The Deepwater Gulf of Mexico International Maritime Associates, Inc. — Washington, DC, USA —...

The Deepwater Gulf of Mexico

International Maritime Associates, Inc. — Washington, DC, USA — Tel: 202-333-8501Fax: 202-333-8504 — E-mail: [email protected] — Website: www.imastudies.com

Presentation to Intsok Partners

March 4, 2002

15 Floating Production Systems Now Producingin the Gulf of Mexico

International Maritime Associates, Inc. - 2 - Washington, DC

Characteristics of Floating Production Systems Now Producing in the Gulf of Mexico


Processing Capability

Field

Area

Type System Year

Installed Water Depth (meters)

Oil

Gas

Agip Allegheny GC 254 Mini-TLP 1999 990 25,000 b/d 45 MMcf/d Morpeth EW 921 Mini-TLP 1998 520 35,000 b/d 36 MMcf/d

BP Marlin VK 915 TLP 1999 990 40,000 b/d 250 MMcf/d

Chevron Typhoon GC 236 Mini-TLP 2001 640 40,000 b/d 60 MMcf/d Genesis GC 205 Spar 1998 790 60,000 b/d 77 MMcf/d

Conoco Jolliet GC 184 TLP 1989 540 35,000 b/d 50 MMcf/d

El Paso Prince EW 958 Mini-TLP 2001 440 50,000 b/d 80 MMcf/d

ExxonMobil Hoover/Diana AC 25 Spar 2000 1460 100,000 b/d 325 MMcf/d

Kerr McGee Nansen EB 602 Spar 2002 1130 40,000 b/d 200 MMcf/d

Oryx Neptune VK 825 Spar 1997 590 25,000 b/d 32 MMcf/d

Shell Brutus GC 158 TLP 2001 910 100,000 b/d 300 MMcf/d Ursa MC 810 TLP 1999 1160 150,000 b/d 400 MMcf/d Ram Powell VK 956 TLP 1997 990 60,000 b/d 200 MMcf/d Mars MC 807 TLP 1996 890 100,000 b/d 110 MMcf/d Auger GB 426 TLP 1994 870 46,000 b/d 125 MMcf/d

12 Floating Production Systems on Order for Installation in the Gulf of Mexico


Characteristics of Floating Production Systemson Order for the Gulf of Mexico


Processing Capability

Field

Area

Type System Year to be Installed

Water Depth (meters)

Oil

Gas

Anadarko Marco Polo GC 608 Mini-TLP 2003 1315 100,000 b/d 250 MMcf/d

BP Thunder Horse

MC 778 Semi 2005 1830 250,000 b/d 200 MMcf/d

Horn Mt. MC 127 Spar 2002 1645 65,000 b/d 50 MMcf/d Holstein GC 644 Spar 2004 1320 80,000 b/d * 40 MMcf/d * Mad Dog GC 826 Spar 2004 2010 80,000 b/d 40 MMcf/d Atlantis GC 699 Spar 2004 1830 80,000 b/d * 40 MMcf/d *

Dominion Devil’s Tower MC 773 Spar 2003 1735 60,000 b/d 40 MMcf/d *

Kerr McGee Boomvang EB 642 Spar 2002 1050 30,000 b/d 200 MMcf/d Gunnison GB 668 Spar 2003 950 40,000 b/d 200 MMcf/d

Shell NaKika MC 474 Semi 2003 1920 100,000 b/d 325 MMcf/d

Murphy Medusa MC 582 Spar 2003 675 40,000 b/d 110 MMcf/d

TotalFinaElf Matterhorn MC 243 Mini-TLP 2003 850 33,000 b/d 55 MMcf/d

* estimated

Number of Exploratory Deepwater Wells Drilled Annually Has Been Increasing


718

47 53

69

107119

102 106

147

15

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002(6 weeks)

Water Depth of Deepwater Exploratory Wellsin the Gulf of Mexico Has Been Increasing

(average water depth in feet)


