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1 - Classification: Internal 2011-09-19
Statoil’s Unconventional Strategy/Portfolio
Business opportunities with unconventionals
London 20 September 2011
Atle Rettedal
SVP New Ventures, Statoil
2 - Classification: Internal 2011-09-19Classification: Internal (Restricted Distribution) 2011-09-06Classification: Internal (Restricted Distribution) 2011-09-05
2 - Classification: Internal (Restricted Distribution) 2011-09-052 -
Data from World Energy Outlook, US Geological Survey , US Energy Information Administration and World Coal Association
Oil produced Oil resources Gas produced Gas resources Coal1,1 Tbbl
Methane hydrates
2-120 Tbbl
0,4 Tbbl
ShaleConv.
CBMTightOil shale
Oil sand
EHO
Conv.
CoalResources30+ Tbbl
7,8 Tbbl8,8 Tbbl
Global energy resources
3 - Classification: Internal 2011-09-19
4 - Classification: Internal 2011-09-19
Apply technology to expand in unconventionals
• Early access to positions at low end of the cost-curve at attractive prices
• Partnerships and secondments to build capabilities
• Accessed midstream position
• Kai Kos Dehseh transaction
• Substantial production growth
• Innovate & leverage skill-base
− Apply subsurface competence
− Establish technology hubs
• Kai Kos Dehseh operations
− Successful start-up
− Ramping up production
• Taking on operatorship in Eagle Ford
Cost curve post tax breakeven
Track record
USD/mcf Statoil shale Assets
Resource potential, Tcf
0
10
1,0005000
100
200
300
mboed
20202010
Production
Long term materialityStatoil to operate
2011/2012 delivery
Kai Kos Dehseh
Marcellus
Eagle Ford
5 - Classification: Internal 2011-09-19
Statoil’s US Shale Portfolio• Marcellus (dry gas):
− Acquired 32.5% of Chesapeake’s interest in the Marcellus shale
• Eagle Ford (rich gas):
− Acquired 50% of Enduring’s acreage with Talisman as partner
− Shared operatorship
Marcellus Eagle Ford
ft 6000-9000 9000-14500
m 1800-2700 2700-4400
ft 25-250 140-450
m 10-80 40-140
Organic Content % 5-8 2-7
psi/ft 0.55-0.65 0.60-0.72
bar/10m 1.24-1.47 1.36-1.63
Porosity % 6-8 6-12
Permeability nD 500-2000 200-3000
Depth
Thickness
Pressure
6 - Classification: Internal 2011-09-19Classification: Internal (Restricted Distribution) 2011-06-22Classification: Internal (Restricted Distribution) 2010-12-11Classification: Internal (Restricted Distribution) 2010-12-10Classification: Internal (Restricted Distribution) 2010-12-10Classification: Internal (Restricted Distribution) 2010-12-09Classification: Internal (Restricted Distribution) 2010-12-07Classification: Internal (Restricted Distribution) 2010-12-03Classification: Internal (Restricted Distribution) 2010-11-30Classification: Internal (Restricted Distribution) 2010-07-28Classification: Internal (Restricted Distribution) 2010-07-28Classification: Internal (Restricted Distribution) 2010-07-28Classification: Internal (Restricted Distribution) 2010-07-28Classification: Internal (Restricted Distribution) 2010-07-26Classification: Internal (Restricted Distribution) 2010-07-26Classification: Internal (Restricted Distribution) 2010-07-23Classification: Internal (Restricted Distribution) 2010-05-06Classification: Internal 2010-04-15Classification: Internal 2010-04-12
Classification: Internal (Restricted Distribution) 2011-05-18Classification: Internal 2011-05-17Classification: Internal 2011-05-09Classification: Internal 2011-05-17Classification: Internal 2011-05-09Classification: Internal 2010-06-02Classification: Internal 2010-05-
20Classification: Internal 2010-04-16Classification: Internal 2010-05-20Classification: Internal 2010-04-16
Statoil’s Marcellus asset
6 - Classification: Internal 2010-04-16
• JV with Chesapeake Energy since Nov. 2008• Statoil: 682,000 Net Acres• Top tier acreage positions in two core areas• Utica (liquids) potential• ~30 JV operated rigs • 50,000 boepd target in 2012• Low cost F&D • Low cost early entry
Statoil-Chesapeake Joint Venture
Nov
200
8 --
----
-
7 - Classification: Internal 2011-09-19
Statoil’s Eagle Ford asset
7 -
• Joint Venture with Talisman since Dec. 2010• Pathway to operatorship for Statoil • Statoil: 67,000 net acres • Growth opportunities• 5 JV operated rigs today. 8 by year end• About 60% of revenue expected from liquids• Low cost early entry
Statoil-Talisman Joint Venture
Nov
200
9 --
----
-
8 - Classification: Internal 2011-09-19
Local stakeholders and land access
Local impact
• Land-based shale involves frequent interaction with local stakeholders
• Fit for purpose impact assessments and sound CSR and HSE measures crucial to success
Land access
• The US is unique in terms of coupling land access and resource access
• All relevant countries outside US will involve:
− Access to resources through government
− Access to land through negotiations and relationship with authorities and land owners
9 - Classification: Internal 2011-09-19
Source: Wood Mackenzie M&A Service (September 2011)
0
50
100
150
200
2006 2007 2008 2009 2010 2011 YTD
Dis
clos
ed A
cqui
sitio
n Sp
end
(US$
bn)
Conventional & Mixture
Heavy Oil
CBM
Tight Gas
Shale Gas
Shale Oil
Increasing unconventional share of global M&AGlobal M&A spend by asset type
10 - Classification: Internal 2011-09-19
North American cluster
• Provide sufficient scale for an industrial position
• Put Statoil in Top 5-10 for shale
• Continue the NA growth trajectory of 2-3x production growth every 5
years
Global growth portfolio
• Take positions in emerging plays to create a strong portfolio by 2015
Ambition
• 1 based on today’s market concentration and the expected shift towards unconventionals
Our ambition towards 2020Industrial position in North America – Global long-term options
Options
Marcellus
Eagle Ford
Proved plays
Immature
plays
11 - Classification: Internal 2011-09-19
Emerging views of gas resources globally
Range of technically recoverable gas resources
(tcf)
Europe
South America
Canada
USA
Africa
Australia
China
Other Asia PacificMexico
Sha
le g
asC
BM
T
ight
gas
Legend:
EIA: 639 tcf
EIA: 1042 tcf
EIA: 1225 tcf
681 tcf
EIA: 388 tcf
EIA: 114 tcf
EIA: 1275 tcf
EIA: 396 tcf
Low
High
0
200
400
600
800
1000
1200
1400
1600
1800
2000
tcf
Estimates outside NA are immature and based on a limited data set
CBM and tight gas estimates reflect limited research coverage
WM: 126 tcf
WM: 129 tcf
WM: 35 tcf
WM: 21 tcfWM: 69 tcf
WM: 585 tcf
EIA: 862 tcfWM: 202 tcf
Sources: WoodMackenzie (WM) (2011), US Energy Information Administration (2011), Advanced Resources International (2009), IHS Cera (2010/11)
Note: The estimates are based on different evaluation methods and include different unconventional plays which makes them not directly comparable.
12 - Classification: Internal 2011-09-19
Thank you
Atle Rettedal
Senior Vice President
[email protected] www.statoil.com