Lebanon s First Offshore Licensing Round 2017
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1 Lebanon s First Offshore Licensing Round 2017 ESA Beirut 07 March 2017 Wissam Chbat LPA Chairman Head of Geology and Geophysics 1
2 Content The Eastern Mediterranean Where does Lebanon stand? First Lebanon offshore licensing round roadmap Pre qualification process Potential gas markets
3 The Eastern Mediterranean 3
4 History of Exploration Activities in the East Mediterranean (Pre Zohr Discovery) Country Year Name Depth Estimated Production Trap Type Sedimentological Target Reserves Start Occ. Palestine Stratigraphic Pliocene Submarine Channel 1999 Noa Filled Sands Occ. Palestine Structural/ Pliocene Submarine Channel 2000 Mari B stratigraphic Filled Sands Palestine 2000 Gaza Marine N/A Stratigraphic Pliocene Turbidite sandstone Occ. Palestine 2009 Dalit Structural Miocene Turbidite Sandstone Occ. Palestine Structural Miocene/Oligocene sub salt 2009 Tamar slope and fan sandstones Occ. Palestine Structural Miocene/Oligocene sub salt 2010 Leviathan slope and fan sandstones Occ. Palestine 2011 Dolphin N/A Structural Miocene Turbidite Sandstone Cyprus Structural Miocene/Oligocene sub salt 2011 Aphrodite > 5 > slope and fan sandstones Occ. Palestine 2012 Myra 4659 Failed Occ. Palestine 2012 Sara 3946 Failed Occ. Palestine Structural Miocene sub salt channel fill 2012 Shimshon N/A sands Occ. Palestine 2012 Tanin N/A Structural Miocene Turbidite Sandstone Occ. Palestine 2013 Karish N/A Structural Miocene Turbidite Sandstone Cyprus 2014 Onasagoras 5800 Dry Structural Miocene Turbidite Sandstone Cyprus 2015 Amathusa 5485 Dry Structural Miocene Turbidite Sandstone
5 Exploration History East to 31 Longitude (East MED) Country Year Name Depth Estimated Production Trap Type Sedimentological Target Reserves Start Occ. Palestine Stratigraphic Pliocene Submarine Channel 1999 Noa Filled Sands Occ. Palestine Structural/ Pliocene Submarine Channel 2000 Mari B stratigraphic Filled Sands Palestine 2000 Gaza Marine N/A Stratigraphic Pliocene Turbidite sandstone Occ. Palestine 2009 Dalit Structural Miocene Turbidite Sandstone Occ. Palestine Structural Miocene/Oligocene sub salt 2009 Tamar slope and fan sandstones Occ. Palestine Structural Miocene/Oligocene sub salt 2010 Leviathan slope and fan sandstones Occ. Palestine 2011 Dolphin N/A Structural Miocene Turbidite Sandstone Cyprus Structural Miocene/Oligocene sub salt 2011 Aphrodite > 5 > slope and fan sandstones Occ. Palestine 2012 Myra 4659 Failed Occ. Palestine 2012 Sara 3946 Failed Occ. Palestine Structural Miocene sub salt channel fill 2012 Shimshon N/A sands Occ. Palestine 2012 Tanin N/A Structural Miocene Turbidite Sandstone Occ. Palestine 2013 Karish N/A Structural Miocene Turbidite Sandstone Cyprus 2014 Onasagoras 5800 Dry Structural Miocene Turbidite Sandstone Cyprus 2015 Amathusa 5485 Dry Structural Miocene Turbidite Sandstone Egypt 4131 Structural Lower Middle Miocene/Cretaceous 2015 Zohr 30 Q Carbonate Reservoir
6 Sedimentological Target and Estimated Reserves (Pre Zohr Discovery) Estimated Reserves for Sandy Targets 2.5 tcf (7 %) 35 tcf (93%) Pliocene Sands Miocene/Oligocene Sands
7 Sedimentological Target and Estimated Reserves (Post Zohr Discovery) 30 tcf (44 %) Estimated Reserves 2.5 tcf (4 %) 35 tcf (52 %) Pliocene Sands Miocene/Oligocene Sands Carbonate
8 Where does Lebanon stand? Clear Policies Enabling Laws Enacting Regulations Licensing Process Multiclient library Regulatory Agency Exploration and Production Policy Offshore Petroleum Resources Law (OPRL) Draft Petroleum Taxation Law Petroleum Activities Regulations (PAR) Licensing Strategy Tender Protocol (TP) Exploration and Production Agreement (EPA) 80% 3D seismic coverage 2x2 Km 2D seismic grid Airborne survey (5 sensors ) Lebanese Petroleum Administration (LPA) 8
9 Lebanon Advantages in Attracting E&P Investment Attractive Blocks Offshore Lebanon are available for licensing Advanced data available to possible investors (2D, 3D) Oil and gas discoveries in neighbouring and similar basins Modern Legal and Contractual framework Progressive Fiscal system/ Transparent bidding Proximity & accessibility to Large Markets 9
10 Establishing State and Investor balance State Concerns Investor Concerns Transparency Finding Commercial Discoveries Fair Revenue Share Prompt Exploration Environment Local Goods & Services Training Local Employment Right To Monetize Stability Enforceability Legal System Predictability Activity Control Prudent Production 10
