hydrocarbons exploration and production in portugal -...
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28-09-2015 Pesquisa de Petróleo em Portugal, ENMC, Fundação Caloute Gulbenkian, Lisboa
Hydrocarbons Exploration and Productionin Portugal
Luís Guerreiro
September 28th 2015
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Outline
• Energy and richness
• Oil price: question for a crystal ball
• Exploration efforts in Portugal
• Portugal attractiveness
• Oil myths
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GDP worldwide
Source: World Energy Outlook 2014
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How difficult is to estimate the oil price
Source: World Energy Outlook 2014
Source: DOE/EIA, Annual Energy Outlook 2015, April 2015
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Global Oil Production 2013-2014
The silent revolution
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Over plus volumes
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0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
K B
OE/
D
ANOS
Oil and gas consumption
Petróleo Gás natural
What is happening in Portugal
Source: Pordata
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How much does Portugal pay for energy?
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• Operations in oil and gas upstream activities
• Participations in concessions and joint ventures worldwide
• Exploration, development, production and sales
• Organization by geographical areas
• Two management units:
Partex Services Portugal (Lisbon)
Partex Management Oil Services (Liechtenstein)
Partex Oil and Gas worldwide
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Partex Oil and Gas in Portugal
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Oil and gas in Portugal, yes or no?
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Geologic Risk : 5 magic factors
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Pangea and the Continental Drift
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COS = 18%5 wells : 1 discovery
Chance of success or dry wells probability
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Bacias Interiores (Onshore/Offshore pouco profundo)
• Bacia do Porto• Bacia Lusitânica• Bacia do Algarve
Portuguese basins
Bacias Exteriores(Offshore mais profundo)
• Bacia Interior da Galiza• Bacia de Peniche• Bacia do Alentejo• Bacia de Sagres• Bacia do Golfo de Cadiz
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Exploration efforts in Portugal
Onshore Offshore
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Exploration Efforts in Portugal
0
500
1000
1500
2000
2500
30002814
2635
2519
1955
1161
1070997 979
725653
591530
382
282 267 248165 156
137 132 120 106 94 83 79 7333 29
13 12 9 7 4 4 4 1
0
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Is Portugal tax attractive for the oil Companies?
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The threat of oil spills
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Source: http://www.whoi.edu/oceanus/feature/while-oil-gently-seeps-from-the-seafloor
Source: Wall Street Journal, “An Oasis of Oil in Kurdistan” Source: Analysis of U.S. Oil SpillageAPI PUBLICATION 356 AUGUST 2009
The source of oil spills
Source: Analysis of U.S. Oil Spillage Regulatory and Scientific Affairs Department PUBLICATION 356 AUGUST 2009
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Source:COMMISSION STAFF WORKING PAPER IMPACT ASSESSMENT, ANNEX IAccompanying the document PROPOSAL FOR A REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCILon safety of offshore oil and gas prospection, exploration and production activitiesBrussels, 27.10.2011SEC(2011) 1292 final
Blowout probabilities – European Waters
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Environmental Impact Assessments (EIA) must comply with the following internationalstandards (non-exhaustive list):
• World Bank (WB)
• International Finance Corporation Guidelines (IFC)
• International Association of Oil & Gas producers Guidelines (OGP or E&P Forum)
• A Guide to Social Impact Assessment in the Oil and Gas Industry (IPIECA, 2004); International Petroleum Industry Environmental Conservation Association (www.ipieca.org)
• Health, Safety & Environment Case Guidelines for Mobile Offshore Drilling Units (IADC, 2010): International Association of Drilling Contractors (www.iadc.org)
• Environmental Guidelines for Exploration Operations in Near-shore and Sensitive Areas (UKOOA, 1995); United Kingdom Offshore Operators Association (www.oilandgasuk.co.uk)
Oil companies Internal HSE and EIA Standards and Procedures
Environmental practices
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Environmental practices
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Reduce energy imports aiming to reduce external dependence
Ensure the continuous supply of energy at reduced prices
Promote the development of local energy fonts, as well as support their production and management in a decentralized manner
Reduce dependence on hydrocarbons and diversify its suppliers
Diversify sources of energy and ensure security of supply
Reduce the environmental impact caused by the production and use of energy
Reduce energy bills
Increase efficiency and energy conservation
Promote the hydrocarbon potential to boost exploration and possible exploitation of oil and natural gas in the Portuguese territory
Support the integration of the national energy market in the EU energy market
Increase the quality of service
Portuguese Energy Policy
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Thank you!