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WoodsideBrowse LNG Development
Steve BanksGeneral Manager Browse Development & Governance
February 2013
This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.
All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.
References to “Woodside” may be references to Woodside Petroleum Ltd. or its applicable subsidiaries
Disclaimer and Important Notice
Slide 2
Woodside overview
Slide 3
KGP LNG 4/52004-2008
Nganhurra FPSO2006
Northern Endeavour FPSO 1999
Domgas plant1984
Ngujima-Yin FPSO2008
Pluto gas plant2012
Okha FPSO2011
Pluto A2012
Angel2009
Goodwyn A1995
North Rankin A 1984
CossackPioneer FPSO#
1995
KGP LNG 1-31989-1992
Otway gas plant*2007
*Otway gas plant interest divested 2010 #Cossack Pioneer replaced by Okha in 2011
Australia’s largest oil & gas
resource development
A$27 billion investment
Operating for 28 years
3500+ LNG cargoes
Operated by Woodside
North West Shelf
Slide 4
90% Woodside owned
(operator)
LNG production began in April
2012
First LNG cargo in May 2012
20+ year production life
Pluto LNG
Slide 5
Located in the Timor Sea
80% in Australian waters
Joint venturers
–Woodside (operator)
–Conoco Phillips
–Shell
–Osaka Gas
Sunrise
Slide 6
Browse basin
Slide 7
Contingent resource
– 15.5 Tcf dry gas
– 417 MMbbl condensate
Joint venture with tier one multi-nationals
Greenfields development concept
– 3DTUs, 1CPF offshore– 3 trains with 12 -13mtpa
capacity FID in 1H 2013
Browse LNG resource
Slide 8
Browse video animation
Slide 9
Basis of Design– “Consistent with megaprojects that had good outcomes”
– Independent Project Analysis Front End Engineering & Design
– Top decile FEED definition– “CPF FEED… is considered to be best in class” – Browse
JV Reservoir analysis
– 20% increase in resource base – independently verified by Miller & Lents
Quality development
Slide 10
Competitive tender process
Maximising front-end loading
Optimising lump sum components
Tier one contractors
Browse contracting strategy
Slide 11
Core capabilities and functional excellence
– Leverage lessons learned
Joint venture partners involved in extensive assurance program
Historic Native Title Agreement
State environmental approval
Leveraging our capabilities
Slide 12
Complete evaluation
Secure final approvals
Final Investment Decision
– 1H 2013
Execute
Next steps
Slide 13