walking through pemex's resources and exploring new ... day … · extra-heavy oil ayatsil...
TRANSCRIPT
PEMEX Investor Day New York – December 4, 2015
GUSTAVO HERNANDEZ-GARCIA
Director of Operations E & P
Walking through PEMEX's resources and exploring new frontiers with the best partners
Content
PEMEX’s Key Drivers & Assignments
Migration from Assignments to Contracts:
Current Service Contracts
Round Zero blocks to Farm-Outs
Round One blocks to Alliances
Strategic Assets
Collaboration and Association Agreements
Production Profile
1
Geologic Basin Cumulative
Production
Reserves 1 Prospective Resources
1P 2P 3P Conventional Non-conventional
Southeast 47.8 10.8 14.2 18.2 12.5 -
Tampico Misantla 6.3 1.0 5.9 10.6 2.4 3.3
Burgos 2.5 0.3 0.4 0.6 - 1.5
Veracruz 0.8 0.2 0.2 0.2 0.6 -
Sabinas 0.1 0.0 0.0 0.1 - 0.4
Deepwater 0.0 0.1 0.4 1.8 5.2 -
Total PEMEX 57.5 12.4 21.1 31.5 20.7 5.2
Exploration projects Development and
production projects
PEMEX’s Key Drivers
Total Mexico 57.5 13.0 23.0 37.4 52.6 60.2
2
Billion barrels of oil equivalent
1. Reserves as of January 1st, 2015. Includes permanent blocks only
Round Zero: PEMEX’s Assignments
• Area: 34.7k Mi2 or 90k Km2
• 83% of Mexico’s 2P Reserves
• 21% of Mexico’s prospective resources
Areas
R0 Production: 286
R0 Exploration: 108
Golden Belt
Source: SENER, CNH 3
PEMEX’s Assignments and Projects
Exploration
4 Source: SENER, CNH
Block or Fields Assignments Portfolio
Projects
Deep
waters
Shallow
waters
Extra
heavy oil Onshore
Non-
conventional
Exploration 108 12 3 3 1 4 1
Production 286 29 1 12 1 14 1
Service contracts 22 4 1 3
Farm-outs 17 7 2 2 1 2
Opportunities 247 18 4 1 12 1
Alosa, Uchukil, Chalabil, Campeche Oriente, Llave, Cuichapa, Comalcalco, Pakal, Perdido, Holok, Han, shale oil and
shale gas.
Field Development: ATG, Ayatsil-Tekel, Ayin-Alux, Lakach, Tsimin-Xux
Production: Arenque, AJB, Burgos, Cactus-Sitio Grande, Cantarell, CLM, Ek-Balam, El Golpe-Puerto Ceiba, Ixtal-
Manik, Jujo-Tecominoacán, KMZ, Ogarrio-Sánchez Magallanes, Poza Rica, Bellota-Chinchorro, Chuc, Costero
Terrestre, Delta del Grijalva, Lankahuasa, Macuspana, Tamaulipas-Constituciones, Veracruz and Yaxché
Production
Why Migration to Contracts
The Energy Reform awarded PEMEX the right to explore and produce based on
“assignments” subject to the existing fiscal regime, whereas all the blocks/fields to be
offered by the State in Round One will be awarded as Contracts of Exploration and
Extraction (CEE), with an improved fiscal regime.
