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This document discusses BG Group's exploration strategy and recent projects. The strategy focuses on early access to low-cost opportunities with potential for giant discoveries, leveraging existing infrastructure and relationships. Recent successes include 15 giant discoveries in 15 years through technical expertise across geological environments and a disciplined screening and project selection process. Upcoming exploration is highlighted in areas like Australia, Egypt, Brazil, North Sea and Trinidad and Tobago with potential for new hubs and LNG development.
This document discusses BG Group's exploration strategy and recent projects. The strategy focuses on early access to low-cost opportunities with potential for giant discoveries, leveraging existing infrastructure and relationships. Recent successes include 15 giant discoveries in 15 years through technical expertise across geological environments and a disciplined screening and project selection process. Upcoming exploration is highlighted in areas like Australia, Egypt, Brazil, North Sea and Trinidad and Tobago with potential for new hubs and LNG development.
This document discusses BG Group's exploration strategy and recent projects. The strategy focuses on early access to low-cost opportunities with potential for giant discoveries, leveraging existing infrastructure and relationships. Recent successes include 15 giant discoveries in 15 years through technical expertise across geological environments and a disciplined screening and project selection process. Upcoming exploration is highlighted in areas like Australia, Egypt, Brazil, North Sea and Trinidad and Tobago with potential for new hubs and LNG development.
Malcolm Brown, EVP Exploration September 2013 Legal notice The following presentation contains forward-looking statements concerning BG Group plcs strategy, operations, financial performance or condition, outlook, growth opportunities or circumstances in the countries, sectors or markets in which BG Group plc operates. By their nature, forward-looking statements involve uncertainty because they depend on future circumstances, and relate to events, not all of which can be controlled or predicted. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Actual results could differ materially from the guidance given in this presentation for a number of reasons. For a detailed analysis of the factors that may affect our business, financial performance or results of operations, we urge you to look at the Principal risks and uncertainties included in the BG Group plc Annual Report & Accounts 2012. Nothing in this presentation should be construed as a profit forecast and no part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in BG Group plc or any other entity, and must not be relied upon in any way in connection with any investment decision. BG Group plc undertakes no obligation to update any forward-looking statements. No representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information in this presentation and no responsibility or liability is or will be accepted by BG Group plc or any of its respective subsidiaries, affiliates and associated companies (or by any of their respective officers, employees or agents) in relation to it. 1 Agenda Exploration strategy Summary Project review 2 Exploration strategy Leverage exploration commercial skills to gain access: Target low cost, early entry Focus on finding new giant discoveries Leverage our current positions: Existing infrastructure Knowledge of local geology Relationships with governments and key stakeholders Existing hubs New basins Global presence Strategy has yielded consistent results 15 giant discoveries in 15 years Introduction 3 Proven industry leading explorer * Source: BG Group ** Source: Evaluate Energy, Peer Group includes Super Majors, US and European