Onshore Development Costs Summary
37
.....and as the first FLNG units are deployed the industry will see the following changes:
LNG supply projects can be developed in 2-3 years LNG supply projects will appear in locations unimaginable today (i.e. liquefying pipeline gas supplied from existing grid) Onshore liquefaction projects will have to innovate and become more cost effective to remain competitive Traditional end-users of LNG will integrate upstream and take control over their own LNG supply destiny Companies with no previous affiliation to the LNG industry will become substantial LNG suppliers
38
Questions?