4D Visualisation of PNG s Petroleum Systems

Transcription

1 4D Visualisation of PNG s Petroleum Systems Oil Search Exploration Team 30 th November 2017 OIL SEARCH LIMITED ARBN ASX: OSH POMSoX: OSH US ADR: OISHY

2 NOVEMBER 2017 PAGE 2 DISCLAIMER The information is based on assumptions and contingencies which are subject to change without notice and involve known and unknown risks, uncertainties and other factors which are beyond the control of Oil Search. Oil Search assumes no obligation to update this information, which is provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. While every effort is made to provide accurate and complete information, Oil Search Limited does not warrant that the information in this presentation is free from errors or omissions or is suitable for its intended use. Subject to any terms implied by law which cannot be excluded, Oil Search Limited accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information in this presentation. All information in this presentation is subject to change without notice. This presentation also contains forward-looking statements which are subject to particular risks associated with the oil and gas industry. Oil Search Limited believes there are reasonable grounds for the expectations on which the statements are based. However actual outcomes could differ materially due to a range of factors including oil and gas prices, demand for oil, currency fluctuations, drilling results, field performance, the timing of well work-overs and field development, reserves depletion, progress on gas commercialisation and fiscal and other government issues and approvals. Cover photo: Menya River, PNG courtesy Justin Foltz

3 NOVEMBER 2017 PAGE 3 IMPLEMENTING OUR PNG STRATEGY Committed to continued investment in PNG for the long term Disciplined acreage screening Accessed areas we believe contain most of PNG s YTF Diversified PNG portfolio (hubs) P nyang NW Highlands Gulf & Foreland Muruk Mitigating field decline 4 hubs 16+ licences Elk-Antelope Eastern Foldbelt Increased footprint gives flexibility & spreads risk Strongly positioned for the future Variable & complex geology demands creative exploration technology application Offshore Papuan Gulf Shallow & deep water

4 NOVEMBER 2017 PAGE 4 MESSAGES Substantial undiscovered volume Big new fields likely Oil Search proactively secured prospective acreage position Oil Search Permits PDL Operator PDL Interest PRL Operator PRL Interest PPL Operator PPL Interest Holistic Plates to Prospects 4D visualisation 2017

5 NOVEMBER 2017 PAGE 5 TOTAL PETROLEUM VOLUME 6,000 5,000 Cumulative Discovered P50 Recoverable Resource (mm boe) 4.8 bn boe Oil & Gas Bn boe 6.6 (40Tcf) 4,000 Antelope 3,000 P nyang 4.1 (25 Tcf) 0.6 2,000 1,000 0 Hides Well Number 60% of PNG s total petroleum resource.. and giant fields remain YTF 0.7 Discovered 4.8 Bn boe 40% YTF 7.2 Bn boe 60% Total 12 Bn boe 100% YTF = OSH Jun 2015 benchmarked against USGS & others

6 NOVEMBER 2017 PAGE 6 PLATE MODEL 60 Ma S N Structural & depositional setting Heat flow 50 Ma Late Cretaceous to Present 40 Ma 30 Ma 20 Ma 15 Ma 10 Ma Zahirovic et al, 2014 Upper mantle slabs Lower mantle slabs Upwelling from core-mantle boundary

7 COMPLEXITY Foldbelt Foreland Frontal Central Interior Internal Zones Multi- proven & new plays Regional consistency Cross Sections Chronostratigraphy GDE & CRS Deepwater Foldbelt Deepwater NOVEMBER 2017 PAGE 7

8 NOVEMBER 2017 PAGE 8 FOLDBELT Complex prolific oil & gas petroleum system Juha (1982) Muruk (2016) Hides (1987) Angore (1989) Prospect Interior Foldbelt Frontier NW Highlands Hub Discovered > 10 Tcf of Gas Central Highlands Hub Produced > 500 mm bbl since 1992 Mananda (2010) SE Mananda (1991) Moran (1996) Agogo (1989) Kutubu (1985)

9 NOVEMBER 2017 PAGE 9 1D MODEL Traditional approach for predicting HC generation Pre-Tertiary dynamic uplift Tertiary subsidence Foldbelt uplift 1D burial history 1D transformation ratio