21002460

2680 2605

3270 33502975

3780 38804115

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

5 Field Operators Account for 61 Percent of Exploratory Wellsin the Deepwater Gulf of Mexico Over the Past Ten Years


200

109

7258

4027 24 23 22 22 20 17 16 15 14 13 12 11 10 9 7 7 6 5 5 5

17

Shell BP

Chevro

nTexac

o

Kerr M

cGee

Amer

ada H

ess

Exxon

Mob

il

Mar

athon

TotalF

inaE

lfAgip

RME

Mar

iner

Ener

gy

Conoc

o

Murp

hy

Walt

er O

&G

Unocal

Domin

ion

Anadar

koEEX

Enterp

riseBHP

Devon

Mac

MoR

an

Ocean

Ener

gyArg

o

Burlingt

on

Samed

an

All Oth

er

479 of the 786 wells drilled

More Than 3,600 Non-Producing DeepwaterLeases in the Gulf of Mexico

(only leases in more than 1,000’ water depth)


Alaminos Canyon No. Leases — 395 Avg. WD — 6585’

Amery Terrace No. Leases — 28 Avg. WD — 9070’

Atwater Valley No. Leases — 393 Avg. WD — 6560’

DeSoto Canyon No. Leases — 109 Avg. WD — 6240’

Mississippi Canyon No. Leases — 448 Avg. WD — 4660’

Vioska Knoll No. Leases — 32 Avg. WD — 3280’

Destin Dome No. Leases — 3 Avg. WD — 4150’

East Breaks No. Leases — 234 Avg. WD — 3525’

Garden Banks No. Leases — 434 Avg. WD — 3465’

Green Canyon No. Leases — 557 Avg. WD — 4515’

Keathley Canyon No. Leases — 433 Avg. WD — 6505’

Walker Ridge No. Leases — 451 Avg. WD — 7780’

Lund No. Leases — 20 Avg. WD — 9715’

Ewing Bank No. Leases — 24 Avg. WD — 1605’

Lloyd Ridge No. Leases — 50 Avg. WD — 9168’

Where Deepwater Exploratory Drilling is Planned(drill plans filed since January 2000)


123

72

52

46

46

26

17

12

11

30%

18%

13%

11%

11%

6%

4%

3%

2%

Mississippi Canyon

Green Canyon

East Breaks

Atwater Valley

Garden Banks

Walker Ridge

Keathley Canyon

Vioska Knoll

Alaminos Canyon

% of TotalNo. of Plans Filed

Where Individual Companies Plan to Drill(drill plans filed since January 2000)


Eleven Deepwater Prospects WithNear Term Development Potential


Front Runner


Front Runner

• Green Canyon block 338, water depth 3300 feet

• Murphy Oil is the field operator

• 11 wells drilled to date, reserves estimated at 120 to 150 million boe

• Production spar similar to Medusa to be placed on the field

• McDermott selected to supply entire production system under turnkey contract, but agreement not yet finalized

• First oil planned for late 2003/early 2004


Magnolia


Jolliet Auger

Magnolia

Baldpate

Magnolia

• Garden Banks block 783, water depth 4670 feet• Conoco is the field operator• 9 wells drilled, reserves estimated at 150 million

boe• Mini-TLP to be placed on the field, which will be

the deepest application yet of a TLP• Design contracts awarded (ABB-hull, Alliance-

topsides), hardware contracts likely this fall• First oil planned September 2004


Llano


Llano

• Garden Banks block 385/386, water depth 2600 feet• Amerada Hess is the field operator — after taking

over from EEX• 14 wells drilled since 1997, reserves estimated at 125

million boe• Subsea tieback seems to be the leading possibility,

probably a 30 km tieback to Baldpate• But spar or mini-TLP could be chosen, with export

via the old Cooper pipelines a possibility• Engineering out to bid in about 1 month, hardware

ITTs could be in the 3rd or 4th quarter• First oil likely early 2004


Aspen


Aspen

• Green Canyon block 243, water depth 3150 feet• BP is the field operator, Nexen now a 60% owner• 5 wells drilled to date, reserves estimated at 40 to 70

million boe — but 150 million boe possible• 2 wells to be tied back to Bullwinkle as initial production

system• Nexen to pay initial production system capex ($194

million)• McDermott may be negotiating with BP for the installation

contract• First production planned by year end


Hornet


Hornet

• Green Canyon block 379, water depth 3700 feet • Kerr McGee is the field operator• Reserves in December set at 75 to 100 million boe,

but 3 wells drilled since have lowered expectations • Could be a leased standalone production unit (if so,

spar likely) or subsea tieback• KMG talking with Williams about a leasing deal

for the production unit• Hardware contracts could be as early as next year,

provided engineering begins in the near future• First oil possible in early 2004


Falcon


Falcon

• East Breaks block 579, water depth 3400 feet

• Mariner Energy is the field operator

• 4 wells drilled to date

• This will be a subsea development tied back to a newly installed fixed platform 52 km distant