11 Exploration and Production Agreement: Key Objectives EPA Designed to Serve Essential Lebanese Objectives Favoring long term investment Long term partnership Energy independence Revenues for future generations Opportunity for Lebanese service providers Employment and Training Environmental Protection Lebanon s 1 st Offshore Licensing Round February 2017 Conference 11
12 Competitive Bidding Process Model EPA Published with Fixed Provisions Tender Protocol Published with Fixed Terms Biddable Parameters Defined Quantitative Assessment of Applications (Technical/Commercial) Evaluation Report and Results Submitted to Minister then CoM for Award License Awarded based on CoM Decision Petroleum Register Licenses, Companies, Beneficial Ownership etc. 12
13 Bidding Parameters Bid Commercial Proposal Cost Petroleum recovery ceiling Profit Petroleum sharing Technical Proposal Proposed activities per exploration period: Proposed 3D seismic survey Proposed other geological and geophysical activities Exploration wells (number, depths) Grading System Tender protocol specifies weighting for the items described above Each of the items shall be evaluated independently, with the highest mark for each item attributed to the best proposal by a consortium for such item Overall weight split: 70% for the Commercial Proposal and 30% for the Technical Proposal
14 Health, Safety and Environment 14
15 HSE Regulatory Framework in Place Offshore Petroleum Resources Law 132/2010 Petroleum Activities Regulations Decree 10289/2013 Other relevant legal texts HSE Management systems Monitoring & supervision Auditing HSE assessments & plans EIA studies Flaring & venting Emergency Response plans Safety zones HSE Management systems Hazard Assessment HSE Plans EIA studies Risk Management Emergency Preparedness & Response Safety zones Protection of Personnel Working environment Inspection & Auditing Investigation of accidents Environmental permitting (EIA, SEA ) Labor Law & HSE organization & inspection decree Environmental Compliance Decree Maritime Regulations Penal Law 15
16 Overview of Key Economic Terms BBL Lebanon State Profit Petroleum, Profit tax Royalties No Bonuses Profit Petroleum (IOCs) Cost Petroleum (IOCs) Lebanon s 1 st Offshore Licensing Round February 2017 Conference Royalties Crude Oil: Sliding Scale ranging from 5% to 12% based on monthly average daily production rate Natural Gas: 4% flat royalty Cost Petroleum Costs fully recoverable up to fixed percentage of petroleum produced, determined through bidding Maximum bid percentage: 65% Profit Petroleum: Profit petroleum split based on bidding (minimum and maximum State profit petroleum share) After costs recovered, split adjusted based on R Factor Profit tax: The OPR Law requires companies to pay all Lebanese taxes Stabilization clause in EPA: Excess corporate income tax is cost recoverable (deduction if tax rate reduced)
17 First Licensing Round Roadmap 23 February Inviting oil and gas companies to participate in a consultation workshop in Lebanon From 2 February to 31 March Launching a marketing campaign to promote the first licensing round Inviting oil and gas companies to participate in a prequalification round Issuing the tax law related to the petroleum activities by the parliament Answering questions received from the oil and gas companies and publishing the clarifications on the LPA website 15 September Receiving bids from prequalified companies on the blocks open for bidding 22 September Publishing the list of applicants per block 16 October 15 November LPA prepares an evaluation report per block CoM decision to approve awards and signature of EPAs with winning consortiums LPA to follow up on the contracts awarded and the commencement of the exploration phase 17
18 Pre qualification 18
19 Pre qualification Rounds New pre qualification round Closing Date: 31 March 2017 Announcement of results: 13 April 2017 April 2013 pre qualification round: 12 companies prequalified as Right Holders Operators 34 companies prequalified as Right Holders Non Operators Lebanon s 1 st Offshore Licensing Round February 2017 Conference 19
20 RIGHT HOLDER OPERATOR Legal Joint stock company whose object allows the conduct of Petroleum Activities Financial Total assets of USD 10 billion Technical Operatorship of at least 1 petroleum development in water depths in excess of 500m QHSE QHSE policy statement(s) Established & implemented QHSEMS 20
21 RIGHT HOLDER NON OPERATOR Legal Joint stock company whose object allows the conduct of Petroleum Activities Financial Total assets of USD 500 Million Technical Having an established petroleum production QHSE QHSE policy statement(s) Established & implemented QHSEMS 21
22 Blocks Open