Integrated Majors *** Source: Wood Mackenzie (2002-2011 excluding National Oil Companies, including Petrobras) BG Group organic reserve and resource adds* (mmboe) 3 year reserve replacement** Value creation*** 2002-11 ($bn) -500 500 1500 2500 0% 100% 200% 300% 2002 2007 2012 BG Group Combined companies 0 10 20 30 40 BG Group Majors Peers 130 Introduction 4 Levers for success Wide geological expertise People & culture Robust screening process Fast decision making; commercial agility Speed in execution of E&A programme Active portfolio management Introduction 5 Wide geological technical expertise Proven: Brazil, Kazakhstan, Tunisia, India New: Honduras, Kenya Proven: Trinidad & Tobago, Egypt, Thailand New: Tanzania Carbonates Proven: UK, Kazakhstan New: China, Egypt, Norway Proven: Australia (Surat), USA (Marcellus shale) New: Australia (Bowen deep gas sands, Cooper shale) Tertiary deltas HPHT Unconventionals Applied globally Introduction 6 People & culture Successful formula proven by 80% graduate retention rate over 10 years Large company opportunities World-class projects, global scope Small company culture, ~300 geoscientists Networked, flat organisation Differentiation 20-year track record 10-year average male / female intake ~50:50 27 nationalities International graduate programme Individually tailored Exploration Academy drives BG way for successful exploration Focused career development Introduction 7 Consistent and robust screening process 4 presented and approved More than 100 evaluated in 2012 Basin Framework Analysis Database Collation Stratigraphic Modelling Play Definition Structural Modelling Geophysical Interpretation Tectonic Setting Play Evaluation Gross Depositional Environment Mapping Well Failure Analysis Petroleum Systems Modelling CRS Mapping Play Statistics & YTF Estimation Statistical Analysis Analogue Identification Yet-to-Find Estimation Play & Basin Ranking Creaming Curves & Exploration History Introduction 8 Disciplined approach to new projects Projects should provide a competitive advantage Early entrant Distinctive knowledge LNG opportunity Hub strategy Introduction 9 Strong E&A pipeline of future projects Access Explore Execute Sanction 8 6 4 2 Entry Years to sanction Lula further development Egypt Oligocene Kenya Bolivia Huacareta Uruguay Madagascar Honduras Australia Bowen CSG Australia Bowen deep gas sands Jackdaw WDDM 9b Carioca Karachaganak expansion project Tanzania Brazil (Barreirinhas) Australia Cooper basin Iara ~22 billion boe unrisked potential* * Net to BG Group as at end 2012, excludes Honduras, Bolivia (Huacareta) and Brazil (Barreirinhas) T&T (Bounty) Introduction 10 Managing the portfolio Early entry High levels of equity & control Manage capital and risk Optimisation & expansion Retain assets with strong cash flow Bring in strategic partners, reduce equity. Divest as appropriate Entry Explore Appraise Develop Production Introduction 11 Distinctive knowledge Trinidad & Tobago - potential LNG plateau extension BG Group integrated operations Equity production supplies LNG exports into BG global portfolio Domestic market Aiming to extend production plateau Hub strategy LNG opportunity VENEZUELA TRINIDAD ECMA NCMA Caribbean Sea Atlantic Ocean Gulf of Paria Trinidad Venezuela Atlantic LNG VENEZUELA Poinsettia Ixora Field Chaconaia Hibiscus Endeavour Starfish Dolphin Deep Dolphin Manatee Loran Scale 0 25 km Phoenix Park Point Fortin Beachfield Port of Spain Trinidad & Tobago Central Block Victory Bounty 12 Greater Dolphin area hub exploration Three discoveries in Block 5(c) in 2008 & 2009 Acquired 3D seismic covering entire greater Dolphin area in 2012 Evaluating large Pliocene leads Bounty appraisal planned for 2014 Exploration drilling planned for 2015 Greater Dolphin area gas resource potential >6 tcf* Could underpin 5-10 year export contract extension Trinidad & Tobago BLOCK 5(d) BLOCK 5(c) BLOCK 