fpso in australia and new zealand by yoshihide shimamura
TRANSCRIPT
WA Oil and Gas Facilities Group Meeting
2009-11-9
FPSO in Australia and New ZealandStatus and Future
Yoshihide Shimamura
MODEC Offshore Production System
2
FPSO – Over View
- Floating facility for Offshore Oil Field w/o Pipe Line- Fit for Marginal Field- Booming in West Africa, Brazil, S.E. Asia, incl. ANZ
Why?- Low CAPEX- Early Development- Adaptable for Deep Water- Flexible for Field Characteristics
3
165
67
22
11
17
2
44
32
0
50
100
150
200
250
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
as of end y ear (2009 inc ludes units on order to be delivered during the y ear)
(Num
ber o
f Ins
talle
d U
nits
)
FP S O TLP S par S em i
GROWTH OF FLOATING PRODUCTION SYSTEMSBetween 1999 and 2009- Number of FPSO increased from 67 units to 165 units (+ 98 units, + 146%)- Number of TLP increased from 11 units to 22 units (+ 11 units, + 100%)
Source: FLOATING PRODUCTION SYSTEMS assessment of the outlook for FPSOs, Semis, TLPs, Spars and FSOs – April 2009 (IMA)
4
FLOATING PRODUCTION SYSTEMS IN OPERATION
Projects in Operation as of July 2009
Mediterranean
47
FPSO
FSO
TLP
SEM
I
GOM
31
15 15
7
FPSO
FSO
TLP
Spar
SEM
I
SE A s ia
17
40
1 1 1
FPSO
FSO
TLP
Spar
SEM
IIndia
1
9
1
FPSO
FSO
TLP
SEM
I
W es t A f r ic a
34
15
4
FPSO
FSO
TLP
SEM
I
China
15
1 1
FPSO
FSO
TLP
SEM
I
Pac if ic
15
3
FPSO
FSO
TLP
SEM
I
Braz il
28
4
18
FPSO
FSO
TLP
SEM
I
W or ld Total
88
2216
43
151
FPSO
FSO
TLP
Spar
SEM
I
Nor th Sea
22
7
2
12
FPSO
FSO
TLP
SEM
I
Source: FLOATING PRODUCTION SYSTEMS assessment of the outlook for FPSOs, Semis, TLPs, Spars and FSOs – July 2009 (IMA)*Not shown are 9 FPSOs and 3 production semis that are off-field and available for reuse.
Canada
2
FPSO
FSO
TLP
Spar
SEM
I
5
FPSO – In Australia/New Zealand-18 FPSO are operating or under construction-Lease (11) vs Operator Own (7) – average (54/46%)-Lease/Operation period <10 years-Disconnectable FPSO (13)-Water Depth – no deep water-Production rate - average 82,000BOPD/52mmscfd-Storage Capacity – average 860kBBL-Conversion case (13), new built case (5)-Less Operation crew (<30)
6
FPSO Operation in Australia/New Zealand
Mutineer-Exeter
Buffalo Elang/Kakatua
Maui-B
Perth
Darwin
Karratha
Stybarrow
Maari
Tui
Puffin
Enfield
BMG
Woolybutt
Laminaria
CossackGriffinChallis
JabiruSkua
Pyrenees
Van Gogh
VincentMontara
FPSO in Australia/NZ
7
FPSO in Australia/NZ - Statistics
79mMontaraMin
850mPyreneesMax
18total
28%5>300m
56%10100m - 300m
17%3<100m
Water Depth
0.86MilAverage
BMG42Min
Laminaria1.4MilMax
6>1Mil BBL
12<1Mil BBL
Storage
82KBOPDAverage
40KBODMin
Laminaria170KBOPDMax
6>100KBOPD
750-100
5<50KBOPD
Production - Oil
52Average
Mutineer/Exeter2Min
Cossack115Max
2>100MMSCFD
550-100
7<50MMSCFD
Production - Gas
8
Disconnectable FPSO – MV11
9
MODEC Venture 1
Disconnectable FPSO – MV1
10
FPSO ex Buffalo Venture
11
Last 10 yearsTechnical Challenges
- Continuous Challenges to- More Deep- Bigger Capacity
- New phase of Challenge- More complex crude- More efficient- More eco-friendly
Coming 10 years
12
0
2 0 0
4 0 0
6 0 0
8 0 0
1 ,0 0 0
1 ,2 0 0
1 ,4 0 0
1 ,6 0 0
1980 1985 1990 1995 2000 2005 2010
Wat
er
De
pth
Historical Change in Water Depth
13
0
50 ,0 00
100 ,0 00
150 ,0 00
200 ,0 00
250 ,0 00
300 ,0 00
1970 1975 1980 1985 1990 1995 2000 2005 2010
Pro
duction R
ate (BO
PD)
Historical Change in Production Capacity
14
25,000BOPD/1986
31,000BOPD/1996
80,000BOPD/2007
100,000BOPD/2007
Expanding Topside Footprint
15
Last 10 yearsTechnical Challenges - Gas
- Continuous Challenges to- More Gas Handling- Efficient Use
- New phase of Challenge- More efficient- More eco-friendly- New technology – GTL/LNG
