2010-8

摘要

"Oseberg Field, Norway, Commercial Asset Valuation and Forecast to 2045

Summary

Oseberg is offshore oil and gas field. It is located 140 northwest of Bergen, Norway. The accumulation lies in the block 30/6 and 30/9 of Norway Continental Shelf. The water depth in the region is approximately 100 meters. The field was discovered in 1979 and came on stream in December 1986 with the initial production of around 1.83 million barrels of oil.

Statoil is the operator of the field with a 49.3% stake, followed by Petoro (33.6%), Total (10.0%), Exxon Mobil (4.7%), and Conoco Phillips (2.4%). 

In the beginning the field was developed as conventional oil with associated gas. Later the gas from nearby Troll field and production from the field was re-injected to maintain pressure. The field is developed with four offshore installations – Oseberg A, Oseberg B, Oseberg C and Oseberg D.  The American Petroleum Institute (API) gravity of the field is 37.8° and the sulphur content is 0.27% by weight.

The recoverable reserves are 153.4 million barrels of crude oil, 2912.7 billion cubic feet of natural gas and 30.2 million barrels of Natural gas liquids as of December 2009.  The total estimated investment in the field is $7.9 billion. The oil is transported from the Oseberg field centre, where it is further processed and transported through the Oseberg Transport System (OTS) to the Sture terminal.

The field life of Oseberg is expected to be 60 years with complete abandonment during 2045. The field is expected to generate $39.62 billion in revenues (undiscounted) during its remaining life (starting 1/1/2010) and is expected to yield an IRR of 12.64%.

Scope

- The report provides detailed information on oil and gas production, infrastructure, reserves, geology, operator and equity partners and the latest fiscal terms applicable to the asset and provides its fair value (Remaining Net Present Value) based on remaining reserves, forecast production, capital and operational costs, fiscal regime and commodity prices.
- The report also provides additional valuation parameters like Internal Rate of Return (IRR), Profitability Index (PI), Pay Back (discounted and undiscounted), Entitlement Production (EP) and Working Interest (WI) to enhance your decision making process.
- This report provides detailed sensitivity analysis of the remaining NPV with changes in the commodity prices, discount rate, production and key fiscal terms.
- Detailed cash flows over the life of the asset are included in the report. These cash flows cover a wide range of calculations related to various payments to the government/licensing authority.
- Interactive Excel models can be used to derive custom valuations, sensitivities and cash flows based on the specific inputs by the user in the model. These custom inputs vary from production data, cost information, price information and fiscal terms information.

Reasons to buy

- Make well informed investment decisions based on detailed operational analysis and cash flow forecasts
- Estimate the fair value of your future investment under different economic and fiscal conditions
- Value a prospective investment target through a comprehensive analysis using focused forecasting and valuation methodologies.
- Supporting interactive excel model will enhance your decision making capability in a more rapid and time sensitive manner
- Evaluate how the changes in the country’s fiscal policies impact the cash flows and the present value of the asset"

目录及图表

"1 Table of contents 2
1.1 List of Tables 4
1.2 List of Figures 4
2 Oseberg field, Norway, Introduction 6
3 Oseberg field, Norway, Geology and Formation 7
4 Oseberg field, Equity Details 8
5 Oseberg field, Norway, Crude Oil and Gas Reserves 9
6 Oseberg, Norway, Applicable Fiscal Regime 10
6.1 Governing Law 10
6.2 Licensing Authority 10
6.3 Royalty 10
6.4 Fees 10
6.5 Special Petroleum Tax (SPT) 10
6.6 Taxation 10
7 Oseberg field, Infrastructure 11
7.1 Upstream Infrastructure 11
7.2 Midstream Infrastructure 13
7.2.1 Oseberg field pipeline 13
8 Oseberg field, Norway, Development Plan, Investment and Expenditure 13
9 Oseberg field, Norway, Crude Oil Production 18
10 Oseberg field, Norway, Economics 21
10.1 Oseberg, Norway, Eonomic Assumptions 21
10.1.1 Forecast Commodity Prices 21
10.1.2 Inflation 21
10.1.3 Discount Rate and Representation of Cash Flows 21
10.1.4 Sensitivity 21
10.1.5 Access to the Economic Model 21
10.2 Oseberg field, Norway, Cash Flow Analysis 22
10.3 Oseberg field, Norway, Remaining PV Sensitivity Analysis 23
10.3.1 Remaining NPV Sensitivity to Discount Rates 23
10.3.2 Remaining NPV Sensitivity to Change in Commodity Prices and Production 24
10.3.3 Remaining NPV Sensitivity to Income Tax and Production Rate 25
10.4 Oseberg field, Norway, Summary Cash Flows 26
10.5 Oseber field, Norway, Front End Load Estimations 27
10.6 Oseberg field, Norway. Tax Liability 30
11 Appendix 32
11.1 Methodology 32
11.2 Coverage 32
11.3 Secondary Research 32
11.4 Primary Research 33
11.5 E&P Forecasts 33
11.6 Capital Costs 34
11.7 Exploration and Appraisal (E&A) Costs 34
11.8 Operating Costs 34
11.9 Expert Panel Validation 34
11.10 About GlobalData
11.11 Contact Us
11.12 Disclaimer"
"1.1 List of Tables