The Reform allows the change (improvements) in the fiscal regime through a migration
process of a current Assignment to CEE:
• From PEMEX entitlement to JV Contract (migration of 22 existing service FPWC/ICE&P)
• From PEMEX entitlement to JV Contract (17 fields as farm-outs)
• From PEMEX entitlement to PEMEX Contracts
Up to now, the bidding rounds have considered differentiated fiscal regimes:
Round 1.1 of Exploration blocks awarded with a Goverment take of 56 and 69 %
Round 1.2 of Extraction blocks awarded with a Goverment take of 83, 70 & 74 %
Round 1.3 of Onshore fields set an additional royalty from 1-10 %
5
2P Reserves
(MMboe)
Expected
Investment1
(USD billion)
Fields
First stage:
22 existing
contracts
First block 380 2.4 Poza Rica-Altamira and Burgos Assets
Second block 1,873 18.0 ATG and Burgos Assets
1st block: CIEP2: Santuario, Pánuco, Magallanes, Ebano, Miquetla, Nejo, Altamira and Arenque
COPF3: Misión and Olmos
2nd block: CIEP: Amatitlán, Miahuapan, Pitepec, Humapa, Soledad, Tierra Blanca , San Andres and Carrizo
COPF: Cuervito, Pirineo, Fronterizo and Monclova
Migration of Existing E&P Service Contracts
6 1. Expected investment associated to 2P reserves production
2. CIEP: Integral Contracts of Exploration & Production
3. COPF: Financed Public Work Contracts for Conventional Gas Burgos Basin
• Target: signing the first CEE in December
COPF Mision (Tecpetrol, Grupo R)
CIEP Santuario, Magallanes, Arenque (Petrofac)
CIEP Panuco (Petrofac & Schlumberger)
CIEP Ebano & Miquetla (Diavaz)
CIEP Altamira (Cheiron)
COPF Olmos (Lewis Energy)
CIEP Nejo (Cobra)
Migration of Existing E&P Service Contracts
7
CIEP Tierra Blanca, San Andres (IHSA-Alfa)
CIEP Amatitlán (Lukoil)
CIEP Miahuapan (Vitol)
CIEP Pitepec (La Latina)
CIEP Humapa (Halliburton)
CIEP Soledad (Baker)
COPF Cuervito, Fronterizo (Petrobras-Teikoku-Diavaz)
COPF Pirineo (MPG)
COPF Monclova (GPA Energy)
CIEP Carrizo (Schlumberger)
Note: CIEP: Integral Contracts of Exploration & Production
COPF: Financed Public Work Contracts for Conventional Gas Burgos Basin
First migration block into CEE includes 9 contracts
Second migration block considers the remaining 13 existing contracts
Asset group (Approximate location)
Fields Description
Mature onshore Rodador Onshore fields producing for more than 10 years
Require secondary recovery and improved recovery methods
Access to capital to accelerate hydrocarbons recovery
Ogarrio
Cárdenas – Mora
Samaria (Tertiary)
Mature offshore (shallow waters) Bolontikú Shallow water fields
Producing fields for more than 10 years
Require secondary recovery and improved recovery methods
Access to capital to accelerate hydrocarbons recovery
Sinan
Ek
Balam
Assets considered for partnership with PEMEX
Farm-outs
8
Asset group (Approximate location)
Fields Description
Extra-heavy oil Ayatsil Shallow water fields close to the Ku-Maloob-Zaap complex
Extra-heavy oil in the range of 6.5 to 13.5° API.
Ayatsil field under development. First production in the 1Q-2015
Tekel
Utsil
Deepwater gas
Kunah Non-associated gas fields located southward the Mexican GOM
Water depth lower than 2,000 meters
Undeveloped fields
Close to the Lakach field, the first Mexican gas field developed in deepwater
Piklis
Deepwater oil
Trión Light oil fields located at the Perdido Area in deepwater of the Mexican GOM
Water depth greater than 2,500 meters
Undeveloped fields
Exploratus
Maximino
Farm-outs
9
Assets considered for partnership with PEMEX
DW
Perdido
DW Gas
Onshore
Total
Maximino
Trión-Exploratus
Kunah-Piklis
Samaria, Ogarrio,
Cárdenas-Mora,
Rodador
Extra heavy
oil Ayatsil-Tekel-Utsil
Shallow
waters
Bolontikú-Sinán
Ek-Balam
Area km2
Cumulative
production
mmboe
Reserves 2015 CAPEX
USD
Billion
Oil
Prod´n
Aug 2015
(tbd)
Gas
Prod´n
Aug 2015
(mmcfd)
1P 2P 3P
MMBOE
217 631 338 770 842 4.5 75 100
142 0 403 750 855 8.3 5 1
461 557 600 691 728 1.9 71 100
89 0 0 296 410 6.1 0 0
131 0 0 0 1,007 19.3 0 0
1,040 1,188 1,341 2,507 3,842 40.1 151 201