Coming 10 years
16
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
1970 1980 1990 2000 2010
Gas
Handlin
g C
apacit
y (
mm
scfd
)
Historical Change in Gas Handling Capacity
17
Flare
Gas Lift
Export Gas
Gas Turbine Generator
Boiler Turbine Generator
CompressorElect Motor
Gas Turbine
Fuel Gas
Gas Injection
Compressor
Disposition of Produced Gas
18
FLNG
19
GTL Plant with Micro Channel Reactor Technology
20
FPSO Contractor – Lease OperationMerit for Operator- Saving of CAPEX - Flexible charter period – minimize development risk
- High Oil Price = Extent Lease Period- Reduce OPEX – salary of crew (time charter case)
Merit for FPSO Contractor- Constant revenue for long period- Redeployment of facility- Pool of resource
21
FPSO Lease Operation
FPSO ContractorOil CompanyOperation Contract
FPSO ProviderFPSO ContractorTime Charter ContractOil CompanyFPSO ContractorBare Boat Charter
O&MFacility OwnerContract
Synergy EffectUtilize for Multiple Fields
Facility Management System
Multiple Fleet
TrainingMobilize to Multiple Facilities
Pool of Human Resource
22
FPSO/FSO TIME CHARTER / O&M PERIOD
Option periodFixed period
Time Charter Contract
Fixed period Option period
O&M Contract
* Consolidated Subsidiary* Affiliates accounted for by the Equity Method
Oct 2009Time Charter: 11 FPSO/FSOs, O&M: 2 FPSO
1998 1999 20192013 2014 2015 2016 2017 2018 20202012201120102009200820072006200520042003200220012000
15y
7y
12y
9y
9y
5y
10y
20y
8y
7y
10y
5y
5y
10 y
1y
2y
3y
5y
(FPSO Buf f alo V enture)
(pu rc h ase d by th e c lie n t)
2.5y
2y
15y
13y
FPSO Cidade de A ngra dos Reis MV 22
Tullow Jubilee FPSO
FPSO Cidade de Santos MV 20
BHP Py renees FPSO
FPSO Cidade de Niteroi MV 18
FSO Rang Dong MV 17
FPSO Song Doc Pr ide MV 19
FPSO Sty barrow V enture MV 16
FSO Cidade de Mac ae MV 15
FPSO Cidade do Rio de Janeiro MV 14
FSO Rong Doi MV 12
FPSO Baobab Iv oir ien MV 10
FPSO Jas mine V enture MV 7
FPSO MODEC V enture 11
FPSO Cuulong MV 9
FPSO Fluminens e
FPSO MV 8 Langs a V enture
FSO Ta'Kuntah
FPSO MODEC V enture 1
1998 1999 20192013 2014 2015 2016 2017 2018 20202012201120102009200820072006200520042003200220012000
*
*
*
-
*
*
*
*
*
*
*
*
*
*
*
-
*
*
*
23
Leased FPSO
Charter Period
Pro
duct
ion
Rat
e
Initial Period Option Period
Crude Price
High
24
FPSO - Lease OperationBefore Financial Crisis – Win-Win- Financial Support from Investor- Raising Oil Price- Technical maturity – lower barrier for new comer- Speculation FPSO fleet
After Financial Crisis- Conservative investor- Lower Oil Price- High Fuel Cost/High Wage
25
FPSO Ordered and Crude Oil PriceFPSO O rde red / C rude O il Pric e
02468
1012141618201997/9
1998/9
1999/9
2000/9
2001/9
2002/9
2003/9
2004/9
2005/9
2006/9
2007/9
2008/9
0
2 0
40
60
80
100
120
140FPSO O rde red
Crude O il Pric e
26
Re-deployment Project
Timing
Compatibility of Facility
Depreciation of CAPEX
27
Short Term IssuesFPSO Operation
- Increased fuel cost- Higher wage
- Aging of operator- Lack of resources- Impact to quality of operation (HSE)- Industrial-wide recruit and training program
Long Term Issues
28
Operation - Complement
0 10 20 30 40 50 60 70 80 90 100 110
Whakaaro pai
MO DEC Ven tu re 1
Mode c Ve n tu re 1 1
Bu ffalo Ve n tu re
S tybarrow
Madie la
Ta'K u n tah
K ome K ribi
Baobab Ivo rie n MV10
Flum in e n se
Nan Hai S h e n g K ai
MV8 Lan gsa Ve n tu re
Path umabah a
Ran Don g MV12
V ie tso vpe tro 0 1
Ruby P rin c e ss
Cuu lo n g MV9
Nan Hai S h e n g L i
K akap Natu n a
Anoa Natu n a
Aus/NZ
SE Asia
Atlantic
29
0%20%40%60%80%100%
Australia
In donesia
Vie tnam
Thailand
Total20-29
30-39
40-49
50-59
60+
Demographics of Operating Crew
30
Thank You and Any Question?