6(d) BLOCK 6(b) BLOCK 5(a) BLOCK E 3D Seismic Coverage MILES 0 2.5 5 7.5 10 Dolphin Deep Cachalot Lead Dolphin Starfish Endeavour Victory Bounty Manatee * Net unrisked to BG Group as at end 2012 Distinctive knowledge Hub strategy LNG opportunity 13 Multi-strata objectives Trinidad & Tobago Distinctive knowledge Hub strategy LNG opportunity Not to scale Dolphin-1 Bounty-1 & Endeavour-1 Dolphin Deep-1 14 Planned forward programme Trinidad & Tobago Seismic acquisition & processing Analysis & prospect mapping 2014 2015 2016 2017 2013 Initial appraisal drilling Exploration drilling Deep water licence rounds Distinctive knowledge Hub strategy LNG opportunity 15 North Sea hub opportunities Aiming to replicate Armada success in other operated hubs Geographical focus Central North Sea Near existing BG Group equity infrastructure Significant yet-to-find potential Within 30 km radius, >10 prospects each >100 mmboe* potential Focus on HPHT opportunities Material, high value Technically challenging Potential for new hubs (e.g. Jackdaw) Distinctive knowledge Hub strategy North Sea * Gross unrisked to BG Group as at end Q2 2013 UK Norway Key CNS hubs Knarr Armada / Everest hub Lomond / Erskine hub Jackdaw Blake Buzzard J-Block 16 Egypt - Oligocene potential HPHT Notus well in progress Farmed-out 40% in Q4 2012 Early results encouraging Oligocene play; ~6 tcf* New hub opportunity Kala well to spud Q4 2013 Near existing BG Group equity infrastructure Egypt Distinctive knowledge Hub strategy LNG opportunity * Net unrisked to BG Group as at end 2012 BG Group-operated blocks BG Group non-operated blocks Kala Notus WDDM 17 Australia - exploration programme Bowen Basin CSG Pilot / core hole programme in 2013 Pilot frac-testing in 2014 Bowen Basin deep gas sands Proven concept Four-well programme to start Q2 2014 Cooper Basin tight gas sands / shale Encouraged by recent offset wells Four-well programme to start Q3 2013 Bowen DGS Australia Distinctive knowledge Hub strategy LNG opportunity 18 2014 2015 2016 2017 Planned forward programme Subsurface analysis Seismic acquisition & processing Australia Bowen CSG pilot production testing Bowen CSG appraisal drilling Cooper exploration drilling Cooper exploration & appraisal drilling Decision point for commercialisation * Deep gas sands Bowen DGS* appraisal drilling Bowen DGS* exploration drilling Distinctive knowledge Hub strategy LNG opportunity 19 Brazil - significant upside potential to Iara BM-S-11 Iara is a giant field - similar oil in place to Lula Four successful exploration wells and three drill stem tests to date Recent Iara-4 well comparable to the best results in BG Groups Santos Basin interests Iara high-angle well currently drilling Further E&A activity planned 2 FPSOs currently assigned for development Brazil - Iara Distinctive knowledge Iara Iracema Lula Iara high-angle Iara-4 Iara-3 Iara-2 Iara-1 20 Adding value through applied technology Leveraged carbonate expertise Drilling, multi-stage acid frac Field development Seismic reprocessing Optimising well locations Planned high-angle wells (Iara) Brazil - Iara Distinctive knowledge Iara high-angle 21 Tanzania - significant progress in 3 years Exploration analysis and LNG market insights drove entry Major acreage position (~20 850 sq km) with multiple play types Farmed in and moved quickly to drill 12 E&A wells across all 3 blocks; ~3 years 100% success 1 giant field & 1 potential giant so far Jodari is world-class reservoir Total gross resources ~13 tcf Further exploration upside Distinctive knowledge Early entrant LNG opportunity 2 0 0
k m Tanzania Rufiji Delta system TANZANIA BLOCK 4 BLOCK 3 Indicative Plant Location BLOCK 2 (Statoil) BLOCK 1 Ngisi Chewa Pweza Papa Mzia Jodari N WD (m): 500 1,000 2,000 Ruvuma Delta system Chaza Mkizi Jodari BLOCK 2 (Statoil) LNG 22 Progress demonstrates speed of execution S e i s m i c D r i l l i n g 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 3D 3D 3D P w e z a - 1 C h e w a - 1 C h a z a - 1 J o d a r i - 1 M z i a - 1 P a p a - 1 J o d a r i - 2 J o d a r i
