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Delivering Growth:GoM Deepwater Exploration
Jim FarnsworthVice President, Gulf of Mexico Deepwater Exploration
Excellent Track Record
0
100
200
300
400
500
600
700
800
Re
so
urc
es
Y
ea
rly
m
mb
oe
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
2800
3000
Cu
mm
ula
tiv
e m
mb
oe
Ram Powell
MarsUrsa
Kepler
Diana
Mickey
KingKing’s PeakMarlin
EuropaTroika
FourierNeptune
Ariel
CrosbyHooverAnstey
AtlantisMadDog
HolsteinCrazy Horse
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
N
HoustonHouston
0 500 1000 1500 2000 2500 3000 3500 4000
BP
SHELL
EXXON MOBIL
UNOCAL
BHP
KERR McGEE
AGIP
ENTERPRISE
TEXACO
ALL OTHERS
MMBOE
ProducingPlanned
Total: 9.6 BBOE
Estimated Net ResourcesBy Company
Source: J. S. Herold Deepwater IntelligenceDatabase and Publicly Announced Discoveries
36%
25%
13%
HoustonHouston
0 500 1000 1500 2000 2500 3000 3500 4000
BP
SHELL
EXXON MOBIL
UNOCAL
BHP
KERR McGEE
AGIP
ENTERPRISE
TEXACO
ALL OTHERS
MMBOE
ProducingPlanned
Total: 9.6 BBOE
Estimated Net ResourcesBy Company
Source: J. S. Herold Deepwater IntelligenceDatabase and Publicly Announced Discoveries
36%
25%
13%
Houston
New Orleans
0 100
Miles
BP Leases
8-17-00 Unclassified/ ogreg4548.cnv.Hou
Leading Deep Water Lease Position
Chevron
Source: Lexco Database, Minerals Management Service: WD >1000’
BP
Vastar
Exxon-Mobil Shell
Texaco
Others
Lease Holdings - June, 2000
802
Chevron
Crazy Horse
Mars
Atlantis
Mad Dog
Troika
Baha
Diana
2500
5000
7500
10000
N
GoM Deepwater Potential
Texas Louisiana
HoustonNew Orleans
600'
6000'0
1
2
3
4
Shallow Water (<2500’)Area 60 M mi2
Production 3 MMboe/dDiscovered 40 Bboe
6000'600'Deep Water (>2500’)Area 50 M mi2
Production* 800 Mboe/dDiscovered† 10 BboeURH 10-40 Bboe
*1999 Est.† includes Crazy Horse
The deepwater is still realtively immature and has the potential for 40 BBOE in large fields.
0
5
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25
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35
40
1
101
201
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401
501
601
701
801
901
1001
1101
Shelf
Deepwater (WD >2500ft)
Cu
mu
lati
ve
Re
so
urc
e
(BB
OE
)
Discovery Sequence
N
Exploration Philosophy
Frontier: New Geology(ultra-deep drilling)
S
6-10,000 FT. W.D.
BASE SALT
PLEISTOCENE- PLIOCENE
MIOCENE-CRETACEOUS
BASEMENT
SALT
SALT
Original Salt Layer
Seafloor
Established Plays
(ultra-deep water)Frontier: New Geography
•BP led the exploration of new plays in deeper sections and in deeper water
N
Key Technology: Petroleum Systems Analysis
N
Source
Shale
SandSlity Sand
Salt
Condensed
Silty Shale
Lithology Key
Hydrocarbon Saturation
Low High
Key Technology: Depth Imaging
3DDepth Imaging
3DTime Imaging
N
•DuallGradient Drilling•Dual Gradient Drilling
Shallow Water Flow Zone
•Free-Standing Riser
•Pre-set Taut-Leg Mooring
•Utilization of 2nd/3rd Gen. Rigs
•Free-Standing Riser
•Pre-set Taut-Leg Mooring
•Utilization of 2nd/3rd Gen. Rigs
•Expandable Casings•Expandable Casings
Key DW Drilling Technologies
SALT+
+++
++
++
+++
+
+
+
++ +
+
+ +
++ + + +
+
+
+
++•SubsaltDrilling Optimization•Salt Drilling Optimization
N
Key Technology: Subsalt Drilling
•Eliminate Casing Strings•Technical Limit Drilling•Cost Savings of 30% over previous subsalt well
6000ft
-28000-27000-26000-25000-24000-23000-22000-21000-20000-19000-18000-17000-16000-15000-14000-13000-12000-11000-10000-9000-8000-7000-6000-5000
0 5 101520253035404550556065
Cost $MM
Dep
th
WD = -5,700'
Well Depth vs. Cost
Total Depth
Eliminate Intra-saltCasing String
Eliminate Second Casing String
Actual Cost
PlanCost
Western Geophysical
N
Gulf of Mexico Deepwater
N
Act
ual
/ P
roje
cted
BP
Net
of
Ro
yalt
y m
bo
ed
Near Term Projects
Major Developments
Managing the Base
1999 2000 2001 2002 2003 2004 2005 2006 2007
0
100
200
300
400
500
600
700
800
Keeping the Facilities Full
Currently Drilling Exploration and Appraisal Wells
JOLIE
T
(11 mbd)
RamPowel l
Marl in
KingKing's Peak
Pompano
Nakika
UrsaMars
CrosbyEuropa
Neptune
Troika
M ica
Crazy Horse
Holstein
0 50 Miles
Made from 05084304.cv3
TexacoPOSEIDON
(400 mbd)
AM
BE
RJA
CK
(275
mbd
)
LoopStorage DELTA
(300 mbd)
COBIA(200 mbd)
(60
mbd
)
(150
mbd
)B
ON
ITO
(75
mbd
)
COUGAR(60 mbd)
BO
XE
R
(60
mbd
)
LOBSTER
(100 mbd)
LoopSPMs
MARS Oils P/L(400 mbd)
COGNAC(60 mbd)
(85 mbd)
RAM POW
ELL
(60 mbd)
BUD
(25 mbd)
Bison
Poseiden
Crazy HorseNorth
Crazy Horse Appraisal
Atlantis AppraisalMad Dog Appraisal
TimonProducingDevelopmentsDiscoveriesDrillingFuture Pipelines
Texaco
EIP
S (200 m
bd)
WH
ITE
CA
P
(195 mbd)
LOCAP
St.. James
Houston
BP 36%3.5 bboe
Others 64%6.1 bboe
Estimated Net Resources
Baha
N
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