Table 1:  Oseberg field , Norway, Field Details, 2010 6
Table 2:  Oseberg field , Norway, Equity Partners and Their Equity Stakes, 2010 8
Table 3:  Oseberg field, Norway, Reserves Classifications,  January 2010 9
Table 4:  Oseberg field , Norway, Structures, 2010 12
Table 5:  Oseberg field , Norway, Pipeline, 2010 13
Table 6:  Oseberg field, Norway, Exploration Wellbore(s), 1979-2010 14
Table 7: Oseberg field, Norway, Development Wellbore(s), 1979-2010 14
Table 8:  Oseberg field, Norway, Estimated Well Drilling Program, 2010-2045 17
Table 9: Oseberg field, Norway, Production, 1986- 2045 20
Table 10: Oseberg field, Norway, Commodity Price Assumptions, 2010-2045 21
Table 11: Oseberg field, Norway, Project Analysis Metrics, 2010 22
Table 12:    Oseberg field, Norway, Remaining PV Sensitivity Analysis Over Discount Rate  Change Vs. Commodity Price Change, million dollars, 2010 23
Table 13:    Oseberg field, Norway , Remaining PV Sensitivity Analysis Over Commodity Price  Change Vs. Production Change, Million Dollars, 2010 24
Table 14:  Oseberg field, Norway , Remaining PV Sensitivity Analysis Over Income Tax Rate Vs. Production Change, Million Dollars, 2010 25
Table 15: Oseberg field, Norway, Asset Summary Cash Flows, $000`s, 1983-2045 26
Table 16: Oseberg field, Norway, Front End Load, $000`s, 1983-2045 28
Table 17: Oseberg field, Norway, Tax Liability Estimations, $000`s, 1983 – 2045 30"
"1.2 List of Figures

Figure 1:  Oseberg field , Norway, Location Map, 2010 7
Figure 2:  Oseberg field , Norway, Detailed Geographic location, 2010 7
Figure 3:  Oseberg  field, Norway, Stratigraphic Chart, 2010 8
Figure 4:  Oseberg field , Norway, Equity Partners and Their Stakes, 2010 9
Figure 5:  Oseberg field Center, North Sea, Norway, 2010 11
Figure 6:  Oseberg C Platform, North Sea, Norway, 2010 12
Figure 7:   Oseberg  field, Norway,  Crude Oil Production, Million Barrels, 1986-2016 18
Figure 8:   Oseberg  field, Norway,  Natural Gas Production, million cubic feets, 1986-2045 19
Figure 9:   Oseberg  field, Norway,  Natural Gas Liquids Production, million barrels, 1986-2020 19
Figure 10:   Oseberg field, Norway, Gross Revenue Versus Tax Cash Flow Analysis, 1983-2045 22
Figure 11:    Oseberg field, Norway, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, 2010 23
Figure 12:  Oseberg field, Norway, Remaining PV Sensitivity Analysis Over  Commodity Price  Change Vs. Production Change, 2010 24
Figure 13: Oseberg field, Norway , Remaining PV Sensitivity Analysis Over  Production rate Vs. Changes in Income Tax Rate , Million Dollars, 2010 25"