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Beaufort Sea Oil and Gas – Future Development

Beaufort Sea Oil and Gas – Future Development. March 2006, Inuvik Oil and Gas Management Directorate Indian and Northern Affairs Canada. Canada’s North – Map of Petroleum Potential.

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Beaufort Sea Oil and Gas – Future Development

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  1. Beaufort Sea Oil and Gas – Future Development March 2006, Inuvik Oil and Gas Management Directorate Indian and Northern Affairs Canada

  2. Canada’s North – Map of Petroleum Potential About two thirds of the potential in the Mackenzie Delta-Beaufort Sea Basin lies offshore -- provides head room for long term sustainability of oil and gas projects in the region

  3. DEVELOPING A VIEW OF FUTURE ACTVITY Three main activities….. • Mackenzie Gas Project commitment and realization (Imperial, ConocoPhillips, Shell, APG) • Assessment and development of existing discoveries (MGP add-ons) • Current and new exploration for new discoveries (Chevron, Encana, Devon, others) for future expansion of MGP

  4. 50 PLUS EXISTING DISCOVERIES IN THE BEAUFORT MACKENZIE AREA- Development depends on cost/distance to infrastructure and on size/quality of discoveries

  5. DEVON PAKTOA C-60 (DRILLING ENDING MARCH 2006) ENCANA UMIAK N-16 (2004) UMIAK N-05 (2005) CHEVRON NORTH LANGLEY GAS DISCOVERY (2002/03) CHEVRON ELLICE I-48 (2004) OLIVIER H-01, 2H-01 AND 3H-01 (2005) RECENT EXPLORATION AND THE MACKENZIE GAS PROJECT

  6. Outlook for Development • 1 Southeast Basin margin (Tuk) Outlook: step out drilling from Parsons Lake. Tuk discovery most likely add-on. Already quite extensively explored with older methods; limited offshore potential. • 2 Southwest Basin margin (Yukon coast) Little explored with low onshore potential increasing offshore. Extensive exploration required before development. • 3 Basin Centre – Listric Fault (Richards Island) Focus of activity towards development in next ten years. Large offshore discoveries (Amauligak and Issungnak) and focus of Devon exploration. • 4 Western Fold Belt (Offshore Yukon to US border) Very sparsely explored but good oil and gas potential. Extensive exploration required before development. Long term development. • 5 Deep water (30 m plus) Long term development potential – would require extensive 3D seismic investment

  7. The next few years…. • Active drilling programs (Chevron, Devon and Encana) – exploration over next few years will optimise use of drilling resources (rigs). • New activity driven by uptake of new Exploration Licences (continue annual land sales: bids close on two current blocks May 2, 2006)

  8. FACTORS LIMITING OFFSHORE DEVELOPMENT • Well costs • Offshore platform availability • Varying operating conditions and seasons • Oil with gas mix • Competing global interests of major companies • MGP capacity requirements served by onshore development?

  9. FACTORS ENCOURAGING OFFSHORE DEVELOPMENT • Beaufort has high potential for new large discoveries of oil and gas • Little explored offshore areas attractive to large companies • MGP future volume requirements and expansion possibilities

  10. Operations/Drilling Guessing about future drilling…. DELTA-BEAUFORT ONLY* …….?????? * CONTINGENT ON MGP

  11. 2020+ VISION OF FUTURE DEVELOPMENT CONCEPTS

  12. Thank you and questions?

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