N o r t h - 1 N g i s i - 1 M k i z i - 1 P w e z a - 2 1 st campaign 2 nd campaign 3 rd campaign Q1 Q2 Q3 Q4 2013 M z i a - 2 Tanzania F a r m - i n
t o
B l o c k s
1 ,
3
&
4 P w e z a - 3 M z i a - 3 Distinctive knowledge Early entrant LNG opportunity 23 Jodari - giant field with world-class reservoir Jodari-1 Jodari-2 &ST Jodari North-1 Gas Aquifer Gas 10km High quality seismic, completely appraised and tested Jodari North Jodari Main Channel North Channel Tanzania GWC Distinctive knowledge Early entrant LNG opportunity 24 Intensive Block 4 appraisal programme Tanzania 8 km Pweza-1 Chewa-1 Pweza-2 Pweza-3 Ngisi-1, ST-1 & ST-2 20 km M500 M505 M510 M380 N S M501 Gas Aquifer Distinctive knowledge Early entrant LNG opportunity 25 Mzia - a potential giant Tanzania Aquifer Mzia-3 Mzia-1 Mzia-2 US GWC Lower sand Middle sand Upper sand 1 2 3 LS3 LS2 LS1 Lower Middle Upper Distinctive knowledge Early entrant LNG opportunity 4 km 26 Planned forward programme Tanzania 2014 2015 2016 2017 H2 2013 Further exploration & appraisal drilling Potential additional exploration drilling Analysis & prospect mapping Additional seismic acquisition, processing & reprocessing Site selection with Block 2 participants FEED FID Pre-FEED Distinctive knowledge Early entrant LNG opportunity 27 Leveraging carbonate experience Approval to country entry in ~6 months L10a & L10b ~10 400 sq km Acquired > 4 500 sq km 3D & additional 2D seismic data Multiple play types Two wells planned for 2014 Potential >1 bn boe* * Net unrisked to BG Group as at end 2012 Kenya Distinctive knowledge Early entrant Kenya - potentially significant oil opportunity Turaco Chatterer Babbler Sunbird Crombec Weaver / Francolin Longclaw Hoopoe / Cisticiola 28 Inboard area carbonate prospects Carbonate reefs developed over extensive platform. Underlying Tertiary source rocks Sunbird Babbler Turaco W E Tembo Trough Kenya Distinctive knowledge Early entrant 29 Planned forward programme Kenya Seismic acquisition & processing Subsurface analysis & prospect mapping Initial drilling Potential 2nd drilling phase 2014 2015 2016 Potential further seismic acquisition & processing Distinctive knowledge Early entrant 30 Uruguay - large frontier oil play Awarded 3 blocks in 2012 ~13 000 sq km Highly competitive Successful bidding strategy Cretaceous fan play 3D seismic commenced 6 weeks after blocks awarded 2nd phase scheduled for Q4 2013 Farm-down / equity-swap opportunities Potential >1 bn boe* Atlantic Ocean URUGUAY BRAZIL ARGENTINA 0 50 100km BG Group licences Other licensed areas * Net unrisked to BG Group as at end 2012 Uruguay Distinctive knowledge Early entrant AREA 8 AREA 9 AREA 13 31 Uruguay - multiple leads Cretaceous deep water play identified on existing 2D data 3D data will define and prioritise exploration effort BG Groups largest operated 3D survey to-date Phase 1 - Majority of blocks below 2 500m water depth covered Phase 2 - Focus on outboard acreage 0 1020 3040 km Uruguay Distinctive knowledge Early entrant Potential leads Phase 1 3D seismic 32 2014 2015 2016 2017 2013 Planned forward programme Uruguay Seismic acquisition & processing Subsurface analysis &prospect mapping Potential initial drilling programme Potential partnering Distinctive knowledge Early entrant 33 Honduras - large frontier opportunity Negotiated large licence (~35 000 sq km) in 2012 No drilling for more than 30 years Oil and gas shows in older wells; some wells flowed Gravity survey 2013-2014 Favourable terms Minimum 1 000 kms 2D seismic Minimum 500 sq kms 3D seismic 1 well to enter second exploration phase Potential >1 bn boe* Nicaragua Honduras Patuca Basin Mosquitia Basin Mosquitia High Huani-1 (1974) Oil show Tuapi-1 (1978) Oil & gas shows Touche-1 (1957) Gas show Main Cape-1 (1973) Flowed 280 bopd Oil seeps * Net unrisked to BG Group as at end Q2 2013 Honduras Early entrant 34 Honduras Cross-section across Mosquitia & Patuca basins Plays Eocene carbonates and clastics Oligocene reefs Miocene + Pliocene clastics Early entrant 35 Agility & reputation important success factors Honduras
