JP Morgan Oil Seminar Sydney, Australia May 2, 2003

Transcription

1 JP Morgan Oil Seminar Sydney, Australia May 2, 2003 The Future of the Gulf of Mexico and BHP Billiton s Position Bernie Wirth - Vice President, Exploration and Appraisal Gulf of Mexico

2 Outline Explain why the GOM remains an attractive basin for investment Update the status of BHP Billiton producing and sanctioned projects Provide overview of future BHP Billiton appraisal and exploration activities Page 2

3 Value Creation through Exploration: (1H) GOM Deepwater Kazakhstan Angola Egypt Nigeria Bolvia Norway Netherlands Denmark Indonesia Bangladesh Azerbaijan Algeria Libya Argentina Yemen Colombia Brazil Australia Italy Venezuela UK (2500) Source: WoodMackenzie US $ Millions Page 3

4 GOM Value Creation by Company: (1H) BHPBilliton Super Majors Peers (500) Source: WoodMackenzie Page 4 US $ Millions

5 Gulf of Mexico Multi Play and Multi Trap Shelf Water Deepwater 600-5,000 Water Ultra Deepwater 5,000-10,000 + Water Pleistocene Pliocene Pleistocene Pliocene U Miocene U Miocene L Miocene Oligocene Eocene/Paleocene Cretaceous L Miocene Oligocene S S S Eocene/Paleocene Cretaceous Emerging New Plays GC Mini-Basin Play Atwater Foldbelt Page 5

6 Gulf of Mexico Deepwater Resource Distribution Stratigraphy # of Discovered Discoveries Resource Bboe* BHPB Examples Plio-Pleistocene Typhoon, Genesis, Boris Miocene Oligocene Carbonate Eocene-Paleocene MCU Cretaceous Mad Dog, Atlantis, Shenzi 3 >1.0?? Cascade (7 wells)? Source: Wood Mackenzie, BHP Billiton analysis * Excludes approximately 1.2 Bboe not classified Page 6

7 Keys to Past & Future Success Favourable geologic, fiscal environment World Class Team Petroleum systems approach Commercial flexibility Cost control Cycle time shortening Page 7

8 Producing Assets Shelf WC 76 GC 18/60 Deepwater Typhoon - Boris Page 8 Genesis

9 Green Canyon Mini-Basin Typhoon Boris Page 9

10 Developing Assets: Mad Dog - On track for first oil FY2005 Spar Construction Topsides Construction Page 10

11 Developing Assets: Atlantis On track for first oil FY2007 Atlantis Atlantis 6ST Atlantis Atlantis 3 Edge of Salt Atlantis 2ST Atlantis 2 Atlantis 4 Atlantis 3ST Atlantis 7 Approximate Field Boundary Page 11

12 Gulf of Mexico Production by Company Shell ChevronTexaco BP ExxonMobil El Paso Unocal Devon/Ocean Apache Kerr McGee Marathon Anadarko Amerada Hess Newfield Noble Stone Agip ConocoPhillips Forest Dominion Offshore Energy Nexen BHPBilliton (current) Mad Dog & Atlantis BOE per day* Deepwater >1,500 Shallow < 1, Page 12 *12 month average to 9/01

13 BHP Billiton Gulf of Mexico Summary Objectives Status Areas Activity Key Assets NPV Growth Profit Growth Core Plays Emerging Plays Atwater Fold Belt (AFB) Green Canyon East AFB Gas Mississippi Canyon Walker Ridge Deep Shelf Gas Developments Appraisal Exploration Production Exploration Exploration Appraisal Exploration Appraisal Exploration Appraisal Exploration Mad Dog Atlantis Caesar/Cleopatra Shenzi - Neptune Typhoon Boris Genesis Vortex Champlain Cascade Page 13 Perdido Foldbelt Exploration

14 Discoveries: 5 under Appraisal Vortex Genesis Champlain Shenzi Atlantis Mad Dog Cascade Neptune Legend BHPB Lease BHPB Producing Lease BHPB Lease Sale High Bid Oil Salt BHPBilliton Operated BHPBilliton Non-operated Miles Kilometers Divisional Name/Footer Page 14

15 Hou st on Bay town G alv es t o n B ay G alv es t o n G alv es t o n Beaum ont St. J am e s Hou m a Ne w O r lea ns Exploration: Focus in Play Fairways Lake Char les Laf ayette Lake Pontchart rain Mis si ssippi River Breton Sound Deep Shelf Gas Mississippi Canyon Perdido Foldbelt Green Canyon Mini Basin Walker Ridge Atwater Fold Belt (AFB) Eastern AFB Gas 4 to 5 Deepwater Exploration wells planned in next 12 months Page 15

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