10 NOVEMBER 2017 PAGE 10 FOLDBELT MODELLING Predicting petroleum entrapment demands 4D consideration NW Foldbelt 400 km Image from the National Oceanic and Atmospheric Administration (NOAA) Consistent balanced crosssections characterise Papuan Basin petroleum systems

11 NOVEMBER 2017 PAGE 11 2D STRUCTURAL TEMPLATE Constraining timing of trap & HC migration S 12 Ma N Extended Upper Crust Basement Lower Crust 10 km Today 3-4 cm per year

12 NOVEMBER 2017 PAGE 12 2D FOLDBELT THERMAL MODEL Syn-tectonic source maturation & phase prediction Pre-thrust template Temperature model Deformed section Fluid prediction Hangingwall Footwall

13 NOVEMBER 2017 PAGE 13 DYNAMIC TOPOGRAPHY 1,500 km Constrains basin architecture & prospectivity in Papuan Gulf Cenomanian to Early Eocene ( Ma) NW 1,500 km SE Mesozoic Present Mesozoic Absent 40 km 5 km Western Foreland Darai Shelf Pasca Ridge Pandora Trough 50 km Base Tertiary Mega-Sequence Boundary

14 NOVEMBER 2017 PAGE 14 OFFSHORE PAPUAN GULF Emerging petroleum system 2013 Flinders 1 & Hagana 1 Proved 45 m net Turbidite sand reservoir 9 m gas column New Play Opener 2016 Review of Plio-Pleistocene Clastic systems

15 NOVEMBER 2017 PAGE 15 CONTROLS ON GDE Interplay of sea level & accommodation space Gulf of Papua 10 million years Controls on Plio-Pleistocene Clastic systems

16 NOVEMBER 2017 PAGE 16 CARBONATE PLAYS Countrywide depiction of depositional environments Example Darai carbonate platform & Puri basin

17 NOVEMBER 2017 PAGE 17 OFFSHORE CLASTIC PLAYS Visualising proven & prospective petroleum systems Present Day Papuan Gulf Present GDE 4D modelling of palaeo-bathymetry and offshore clastic petroleum systems

18 4D PETROLEUM SYSTEMS MODEL Foldbelt 1D Basin Models (wells & pseudo-wells to top basement) Shows & Migration Visualisation Modelling HC generation & migration in 4D Top Toro map NOVEMBER 2017 PAGE 18

19 NOVEMBER 2017 PAGE 19 4D PETROLEUM SYSTEMS MODEL Foldbelt Imburu Source Transformation Ratio (Present day) Trinity 3D charge prediction (Present day)

20 NOVEMBER 2017 PAGE 20 4D PETROLEUM SYSTEMS MODEL Offshore Shows & Migration Visualisation Moho Modelling HC generation & migration in 4D

21 NOVEMBER 2017 PAGE 21 RECAP Substantial YTF & big fields Oil Search well positioned with proactive long term strategy in PNG Holistic 4D modelling continues to identify new prospectivity Expect more exploration breakthroughs as we continue to leverage technology in 2018

22 THANK YOU November 2017 OIL SEARCH LIMITED ARBN ASX: OSH POMSoX: OSH US ADR: OISHY

23 NOVEMBER 2017 PAGE 23 ACKNOWLEDGEMENT & DISCLAIMER Thanks to the Oil Search Exploration Team & JV Partners that have contributed While every effort is made to provide accurate and complete information, Oil Search Limited does not warrant that the information in this presentation is free from errors or omissions or is suitable for its intended use. Subject to any terms implied by law which cannot be excluded, Oil Search accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information in this presentation. All information in this presentation is subject to change without notice. This presentation may contain forward-looking statements which are subject to particular risks associated with the oil and gas industry. Oil Search Limited believes there are reasonable grounds for the expectations on which the statements are based. However, actual outcomes could differ materially due to a range of factors including oil and gas prices, demand for oil, currency fluctuations, drilling results, field performance, the timing of well work-overs and field development, reserves depletion, progress on gas commercialisation and fiscal and other government issues and approvals.