• 2 wells initially, maybe 2 more later

• Some awards have been made, some are pending

• First production in early 2003


Ozona Deep


Ozona Deep

• Garden Banks block 515, water depth 3300 feet

• Marathon is the field operator

• 3 wells drilled to date — 1st and 2nd abandoned, the 3rd considered a discovery

• Will be a subsea tieback, probably to Auger, provided Marathon and Shell can come to terms

• Hardware contracts likely 4Q 2002 or 1Q 2003

• First production could be in 2004


Boris


Boris

• Green Canyon block 282, water depth 2385 feet• BHP is the field operator• Single well spudded/sidetracked 5 times during

past six months• Likely to be developed as a subsea tieback to

Typhoon, engineering design underway• LOIs for subsea facilities understood to have been

issued• First production in 2003


Kate


Kate


• Green Canyon block 730 near Holstein, in water depth of 4460 feet

• Conoco the field operator, Norsk Hydro a partner• 3 wells on Kate since November, prospect believed

significant, in line for development after Magnolia• Likely to require a mini-TLP or spar — possibly a

repeat of the unit planned for Magnolia• Hardware contracts in late 2003/early 2004, but

likely earlier if prospect looks real good• First oil now planned for 2006

Champlain


Champlain


• Atwater Valley block 63 near Ursa, water depth 4400 feet

• ChevronTexaco the field operator, Agip joint owner• Drilled or sidetracked 6 times over past two years,

considered to have significant potential• Spar or mini-TLP the most likely production

solution• Hardware contracts could be placed by year end• First oil planned for 2004

Hawkes


Hawkes

• Mississippi Canyon 509 near Thunder Horse, water depth 4175 feet

• ExxonMobil the field operator and sole owner• Exploratory drilling late last year appears to have

dampened EMDC enthusiasm — and FEED contract suspended pending further appraisal

• Spar similar to Hoover/Diana the likely production solution, assuming project go-ahead

• Hardware contracts could be early to mid-2003, assuming FEED work soon restarted

• First oil in late 2004/early 2005


Ultra-Deepwater Prospect Update


Ultra-Deepwater Prospect Update

• In November we described ten prospects in water depth beyond 5,000 feet that appear to have high near term development potential

• Some of these projects have heated up, some have cooled off over the past several months

• And a few new ultra-deepwater prospects have emerged — all in Walker Ridge


Heating Up

Trident

• Unocal stated in January that an FPSO is among the production solutions being considered for Trident

• Meanwhile, MMS has approved use of FPSOs in the central and western GOM


Cooling Off

South Titan

• Prospect not found commercially viable

Red Hawk

• Our understanding is Kerr McGee is a bit disappointed with the appraisal results and reserves may be less than originally thought


Cooling Off

White Ash

• Exploratory well drilled last Fall has been permanently abandoned

Kama

• First exploration well on this prospect has been permanently abandoned


New Prospects

Merganser

• Kerr McGee is the field operator. Ocean Energy is a 50% partner

• Located in Atwater Valley block 36, water depth 7800 feet

• Appraisal results indicate field commercially viable• Operator has said a production unit on the site

could serve as a hub for the Atwater Valley area• Given KMG’s preference, a production spar

(leased) would be the likely choice


New Prospects

Flathead (new)• Marathon prospect on Walker Ridge 30, water

depth 6600 feet• Exploratory well drilled, results being studied

Cascade (new)• BHP prospect on Walker Ridge 206, water depth

8140 feet• First well spudded in early February


New Prospects

Spa (new)

• Conoco prospect on Walker Ridge 285, water depth 6650 feet

• First well spudded in February


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