14 Fields Approved for Farm-Out Migration
10
Round One (Organized into Five Bid Calls)
First bid call: 14 Exploratory blocks offered on a PSA Contract basis
Two blocks awarded to Sierra Oil & Gas, Talos Energy and Premier Oil
Second bid call: 5 Production blocks comprising 9 fields on a PSA Contract basis
Block 1 awarded for 3 fields to ENI International
Block 2 awarded for 1 field to Pan American Energy LLC and E&P Hidrocarburos y
Servicios
Block 4 awarded for 2 fields to Fieldwood Energy LLC and Petrobal
Third bid call: 25 onshore fields offered on a License basis
Contracts to be awarded on December 15, 2015
Burgos area (8 fields), Northern Region (5 fields), Southern Region (12 fields)
Fourth bid call: Deepwater blocks and extra-heavy shallow water blocks, to be launched in Dec/2015
Fifth bid call: Will include non-conventional blocks (launch date TBD by SENER)
11
12
Expected
Investment
(USD million)
Fields
Deepwater 1,5911 Perdido Area
3,2221 South Gas basin
Chicontepec &
non-conventional
2,6782 Aceite Terciario del Golfo Asset
8,9271
Onshore, shallow
water & extra-heavy
crude oil
1,1042
Pit, Pohp, Alak, Kach & Kastelan 7241
Non-conventional gas 1421 Sabinas basin
Potential Annual
Investment
(2015-2018):
USD 8.5 billion
18,388
Round One
1. Prospective resources
2. 2P reserves
Source: Pemex Exploration and Production
Upstr
eam
General
Purpose
Agreements
Collaboration and Association Agreements
MOUs
Collaboration
Agreements
Cooperation &
NDA Agreements
13
Rest of fields*
Cantarell
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Crude Oil Production (monthly)
2004 2005 2006 2007 2008 2015
Total 3,383 3,333 3,256 3,076 2,792 2,601 2,577 2,553 2,548 2,522 2,429 2,266
Cantarell 2,136 2,035 1,801 1,490 1,040 685 558 501 454 440 375 276
Rest of fields1 1,247 1,298 1,455 1,586 1,752 1,916 2,019 2,052 2,094 2,082 2,054 1,990
2009 2010 2011 2012 2013 2014
Total
Yearly average in Thousand barrels/day
14 1. Rest of fields Includes: Ku-Maloob-Zaap, Abkatún-Pol-Chuc, Litoral de Tabasco, Cinco Presidentes, Bellota-Jujo, Samaria-Luna, Macuspana-Muspac, Poza Rica-Altamira, Aceite Terciario del Golfo and
Veracruz
Growth Relies on the Efficient Implementation of the Energy Reform
0
1,000
2,000
3,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Oil production
Thousand barrels/day
Offshore
Onshore
Histórico Projection
2.6 million bd 2.27
million bd
Unconventional
New discoveries
Exploration
Farm-Out PEMEX
Farm-Out Partners
0.9
0.4
0.3
0.05
0.5
0.2
0.2
15
PEMEX: A Machinery on the Move
Round Zero PEMEX Assignments
Migration into CEE of 22 existing service contracts
Migration into CEE of 17 chosen fields (Farm-outs)
Round One Strategic partnerships:
With players of CEE awarded in Rounds 1.2 - 1.3
With players in Round 1.4 deepwater and extra-heavy oil
Farm ins Listening to the market . . .
Other strategies Monetization: Upstream transport system (USD 30+ billion)
Sale & lease back: New offshore infrastructure (USD 2+ billion)
Financial leasing: E&P projects
Financial drilling: Yaxche-Xanab, Kuil-Onel-Homol (USD 500 million)
16
Why Mexico? Why PEMEX?
Mexico is the 9th world oil producer with a
large and diversified endowment of resources
Mexico is a country integrated to the global
dynamics, with a high diversity of
international trade agreements (45+)
including NAFTA. Free flow of people and
goods.
Existing local supplier base and proximity to
one of the most sophisticated supply industry
hubs in the world.
Macroeconomic and political stability for
investments.
PEMEX is a well established operator with long
history, good track record and experience, as
well as:
Unparalleled understanding of the country’s
geology
Knowledge of domestic E&P regulation
Existing production infrastructure to
commercialize faster
Well established supply chain
Expertise in stakeholder and community
management
Both PEMEX and Partners can Benefit from JVs in Round Zero and Round One Assets
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