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Petroleum Company of Trinidad and Tobago Limited
Trinidad and Tobago Energy Conference
Hyatt Regency Hotel and Conference Centre,
Trinidad
2017 January 23-25
Energy Based, People Powered
UPSTREAM OPERATIONS
• Crude oil Production averaged 43,388 BOPD for FY 2016 (Includes JV/LO/FO/IPSC)
• Land: 84 MMBO (proved reserves 2015)
• Marine: 46.6 MMBO (proved reserves 2015)
• 203.9 BSCF (proved gas reserves 2015)
Production and Reserves
• 189,004 acres Onshore
• 810,892 acres Offshore
Net Acreage (2016 September 30)
• Onshore and offshore Joint Ventures (JV) – Twenty-three (23)
• Lease Operatorships (LOs) – Twenty-four (24)
• Incremental Production Service Contracts (IPSCs) – Seven (7)
• Farmouts (FOs) – Ten (10)
Partnerships
Upstream Operations
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Upstream
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KEY STATISTICS FY 2015 FY 2016Unaudited
FY 2017Forecast
WTI (US$/BBL)
56.54 41.54 52.08
Net Income/(Loss)(TT$ Million)
440.0 (87.2) 266.0
CAPEX (TT$Million)
1,246 1,143 460
Crude Production (Bopd)(Incl LO/FO/IPSC)
45,960 43,338 43,494
Gas Production (mmcfd)
150.7 131.5 105.1
Government Take (TT$Million)
1,430 517 891
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2016 Update - Own Operations
Onshore Drilling
Drilled and completed eighteen (18) wells on Land : Nine(9) primary and nine (9) EOR
Offshore Drilling
Five (5) wells drilled and completed in the SoldadoAcreage
Trinmar OBC 3D Seismic Survey
In Fiscal 2014, acquired 540 km2 of full fold Ocean BottomSensor/Cable 3D Seismic in Trinmar. Final processing inprogress:
Phase 1 Depth migration - completed
Phase 2 Depth migrated seismic data completed and a copyof the volume was submitted to the MEEI as required by ourLicense obligation to do so by December 31st, 2016
Phase 3 Converted Wave processing continues, expectedcompletion date: End 1st Quarter 2017
South West Soldado(SWS)
Continued drilling and reactivation activities, along withrequisite upgrade and installation of facilities andinfrastructure in these fields
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2016 Update - Partnerships
Joint Ventures (JV) Drilled one (1) Appraisal well Ruby 3 in Block
3(a)
Lease Operatorship (LO) Blocks
Eight (8) development wells drilled
Farmout (FO) Blocks Three (3) development wells drilled
Incremental Production Service Contracts (IPSC)
Twenty (20) development wells drilled
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* Wells drilled in FY2016 (LO, FO and IPSC Blocks) as per Minimum WorkObligations
2017 PLANS
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2017 Plans - Upstream
Asset Integrity Robust Asset Integrity Programme in all E&Poperations in conformance with InternationalStandards (incl. Abandonments)
Drilling Onshore: Drill ten (10) wells (three (3) primary andseven (7) EOR)
Offshore: No Drilling is proposed for Fiscal 2017
Workovers
(ETWs/NRTs/Convs/Abd)
Onshore: Fifty-six (56)
Offshore: Sixty-three (63)
South West SoldadoProject (SWS)
Key activities include:
New Pipelines and Infrastructure – In progress
Workovers (NRTs & Reactivations) – On-going
Reviewing progress and way forward to complete Phase 1
The existing Eagle II will be utilized for a further one yearfrom August 2016, during which time, efforts willcontinue on procurement of a suitable Production andCompression Facility
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2017 Plans – Upstream (Cont’d)
Joint Ventures (JV)
Continue exploration/development MWOactivities and production/maintenanceactivities; commence development drilling inBlock 1(a) during 2H’2017
Lease Operatorship (LO) Blocks
Eight (8) development wells to be drilled *
Farmout (FO) Blocks Five (5) development wells to be drilled *
Incremental Production Service Contracts (IPSC)
Ten (10) development wells to be drilled *
(* Work plans for FY2017 LO, FO and IPSC Blocks are based on the Minimum WorkObligations)
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Upstream Challenges
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Upstream Challenges
Declining production
and reserves Increasing
operating and capital
costs
Aged and non-optimal
infrastructure, inadequate for
significant production
increase
License Obligations (Exploration Drilling) due in 2017 and
2018
Insufficient cash generated
to fund investment
requirements due to low
crude prices
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Upstream Initiatives
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Upstream Initiatives
Manage Old Oil Decline
Build/ Improve
Capacity & Reduce Costs
New Oil
Increase 3rd Party
Participation in existing asset base
South West
Soldado/
Jubilee
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Capital Expenditure Forecast
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Crude Oil and Gas Production Forecast
(BOEPD)
Given the current volatile economic environment, we will continueto aim for operational excellence and beyond compliance in HSEand Asset Integrity performance
Exercise greater discipline in the management of our capitalinvestment and operating costs, with periodic reviews of theseexpenses especially in relation to price volatility
Implement sustaining strategic initiatives with the desired resultsof maintaining our natural production decline, increasing newproduction and reserves, reducing unit operating and lifting costsand improving asset reliability
Remain focused on our commitment to our workforce by re-engineering our development strategy to ensure that all ouremployees are proficiently trained, motivated and committed toincreasing productivity and thus securing the sustainability ofPetrotrin.
Way Forward
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Presented By:
Stephen Awah
Vice President, Exploration & Production
Energy Based, People Powered
THANK YOU
Trinidad and Tobago Energy Conference
Hyatt Regency Hotel and Conference Centre, Trinidad
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