Industry Perspectives

Covering events that affect future performance
 

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Leading Players in the Deepwater 2012

Industry Perspectives Study

25 Feb 2013

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The 2012 issue of Leading Players in the Deepwater is now available for download.

This study identifies and evaluates the top 25 deepwater players on

  • The size of their reserves that are in deep and ultra-deepwater
  • current and future production, and
  • six indicators of the business model employed in the sector and then ranked using quartile positions. 

The combined rank index identifies companies that are most likely to impact the deepwater sector in the future.  Additionally, the appendix provides details on each company's heavy oil position.

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Gorgon Project Cost Estimates Up US$15 Billion

LNG, Project Costs

10 Dec 2012

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Chevron has announced that the estimated cost of the Gorgon project has been increased by US$15 billion (40.5%).

  • What is the impact on project economics?

  • What are the implications for the JV partners?

  • What are the effects on government cash flows?

  • Are there broader implications about industry cost inflation trends?

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Leviathan Deal Boosts Woodside International Growth Program

A&D, LNG

06 Dec 2012

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Woodside and the partners in the Leviathan natural gas field have reached agreement in principle for Woodside to acquire a 30% working interest in the potential project.  If the deal is closed the total cost of entry is US$2.3 billion, including

  • US$696 million upfront,
  • US$550 million in conditional future payments,
  • up to US$1,000 million in future payments if sales price exceeds an undisclosed level and
  • US$50 million in carried interest costs associated with a deep oil exploration well to be drilled in 2013.

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BP Builds Deepwater Nova Scotia Acreage Position in the NS12-1 Bid Round

Deepwater, Nova Scotia

28 Nov 2012

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BP and Shell won four bids each on a 100% working interest basis in Nova Scotia's NS12-1 licensing round. 

BP bid a combined work program outlay of US$1.05 billion with most of this capital allocated to two blocks.

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Papua New Guinea LNG Project Costs Up 21%

LNG, Project Costs

20 Nov 2012

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The projected cost of the ExxonMobil operated PNG LNG project has been increased again by US$3.3 billion; up 21% from the prior estimate.  The increased costs are associated with foreign exchange (US$1.4 billion), project delays that increased construction and drilling costs (US$1.2 billion), and weather related cost increases (US$.7 billion).  The project is now approximately 70% complete with startup still expected in 2014.

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BP Restructures its Russian Upstream Position in Sale to Rosneft

A&D, Company Strategy, Russia

23 Oct 2012

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In a Heads of Terms agreement with Rosneft, BP will sell its stake in TNK-BP for a mix of US$17.1 billion in cash plus 1.36 billion Rosneft shares (12.84% of outstanding shares).  In addition, BP will purchase another 5.66% of Rosneft's outstanding shares from the Russian government (subject to government approval) at a price of US$8 per share (US$4.8 billion total cost).  BP already owns a 1.25% stake in Rosneft shares so that, assuming the deal is closed, BP will net US$12.3 billion in cash and increase its stake in Rosneft to 19.75% of outstanding shares.  Commenting on the deal BP's CEO has indicated that it will be a long-term investor in Rosneft.

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ExxonMobil Expands North American Unconventional Resource Position

A&D, Company Strategy, Unconventional Resources

18 Oct 2012

Free Edition

In a US$3.1 billion deal ExxonMobil has agreed to acquire Celtic Exploration.  The Celtic deal will add approximately 800,000 net acres; primarily in Canada's Montney and Duvernay unconventional plays.  Like other recent North American deals between large global competitors and independents, the size of the transaction is relatively small but the implications are far greater than costs might suggest.

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