Press meea ye2010
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Transcript of Press meea ye2010
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
MEEARepublic of
Trinidad & Tobago
Gas Reserves CertificationsYear End 2010
August 10, 2011 Larry McHalffey
Senior Petroleum Engineer
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
Agenda
• Ryder Scott Company• General Reserves Framework• Gas Reserves Audit Approach• Historical Gas Audit Results YE 2000 to YE
2010• Detailed Year End 2010 Gas Audit
Discussion• Closing Gas Audit Remarks
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
RSC’s Proven Worldwide Record
• Formed in Bradford, PA. – USA 1937
• Independent, Employee Owned
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
Reserves
• Reserves are remaining quantities of hydrocarbons to be commercially produced from a known accumulation as of a given date, under stated definitions, and economic conditions.
• The project represents the link between the petroleum accumulation and the decision-making process, including budget allocation.
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
SPE/WPC/AAPGResource Classification System
HIG
HER
RIS
KP
RO
SP
EC
T M
ATU
RIT
Y
PROSPECTIVE RESOURCES
UNRECOVERABLE
UNRECOVERABLE
PROSPECT
LEAD
PLAY
DEVELOPMENT ON HOLD
LOW ESTIMATE BEST ESTIMATE HIGH ESTIMATE DEVELOPMENT NON VIABLE
CONTINGENT RESOURCES
RESERVES
LO
WER
RIS
K
DEVELOPMENT PENDING
PROJECT STATUS
RANGE OF UNCERTAINTY
PROVED + PROBABLE +
POSSIBLEPROVED
PROVED + PROBABLE
ON PRODUCTION
UNDER DEVELOPMENT
PLANNED FOR DEVELOPMENT
LOW ESTIMATE BEST ESTIMATE HIGH ESTIMATE
TO
TA
L P
ETR
OLEU
M I
NIT
IALLY
IN
PLA
CE (
HII
P)
DIS
CO
VER
ED
HID
RO
CA
RB
ON
IN
ITIA
LLY
IN
P
LA
CE
CO
MM
ER
CIA
LS
UB
-CO
MM
ER
CIA
L
UN
DIS
CO
VER
ED
H
IDR
OC
AR
BO
N
INIT
IALLY
IN
PLA
CE
PRODUCTION
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
Gas Reserves Audit Approach
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
Audited Companies
• bp Trinidad & Tobago (bpTT)• British Gas Trinidad & Tobago (BG)• BHP Billiton Trinidad & Tobago (BHP)• Chevron Corporation• EOG Resources Trinidad Ltd (EOG)• Centrica/Petrotrin• Repsol• Open Areas
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
General Audit Approach• Conduct on-site reviews with operating
companies– Review asset inventory– Review geologic and engineering concepts– Collect and request data
• Catalog assets by– Company– Area– Field– Fault block / reservoir
• Realign project manpower
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
General Audit Approach
• Conduct geologic and engineering evaluations– volumetric estimates and mapping– material balance– reservoir simulation– deterministic & probabilistic analysis– request additional data / clarification
• Construct comprehensive Access database– RESDAS
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
Historical Gas Audit Results
Year End 2000To
Year End 2010
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
YEAR PROVED PROBABLE POSSIBLE EXPLORATION 2000 19,674 7,693 5,468 30,330
2001 20,348 8,117 5,857 29,100
2002 20,758 8,280 6,062 29,377
2003 18,809 8,627 5,890 28,030 2004 18,775 9,029 7,066 32,184
2006 17,052 7,760 6,225 37,094 2007 16,997 7,883 5,888 31,253 2008 15,374 8,451 6,286 29,641 2009 14,416 7,837 5,893 25,990
2010 13,460 7,642 5,995 25,978
UNRISKED GAS RESERVES AND RESOURCES
GRAND COUNTRY TOTALS (BCF)
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
UNRISKED GAS RESERVES
GRAND COUNTRY TOTALS (BCF)
Unrisked Gas Reserves
-
5,000
10,000
15,000
20,000
25,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
(BC
F)
Proved Probable Possible
+3% +2% -10% NC NC-10% -10% -6% -7%
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
UNRISKED GAS RESERVES AND CUMULATIVE PRODUCTION
GRAND COUNTRY TOTALS (BCF)
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2003 2004 2005 2006 2007 2008 2009 2010
(BC
F)
Production Proved Probable Possible
+6% -4% +3% +2% -1% +1%
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
Year End 2010 Gas Audit Results
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
Unrisked Gas Reserves and Resources
• Proved: 13,460 BCF• Probable: 7,642 BCF• Possible: 5,995 BCF
• Expl. Resources: 25,978 BCF
• 2010 Production: 1,472 BCF
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
UNRISKED RESERVES DISTRIBUTION
50%
28%
22%
Proved Probable Possible
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
Gas Audit Closing Remarks
1. Target at least 100% proved reserves replacement each year.• YE2010 achieved 35% reserves replacement
2. Reasonable demand expectations.
3. Establish sufficient probable and possible reserves to sustain 100% proved reserves replacement.
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
Gas Audit Closing Remarks
• Exploration activities, leading to drilling of exploratory prospects, is encouraged to increase 3P reserves base.
• Field activities to bring proved undeveloped, probable and possible reserves on-line is becoming more critical.
• This study does not include prospectivity in deep water blocks.
Ryder Scott CompanyPetroleum Consultants
Houston Denver Calgary
Thank you for your attention.
Questions?