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Sin ttulo de diapositiva

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a solid and clear legal framework provided by the ... UNITIZATION. B3/B5. Local Content Strategy Partners. DC. FIRST PDVSA OFFSHORE OPERATION IN 20 YEARS ... – PowerPoint PPT presentation

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Title: Sin ttulo de diapositiva


1
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2
Agenda
3
Venezuela Legal Framework
…a solid and clear legal framework provided by
the Organic Laws subjected to the Venezuelan
Constitution… and open to Interantional Investors
HOL
HOL
Upstream
Downstream
  • up to 100 of private participation
  • 34 Income Tax
  • up to 49 of private participation (oil)
  • 30 Royalty
  • 50 Income Tax
  • Partners Input
  • First class exploration and development
  • Technological and financial resources
  • Environmental high performance
  • Access to international LNG Re-Gas capacity gas
    markets
  • Committed to national sustainable development and
    maximize local content

GHOL
  • up to 100 of private participation
  • 20 Royalty
  • 34 Income Tax

HOL Hydrocarbon Organic Law GHOL Gaseous
Hydrocarbon Organic Law
4
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5
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6
Offshore Potential Resources
Source PECA / Exploration Resource Base 2000
7
Eastern Offshore Development
  • IMPLEMENT THE MASTER PLAN
  • Maximize local content
  • Sustainable development
  • Technologies
  • Business case
  • Continuous review

8
Plataforma Deltana
COCUINA-1
2
LORAN-1
1
DORADO-2
DORADO-1
BORA 1X
4
LAULAU-1
  • BLOCKS 2 4
  • Minimum Program 6 exploratory wells
  • Operation starts August 2004
  • Partners Investment Plan 2004 107 MM - 4 wells
  • Market Commitment
  • PDVSA Participation up to 35 with commerciality

9
Plataforma Deltana Schedule
  • FIRST PDVSA OFFSHORE OPERATION IN 20 YEARS
  • GAS EXPLORATION
  • PLATAFORMA DELTANAS MODEL

10
Mariscal Sucre LNG Project
PRELIMINARY DEVELOPMENT AGREEMENT PDVSA 60,
SHELL 30 ,MITSUBISHI 8, Venezuelan Entities
2
  • NORTH PARIA FIELDS (14.3 TCF 1.1 BCFD)
  • ONE LIQUEFACTION TRAIN (4.7 MT/Y)
  • INVESTMENT US 2.7 B

11
LNG Value Chain
MAR CARIBE
San Juan de Unare
San Juan de las Galdonas
Mejillones
Cacao
Querepare
Planicie Soro-Güiria
Peninsula Paria
Mapire
Yoco
CIGMA
GÜIRIA
Irapa
Yaguaraparo
6.300
Soro
11.000 ha
GOLFO DE PARIA
Isla Antica
Caño Morrocoy
Punta Campana
Río San Juan
12
Value Chain
EP- MARKET ALINGMENT
BUSINESS CASE
  • Natural Gas Growing demand 2025 2.8
  • 90 to 176 TCF/year
  • USA
  • Prices projection 4-5 /MillionBTU
  • Demand 23 to 31 TCF/year (63 to 85 MillionCF/d)
  • LNG 2,000 to 15,000 MillionCF/d

Annual Energy Outlook 2004 National Petroleum
Council, Sept. 2003
13
What is Next ?
2003
2004
2005
2006
PLATAFORMA BLOQUES 2, 3, 4 Y 5
2009 - 2012 2008 - 2010 2010 - 2012 2011 -
2012 2015 - 2020 2010 - 2012 2011 - 2012 2015 -
2016
GOLFO VENEZUELA INTERNO FALCON NE
BLANQUILLA
CARUPANO
FACHADA ATLANTICA
ENSENADA BARCELONA
Exploration 2003-2008 800 Million Development
2.5 MillionBPD 6.8 BCFD 6.0 B
2004/2009 (4.0 B by Partners)
TUY - CARIACO
CUBAGUA
LICENSE GRANTING
BLOCKS DEFINITION
PARTNERSHIPSTRATEGY
DATA
BIDDING
APPROV.
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15
Orinoco Belt Opportunities
Synthetic crude oil and products
BnB ORIGINAL OIL IN PLACE 1,360 TOTAL
RESOURCES 272 PROVEN RESERVES 37 PRODUCING
RESERVES 14 Only 5 of the total resources has
been developed
Thbd
On going
556
543
453
HAMACA
368
301
SINCOR
101
CERRO NEGRO
PETROZUATA
16
Orinoco Belt Opportunities
Synthetic crude oil and products
BnB ORIGINAL OIL IN PLACE 1,360 TOTAL
RESOURCES 272 PROVEN RESERVES 37 PRODUCING
RESERVES 14 Only 5 of the total resources has
been developed
Thbd
1000
1000
Potential
200 ThBD Quality products TIER II or
others Industrialization opportunities
GRASS ROOT
850
On going
765
800
potential expansions of on going business
sinergies
200 ThBD TIER II products (JET/DIESEL) or
others
600
556
543
200 THBD High quality products TIER II or
others (JET/DIESEL)
453
SCO to Products
HAMACA
368
400
301
SINCOR
556 synthetic
400 ThBD (Synthetic crude oil)
101
CERRO NEGRO
PETROZUATA
17
Orinoco Belt...Oil Productivity Evolution
Productivity per well was 300 improved in the
last 20 years
3.0 /Bl a 1.0 /Bl
BD / WELL
8.0 /Bl a 3.0 /Bl
1500 - 3000
VERTICAL WELL GRAVEL PACK
1000 - 2000
MULTILATERALS WELLS
MECHANNICAL PUMP
600 - 1200
HORIZONTAL WELLS 4000 - 5000, ESP, MULTIFASIC
PUMPS
HORIZONTAL WELLS 1500, ESP, DILUENT INJECTION
400 - 600
100 - 200
80
95
85
2000
90
2003
18
Cost Per Barrel Structure
UPSTREAM COST 1 /B UPGRADING COST 2 - 3
/B TOTAL OPEX 3 - 4 /B AMORTIZATIONS
FINANCIAL 4 - 5 /B TOTAL COST/BARREL 7 -
9 /B
Compare with Canada Tar Sands - Bitumen 9 to 13
/Bl
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Latin America and The Caribbean
Petro América Initiative
Refining Petrochemicals
Exploration
Marketing Supply
Gas
Production
Petro Caribe
Petro Sur
Petro Andina
On Going San Jose and Caracas agreements
Fuel suplly to Argentina CILA activities
On Study Gas from and to Colombia Grass root
refinery in Brazil Petrocaribe
21
Facts speak louder than words
  • On going projects show the level of commitment of
    Venezuela to become a major LNG supplier by IQ
    2009 (MSP and PDP).
  • Major oil companies accepted to sign a PDA under
    the new Venezuelan Hydrocarbon law because it
    provides legal rights for foreign investors
  • Major and medium Oil companies has submitted
    business proposals for upstream developments, Ex.
    Orinoco Belt, Exploratory areas.
  • So far 10.5 Bn USD have been announce by third
    parties as its commitment with PDVSA 2004-2009
    Business Plan.
  • Complementary route map for business engagement
    final stages are on development, to be realeased
    soon.

SourceAVHI
22
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