23 Seismic Database 8,036 Km 2D ( ) 9,576 Km 2 3D ( ) 5,087 Km 2D ( ) 5385 Km 2 3D (2012/13) 6000 km 2 MERG & Hyperspectral Other: 508 km 2D Offshore Tripoli (1993) 2,236 km 2D Levant (TGS)
24 Geologic Domains and Zoning The main geological domains defined offshore Lebanon: The Cyprus Arc Domain (Zone 1) Very Deep Levant Basin (Zone 2 & 3) The Continental Margin or Mesozoic Platform (Zone 4 & 5) The Neogene Continental Platform (Zone 6 & 7)
25 Block 1 Block Sedimentological Target Trap Type Geologic Zones 1 1) Plio Quaternary Sands 2) Miocene/Oligocene Sands Structural Zone 1: Latakia Ridge Hydrocarbon Potential High/Moderate: Gas, possible condensate and oil
26 Block 4 Block Sedimentological Target Trap Type Geologic Zones Hydrocarbon Potential 4 1) Plio Quaternary Sands 2) Miocene/Oligocene Sands 3) Carbonate build up 1) Structural 2) Stratigraphic Zone 2: Deep Basin Zone 4: Mesozoic Platform North Moderate: Gas, possible condensate and oil
27 Block 8 Block Sedimentological Target Trap Type Geologic Zones Hydrocarbon Potential 8 1) Plio Quaternary Sands 2) Miocene/Oligocene Sands Structural Zone 3: Deep Levant Basin (Closer to existing discovery than previous blocks) High: Gas, some condensate
28 Block 9 Block Sedimentological Target Trap Type Geologic Zones 9 1) Plio Quaternary Sands 2) Miocene/Oligocene Sands 3) Carbonates Structural & stratigraphic Zone 5: Southern Mesozoic Platform Hydrocarbon Potential Very High: Gas, condensate and oil
29 Block 10 Block Sedimentological Target Trap Type Geologic Zones Hydrocarbon Potential 10 1) Plio Quaternary Sands 2) Miocene/Oligocene Sands 3) Carbonate Build up 1) Stratigraphic 2) Structural Zone 5: Mesozoic Platform Zone 7: Neogene Continental Platform Gas, possible condensate & oil
30 Summary of proposed blocks (2017) Blocks Hydrocarbon Potential High/Moderate Moderate High Very High Very High Sand Targets Pre Zohr Pre Zohr Pre Zohr Pre Zohr Pre Zohr Carbonate Targets Absent Post Zohr Absent Post Zohr Post Zohr Gas Biogenic & Thermogenic Biogenic & Thermogenic Biogenic & Thermogenic Biogenic & Thermogenic Biogenic & Thermogenic Condensate & Oil Possible condensate &oil Possible condensate & oil some condensate Possible condensate & oil Possible condensate & oil Traps Structural Structural & Stratigraphic Structural Structural & Stratigraphic Structural & Stratigraphic Total in Open Blocks: 10 Leads 64 Prospects: Structural & Stratigraphic Traps
31 Potential Gas Market 31
32 The Power Generation is the first potential local market for Natural Gas. Short Term Medium Term Long Term Electricity Sector Industrial hubs Commercial and large institutions, cities, transport sector By 2030, the Natural Gas volume needed to fire the electricity sector would account for ~0.26 TCF per year. 32
33 Lebanon holds friendly relationships with potential markets and is well connected in the region. Lebanon holds friendly relations with Syria, Turkey, Cyprus, Egypt, Jordan and the EU. Lebanese Natural Gas can easily reach Syria, Jordan and Egypt through the Arab Gas Pipeline. Turkey can be reached by an extension of the Arab Gas Pipeline or through a short offshore shallow water pipeline. The EU markets can be reached through Turkey. Lebanon can tie in to any regional collaboration passing through Cyprus. 33
34 T F info@lpa.gov.lb Thank you
35 Progress Update: Geology and Geophysics Data Room Operational 3D Surveys 80% Coverage Completing Phase I Onshore Survey Onshore Airborne Survey Completed Interpretation of all 3D Seismic Surveys In depth Anticline and Fault Analysis (selected targets)
36 Geological and Geophysical Data Acquisition Lebanon s Exclusive Economic Zone (EEZ) covers 22,730 km 2 (WGS 84) 19,000 km 2 (UTM 36N) Offshore seismic coverage includes: 14,320 km of 2D seismic acquisition covering the entire offshore. 15,252 km 2 (UTM 36N) of 3D seismic acquisition covering 80 % offshore Lebanon s block area. An additional 1970 km 2 of airborne gravity and magnetic field data were acquired covering the transition zone.
37 Parties and their Roles Right Holder non Operator Exploration and Production Agreement (EPA) Right Holder Operator The State, represented by the Minister At least three Right Holders at all times (Article 1 of the OPR Law), one of which is Operator OPR Law contemplates possible State Participation Interest, but there is none in First Licensing Round EPAs State role is to receive share of production, and to exercise approval rights Transfers and assignments subject to limits in the OPR Law, PAR and EPA Right Holder non Operator Lebanon s 1 st Offshore Licensing Round February 2017 Conference 37
38 Next Steps 38
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