onshore 3.4 template presentation new
TRANSCRIPT
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You are an exploration team in charge of a new petroleum exploration area.
Your task is to find and drill for new reserves and to maximize return on investment (ROI).
You will need to work as a company as well as in partnership with others.
You will show your new understanding of exploration and be rewarded through credibility Points.
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You will start with $50 millionYou can apply for more later.
Creating ValueProfit is measured by the net value of the oil and gas fields discovered MINUS all costs involved.
Winning team has highest ROIROI is calculated as Value created DIVIDED by Funds received.
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You get CPs for doing wellduring the simulationCorrect answers and sensibledecisions are awarded with CPs
CPs are a measure of ability and credibilityA team’s CPs are considered when bidding for blocks and applying for funds from the HQ
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Where and how to find hydrocarbons. Various surveys during exploration.
Licensing rounds. Farm-in and Partnerships.
Drilling rigs and Sub-contractors. Environmental issues. Economically viable volumes. Reducing
uncertainty. Team work and negotiation. Critical
decision making, analytical skills. Multi-tasking.
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www.oilsim.com
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Columns e.g C1, and C54
Row
s e
.g. R
35
and R
16
3Block
Blocks are divided into smaller cellse g. C57,R73
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Challenge: Find three sedimentary basins in the area. Basins are sedimentary rocks in the deep subsurface where oil and gas has been generated.
Procedure: Buy and study magnetic and gravimetric surveys; and to submit the coordinates, column and row number for each basin centre.
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Gravimetric surveys show the gravity in the sub-surface. Measured by airborne sensors.
Sedimentary rocks have lower densities than the surrounding crystalline rocks. Low gravity means high probability of a basin below.
Low gravity are basins. High gravity are crystalline rocks
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Gravimetric survey:South-east quadrant
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All four quadrant surveys in map context.
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Magnetic surveys show similar information as gravimetric surveys. The sedimentary rocks in the basins have a lower concentration of magnetic materials than the surrounding crystalline rocks. Sedimentary basins are the areas with the lowest magnetic field.
Basins have low magnetic field Non-basins have high magnetic fields.
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Magnetic survey:North-west quadrant
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All four quadrant surveys in map context.
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Locate edges of the continous basin structure (yellow area)
Locate the diagonals and thus basin centre
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Locate edges of the continous basin structure (purple area)
Locate the diagonals and thus basin centre
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Example:Top basin on
both maps Calculate the
midpoint between the gravimetric and magnetic centres found
= C55 and R105
C50
R100
C60
R110
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3 centres – one Centre midpoint for each basin
Example: C55, R105 Solve before deadline. All
submissions are evaluated after the deadline (and not before).
You may get 0-100 CPs. All three centres must be located to get full credibility points.
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All teams have submitted their answers. Basin centres are located.
Message in Inbox. All teams have answers and CPs awarded.
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Sedimentary basins may contain oil and gas.
The government has decided to put the blocks around one of the basins on offer.
Challenge: Identify the 3 most promising blocks and offer an amount for each of them.
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Any restrictions involved? Yes, you need to watch for Environmentally Sensitive Areas.
What are we looking for? Hydrocarbon Prospects.
Where do we find prospects? In sedimentary basins
How do I find them? Interpreting 2D seismic and Common Risk Segment maps.
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1. SOURCE ROCKwhere organic material is put under sufficient pressure
2. MIGRATION ROCKwhere hydrocarbons are driven through
3. CAP ROCKImpermeable rock that stops migration of hydrocarbons 4.
PROSPECT
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(c) OLFAnticline trap
Fault trap
Stratigraphic trap
Salt dome trap
Geological “pockets”, that might contain hydrocarbons.
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Red areasYou will not be allowed to bid, drill or operate in any of the red areas. Green areasBlocks in area may be awarded.
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Is there a sedimentary basin and a migration route into the prospects in the area?
Is there porous reservoir rock in the area, so that the oil or gas can be stored?
Is there a sealing rock in the area, so that the oil and gas can be trapped?
If all are positive, then green If some negative, then orange If mostly negative, then red
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Layer 3 Eocene1500m below the surface
Layer 2 Paleocene2500m below the surface
Layer 1 Cretaceous3500m below the surface
CRS. Common Risk Segment surveys tell you about the probability of a structure in the block/cell containing
oil or gas
Surface
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Traps can be found with seismic surveys
2D seismic survey is a cross section of the geological layers along either a column or a row.
2D seismic surveys are used for locating prospects.
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Unprocessed Processed
Interpreted Red is top of the sealing rock
Green is top of the reservoir rock
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Leakage
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Leakage
Sealant rock
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Buy 2D seismic from the survey shop
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What type of data do you want?
Columns or Rows Unprocessed or processed
data Interpreted or not
Only buy maximum of 1 block of data at a time to speed up processing
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It takes time to process your request
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Red circles – navigate through the 2D seismic
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Column
Row
Prospect, ReservoirBasin,Source
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Minimum bid is $250K Maximum bid is $7.5M Enter numbers without commas (ex: 250000) You will bid for 3 licenses but each team will
only be awarded one license Highest bid wins the license If two teams bid the same, the team with the
most CP’s gets it Random license awarded if none of your bids
are high enough
Submit your bid before the deadline!
