Ann: Placement, page-125

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rooey

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09/08/22

17:22

Post #: 63016006
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Originally posted by huaneng: ↑

..... If you are looking in frontier basins, hydrocarbons will be most advantaged if you find a very big field, because the amount of overall production for each dollar of investment will be greater.

For example, Guyana in South America. This is also an example of a rapid development, with first production coming online just 4 years after the Liza discovery. The field is expected to provide 'a couple of billion barrels of oil.'

'Even the downside cases of the modelling are pretty big,' he said. This means, 'you can make an investment decision to develop the field pretty confidently.'

Crossing the Atlantic to offshore Namibia, the Venus discovery, recently made by Total, is also very big, about 3bn barrels of light oil. Its 'next door neighbour' Graff is also a large discovery. Although it is in 3000m water depths, the benefits of the hydrocarbons outweigh concerns about the complexity.

'A lot of revenue from that will go to the government of Namibia. They will be able to do really great things for the people of Namibia.'

On the modern seismic, you can pick out the source rock, which is feeding oil up to the two reservoirs which make up the Graf discovery.

'I was still being told there wasn't a source rock south of Walvis Ridge until half way through last year,' he said. (The Walvis Ridge is an ocean ridge which hits land near the North Coast of Namibia / border with Angola).

'Now it's proven and it's generating enough oil to charge this 3bn barrel prospect Venus.'

If South Africa wishes to develop oil production, it has 'the possibility of this play extending to South Africa.'

'There will be plenty of other discoveries in Namibia on the back of this.'

To drill in 3000m water depth was unimaginable about 15 years ago; in 2012, the world's deepest well was 3100m offshore India, he said. By 2016, the record was the 3400m Raya well (Uruguay) drilled by Total. By the end of 2021, Total made a new record, the 3628m Ondjaba Well offshore Angola. So, the trend is clear.

The largest prospects may be under over 4000m of water - which we may be comfortable drilling by 2026, he said.

The geological knowledge from West Africa can also be used to explore on the East Coast of South America, around Uruguay, southern Brazil and Northern Argentina. Seismic lines from both sides can be fitted together.
'We see exactly the same geology, the same Aptian source rock, the same basin floor fans stacked on top of them,' he said.

So, the Venus discovery has also 'opened up the South American play'......

https://www.digitalenergyjournal.com/n/Finding_more_hydrocarbons_with_better_seismic/e2a9d6fa.aspx

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@huaneng are you a holder of PCL shares or not?

Last edited by rooey: 09/08/22

PCL Price at posting: 0.5¢ Sentiment: Hold Disclosure: Held
4 Upvote

2 Great analysis

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Ann: Placement, page-125

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Ann: Placement, page-125

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