Deepwater Development: What Past Performance Says About the Future

Dragani, Jarrett; Kotenev, Maxim

doi:10.2118/0113-008-twa

Cited by 3 publications

(1 citation statement)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The amount of needs to be met is not proportional to the available petroleum resources. In recent years, petroleum exploration and exploitation activities have begun to penetrate deeper water regions [1,2]. Oil drilling at sea should be supported by good operational infrastructure and facility.…”

Section: Introductionmentioning

confidence: 99%

Ultimate Strength of the Buoy Structure due to the Loads Arise from the Tanker and Mooring Lines

Murdjito

Agatya

Handayanu

2017

IJOCE

View full text Add to dashboard Cite

show abstract

Section: Introductionmentioning

confidence: 99%

Ultimate Strength of the Buoy Structure due to the Loads Arise from the Tanker and Mooring Lines

Murdjito

Agatya

Handayanu

2017

IJOCE

View full text Add to dashboard Cite

show abstract

Project Atlantis

Franchek

2015

Mechanical Engineering

View full text Add to dashboard Cite

This paper explores the reach and use of subsea engineering. Subsea engineering presents many new challenges and opportunities for engineers from any discipline. The fundamental engineering challenges facing today’s ultra-deepwater oil and gas production reside under a new engineering discipline, the subsea engineer. Designing subsea systems for 30-year-long controllability, safety, maintenance, and real-time optimization are critical issues and present an open-ended problem. Safety is absolutely a primary focus on any subsea production system design. There must be multiple independent safety paths in place to isolate a producing well. The most common subsea safety system is located within the well. Pioneering work performed at the university of Houston provided mathematical relationships to predict the flow regime given gas and liquid velocities, including dispersed bubble flow, elongated bubble flow, slug flow, stratified flow, etc. There is an unexplored coupling between the transient multiphase flow and the heat transfer. The field of modeling multiphase transient transport is important to the subsea architecture design and real-time optimization of subsea production.

show abstract

Trinidad and Tobago's Current Deepwater Campaign: Implications of the Contractual Obligations and Taxation Regime

Razack

2016

All Days

View full text Add to dashboard Cite

Trinidad and Tobago is exploring 9 frontier blocks in water depths 1800 to 2200m. 3D seismic was completed in 2015 and the first well is to be spudded by mid-2016. As per the contracts, a minimum of 8 exploration wells are to be drilled. This paper aims to determine how small an oil or gas field could be and still generate economic rent. The taxation system and contractual obligations for two blocks were used to model oil fields of reserves 150 and 300 mmbbl and gas fields of reserves 2400 and 4800 Bcf. The production rates and oil/gas prices were varied to determine their impacts on investment criteria like NPV, IRR, payback time and government take. The models were used to project the minimum field sizes at different oil and gas prices that would be commercial. At $60/bbl, the minimum economic size for a standalone oil field is approximately 300 mmbbl reserves. Economic means that the field must attain a positive after tax NPV @10%. None of the gas models were economic at $3/mcf. It was projected that at this price, a single field with at least 12 Tcf reserves must be discovered to be commercially viable. Further, the minimum obligatory spend on the 9 blocks is approximately $765M in 2012 dollars. To breakeven with this expenditure, (that is, post-tax NPV = $765M) the largest field modelled (300 mmbbl) requires an oil price of $100/bbl. First tax revenues are forecasted as 2026 for oil and 2029 for gas. The first PSCs were executed in 2012, so first production is modelled 14 to 17 years later. Government take ranges 55 – 60%. While the PSC mechanism of taking taxes out of the government’s share reflects long term stability from the investor’s point of view, changing individual tax rates may be irrelevant as the full taxes owed are never paid over the field life. These models are dependent on a myriad of assumptions. Variations in reservoir characteristics, new technology, market availability and global prices can have dramatic effects on the results. The deepwater is widely considered to be the last frontier for T&T’s hydrocarbon industry. Therefore, it is critical that we understand how the contracts and taxation regime affect the commerciality of any potential fields, and make any necessary changes.

show abstract

Deepwater Development: What Past Performance Says About the Future

Abstract: Forum - Despite innumerable obstacles, offshore drilling has successfully evolved and prospered over the last century into its most challenging environment yet - deepwater and ultradeepwater drilling.

Cited by 3 publications

References 0 publications

Ultimate Strength of the Buoy Structure due to the Loads Arise from the Tanker and Mooring Lines

Ultimate Strength of the Buoy Structure due to the Loads Arise from the Tanker and Mooring Lines

Project Atlantis

Trinidad and Tobago's Current Deepwater Campaign: Implications of the Contractual Obligations and Taxation Regime

Contact Info

Product

Resources

About