2010-8

摘要

"Oseberg Sor Field, Norway, Commercial Asset Valuation and Forecast to 2018

Summary

Oseberg Sor is an offshore oil and gas field, located 13km south of Oseberg field in the North Sea. The accumulation lies in the block 30/6 and 30/9. The water depth in the region is approximately 100m. The field was discovered in 1984 and came on stream in September 2000 with initial production of around nine million barrels of oil.

Statoil is the operator of the field with 49.30% stake, followed by Petoro (33.60%), Total (10%), Exxon Mobil (4.70%), and Conoco Phillips (2.40%). 

The field production comes from 16 production and 14 injection wells. There are three water-production wells as well. The Oseberg Platform includes a 125m steel jacket, accommodation, processing facilities and a high performance drilling module. The API gravity of the field range from 31.10 to 39.40 and the oil viscosity is 1.36 to 1.75 centipoise (cp).

The recoverable reserves are 370 million barrels of crude oil and 416.71 billion cubic feet of natural gas as of December 2009. The total estimated investment in the field is about $2.63 billion. The oil is transported by pipeline to the Oseberg Field Centre which is then further processed and transported through Oseberg Transport System (OTS) to the Sture terminal.

The field life of Oseberg Sor is expected to be around 19 years with complete abandonment during 2018. The field is expected to generate $8.5m in revenues (undiscounted) during its remaining life (starting January 1, 2010) and is expected to yield an IRR of around 21.36%.

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 3
1.2 List of Figures 3
2 Oseberg Sor Field,Norway, Introduction 4
3 Oseberg Sor Field, Norway, Geology and Formation 6
4 Oseberg Sor Field, Equity Details 7
5 Oseberg Sor Field ,  Norway, Crude Oil and Gas Reserves 8
6 Oseberg Sor, Norway, Applicable Fiscal Regime 9
6.1 Governing Law 9
6.2 Licensing Authority 9
6.3 Royalty 9
6.4 Fees  9
6.5 Special Petroleum Tax 9
6.6 Taxation 9
7 Oseberg Sor Field, Infrastructure 10
7.1 Upstream Infrastructure 10
7.2 Midstream Infrastructure 14
7.2.1 Oseberg Sor  Field pipeline 14
8 Oseberg Sor Field, Norway, Development Plan, Investment and Expenditure 15
9 Oseberg Sor Field, Norway,Crude Oil Production 16
10 Oseberg Sor Field, Norway, Economics 18
10.1 Oseberg Sor,Norway, Eonomic Assumptions 18
10.1.1 Forecast Commodity Prices 18
10.1.2 Inflation 18
10.1.3 Discount Rate and Representation of Cash Flows 18
10.1.4 Sensitivity 18
10.1.5 Access to the Economic Model 18
10.2 Oseberg Sor Field,Norway, Cash Flow Analysis 19
10.3 Oseberg Sor Field,Norway, Remaining PV Sensitivity Analysis 20
10.3.1 Remaining NPV Sensitivity to Discount Rates 20
10.3.2 Remaining NPV Sensitivity to Change in Commodity Prices and Production 21
10.3.3 Remaining NPV Sensitivity to Income Tax and Production Rate 22
10.4 Oseberg Sor Field, Norway, Summary Cash Flows 23
10.5 Oseber Sor Field, Norway, Front End Load Estimations 24
10.6 Oseberg Sor Field,Norway. Tax Liability 25
11 Appendix 27
11.1 Methodology 27
11.2 Coverage 27
11.3 Secondary Research 27
11.4 Primary Research 28
11.5 E&P Forecasts 28
11.6 Capital Costs 29
11.7 Exploration and Appraisal (E&A) Costs 29
11.8 Operating Costs 29
11.9 Expert Panel Validation 29
11.10 About GlobalData
11.11 Contact Us
11.12 Disclaimer"
"1.1 List of Tables

Table 1:   Oseberg Sor Field , Norway, Field Details 4
Table 2:   Oseberg Sor Field , Norway, Equity Partners and Their Equity Stakes, 2010 7
Table 3:   Oseberg Sor Field , Norway, Reserves Classifications, January 2010 8
Table 4:   Oseberg Sor Field, Norway, Exploration Wellbore(s), 1984-2009 11
Table 5:  Oseberg Sor Field, Norway, Development Wellbore(s),1999-2009 12
Table 6:   Oseberg Sor Field , Norway, Pipeline 14
Table 7:  Oseberg Sor, Norway, Crude Oil Production,  Million Barrels, 2000- 2026 17
Table 8:  Oseberg Sor Field, Norway, Commodity Price Assumptions, 2010-2026 18
Table 9:  Oseberg Sor Field, Norway, Project Analysis Metrics, 2010 19
Table 10:  Oseberg Sor Field, Norway, Remaining PV Sensitivity Analysis Over Discount Rate  Change Vs. Commodity Price Change, Million Dollars 20
Table 11:  Oseberg Sor Field, Norway , Remaining PV Sensitivity Analysis Over Commodity Price  Change Vs. Production Change, Million Dollars 21
Table 12:  Oseberg Sor Filed, Norway , Remaining PV Sensitivity Analysis Over Income Tax Rate Vs. Production Change, Million Dollars 22
Table 13:  Oseberg Sor Field, Norway, Asset Summary Cash Flows, Thousand USD, 1998-2018 23
Table 14:  Oseberg Sor Field, Norway, Front End Load, Thousand USD, 1998-2018 24
Table 15:  Oseberg Sor Field, Norway, Tax Liability Estimations, Thousand USD, 1998 – 2018 25"
"1.2 List of Figures

Figure 1:   Oseberg Sor Field , Norway, Location Map 5
Figure 2:   Oseberg Sor Field , Norway, Detailed Geographic location 5
Figure 3:   Oseberg Sor  Field, Norway, Stratigraphic Chart 6
Figure 4:   Oseberg Sor Field , Norway, Equity Partners and Their Stakes, 2010 7
Figure 5:   Oseberg Sor  Field  Platform, North Sea, Norway 10
Figure 6:   Oseberg Sor  Field, North Sea, Norway, Process Flow Diagram 10
Figure 7:   Oseberg Sor  Field, Norway,  Crude Oil Production, Million Barrels, 2000-2026 16
Figure 8:   Oseberg Sor Field, Norway, Gross Revenue Versus Tax Cash Flow Analysis 19
Figure 9:   Oseberg Sor Field, Norway, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change 20
Figure 10: Oseberg Sor Field, Norway, Remaining PV Sensitivity Analysis Over  Commodity Price  Change Vs. Production Change 21
Figure 11: Oseberg Sor Field, Norway , Remaining PV Sensitivity Analysis Over  Production rate Vs. Changes in Income Tax Rate , Million Dollars 22"