Global gas player
Successful explorer
Speed of execution
Social performance pedigree
Integrity and business principles
Application to contract in <6 months
Substantial challenges given no
recent activity
Multi-discipline team engaged with
various parts of government Licence application November 2012 Contract awarded April 2013 BG Groups reputation critical to PSC award Early entrant 36 Planned forward programme Honduras 2014 2015 2016 2017 Gravity / gradiometry acquisition & processing Subsurface analysis & prospect mapping Potential initial drilling programme Seismic acquisition & processing Early entrant 37 Brazil Barreirinhas Basin - large new basin entry * Net unrisked to BG Group as at end Q2 2013 Brazil - Barreirinhas Distinctive knowledge Early entrant ~7 000 sq kmfrontier position in oil play 10 operated blocks: 6 at 100%; 4 at 50% Farm-down / equity-swap opportunities 3D seismic planning underway Potential >1 bn boe* AP1 AP2 AR2 38 Ghana Cretaceous fan play analogue Paon ~200 mmboe Jubilee Area ~1 bn boe Barreirinhas bid round area 90Ma 110Ma Brazil - Barreirinhas Distinctive knowledge Early entrant 39 Significant prospectivity Brazil - Barreirinhas Distinctive knowledge Early entrant BG Group interpretation 40 Sector AP-1 seismic line D e p t h
( m ) Rollover domain BAR-M-252 BAR-M-217 2000 D e p t h
( m ) 0 4000 6000 8000 2000 0 4000 6000 Tertiary Fan Cretaceous Fan Base Tertiary Santonian Cenomanian - Turonian Apto-Albian Source rocks Cretaceous Fan SW NE Brazil - Barreirinhas Distinctive knowledge Early entrant BG Group interpretation 41 2015 2016 2017 2014 Planned forward programme Brazil - Barreirinhas Seismic acquisition & processing Subsurface analysis &prospect mapping Potential initial drilling Potential partnering Distinctive knowledge Early entrant 42 Improved opportunity set Delivered 4 new basins in ~2 years Resulting in a larger, better-balanced portfolio Almost 50 000 sq km net new acreage More high-impact opportunities Oil, gas balance Leveraging BG Group strengths Existing hubs Appraisal New basins Trinidad & Tobago North Sea Bolivia Egypt Brazil - Barreirinhas Kenya Brazil - Iara Brazil - Carioca Tanzania Thailand Australia & USA - unconventional Uruguay Honduras Portfolio overview 43 Exploration 2013-2015 activity Brazil Bolivia Trinidad &Tobago USA UK Norway Egypt Thailand Uruguay Kenya Tanzania Madagascar Australia Drill 50-60 conventional E&A wells 10-15 high impact wells Access 3 new basins Potential for >100 unconventional wells Exploration spend: $1.6-1.8 bn pa Top quartile finding cost Existing hubs New basin entry Honduras Brazil (Barreirinhas) Portfolio overview 44 Exploration & appraisal milestones H2 2013 - 2015 Egypt: Notus, Kala Brazil: Iara 4 and high-angle well tests and up to 2 TBC UK: Jade South / Romeo North Tanzania: Mzia and Pweza appraisal Australia: Cooper Basin and Bowen CSG 2013 2014 2015 Kenya: 2 inboard wells Tanzania: Terrace outboard, up to 2 wells Australia: Cooper Basin & Bowen DGS North Sea: Jasmine North and potential appraisal Trinidad: Bounty appraisal Brazil: BM-S-50 potential appraisal Trinidad: Cachalot and Dolphin Deep wells North Sea: Everest hub play and Pelikan Kenya: second phase Uruguay: potential 1st well Madagascar: potentially 1 well Bolivia: potentially 2 wells Portfolio overview Bold = high impact wells (potential >100 mmboe net unrisked) 45 Exploration summary World-class exploration team Consistent strategy Proven track record Success is repeatable High-quality opportunity set Portfolio management / capital discipline Conclusions 46