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Three different blocks
Three bids
Example-
Block 1123
Bid 250000
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Study Environmentally Sensivity Area maps to see which blocks to avoid
Use Common Risk Segment surveys to see which blocks to examine closer (look for green)
Buy and study many 2D surveys to identify which ones have the most potential traps, as well as the biggest traps.
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Message sent to all teams with the results
credibility Points are given for prosperity of the blocks you bid for
Every team has got one exploration license
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Company management has reviewed the licence that you were awarded and the potential cost to drill a well.
Although the possibility of finding oil is fair, the costs involved are large. They have asked you to spread the risk.
Challenge: Farm-out a minimum of 20% on your license and farm-in as much as you can on other good licences.
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Spread the risk: e.g Investing in other blocks divides the risks amongst all partners, much more preferable than keeping 100% of one field and all the risk.
Increase probability of profit: investment in only 1 field which could be a dry prospect is possible, whereas the likelihood of investing in 5 fields which are all dry is unlikely.
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Acquire 3D Seismic interpretations for the block you operate, and study the results from the licensing round-can send under “surveys” to possible partners
Farm-out: Get others to invest 20% or more in your license
Farm-in: Send offers to other teams to buy shares in their viable licences. Submit an offer for each viable licence, with amount offered and share wanted in whole %.
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Shows the subsurface structure in a cube.
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Layer 1 Cretaceous
Layer 2 Paleocene
Layer 3 Eocene
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Either accept the amount or % the license owner requests, or amend the amounts to your own offerAdd a message to the sellerPress “Send offer”Min bid is $25000 and max is $1250000 per %
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When a team receives a Farm-In offer to appears under Financing. This is where a team can receive finance or money for a % of their own blocks
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license OWNER decides whether to ACCEPT or REJECT the offer
Partnerships established every time a license owner accepts an offer.
Overview: On the main page, you can see all licenses. 1) licenses you operate, 2) licenses you have invested in, and other
licenses.
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All your farm-in offers to other teams are shown under “Investing” on the right-hand side of the homepage . This is where a team offers investments to other teams for a % of their blocks
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Partners pay a proportional share of all future costs incurred by the partnership
Partners receive a proportional share of the net proceedings from any oil or gas found on the license.
The operator team makes all decisions regarding acquiring 3D seismics, drilling of wells and testing of wells.
Information: partners in a block can access info about drilled wells and discovered oil and gas fields.
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Click on drill
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Truck-mounted Rigs
Light Duty Rigs
Heavy Duty Rigs
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Max drilling depth is important
Rig cost = drilling days * day rate
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Few: limited number of rigs available.
If you get one: start using it within 20 minutes.
If you don’t: wait in a queue, if another team is using the rig.
Price can change: rig day rates are dynamic.
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9 Star quality: Good- costs more Bad: - cheaper, but
reliability is low 5 types of
providers- Construction and Maintenance , Logistics, Well Services, Camp Services and Analysis
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Certain problems can occur if Service Provider Selection is poor quality
Other penalties can occur if you drill in areas indicated as problematic in the Environmental Impact Assessment
As in real life, problems can occur randomly and these are also applied with fines levied accordingly.
Oil spill control – 5% of overall drilling costs
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EIA: enviromental impact analysis shows where not to drill.
Place your mouse where to drill
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Layer 1 Cretaceous
Layer 2 Paleocene
Layer 3 Eocene
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Too deep for the chosen rig.
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Volume Range in MBOE counts
Test may increase Proven MBOE if oil or gas found
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Only if you discover a field – find Oil or Gas
You decide whether you want more information about that field
More information by doing a production test (and other tests)
Tests costs. Tests take 10 days per field. Tests have the same day-rate as the drilling if you use the same providers.
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Volume Range Proven
Reserves Calculation of
licence value Sales value Costs Value of
Licence
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From Probable volume to proven reserves
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Exploration well: 0 to 572 MBOE (after drilling) 11 to 466 MBOE (after testing)
First appraisal well: 25 to 333 MBOE (after drilling) 34 to 310 MBOE (after testing)
Second appraisal well: 65 to 250 MBOE (after drilling) 101 to 152 MBOE (after testing)
Only proven MBOE counts
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Challenge 3B Drilling
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Narrow uncertainty: Drill appraisal wells to get proven volumes
Drill into other prospects to find more proven volumes.
Farm-in and -out: Get into other good blocks.
Two additional licensing rounds: Repeat the processes.
Money: Apply for more money, if you run out of cash.
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Click on Apply for More Funds Tab. 1 CP for each $100,000 applied for. Answer the questions: All correct gives
cash and you can keep CPs. One wrong gives cash and you keep ½ of your CPs. Two wrong gives ½ cash and you lose all CPs. All wrong, you get no cash and lose all CPs.
<10 credibility points: Apply for cash and be fined $5million for each $20million requested.
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Exploration acreage:•Resources•Reserves•Production