FREE ELECTRONIC LIBRARY - Dissertations, online materials

Pages:   || 2 | 3 | 4 |

«Upstream Operations by country The exploration and production of oil and gas is Repsol's main growth driver. The project portfolio is managed with a ...»

-- [ Page 1 ] --

Annual Report



Operations by


The exploration and production of oil and gas is Repsol's main growth driver. The project portfolio

is managed with a view to achieving profitable, diversified and sustainable growth, with a

commitment to safety and the environment. The pillars of its strategy, defined in the 2012-2016

Strategic Plan, are based on increasing production and reserves, by increasing its presence in

countries belonging to the Organization for Economic Cooperation and Development (OECD), achieving operational excellence and maximizing the profitability of its assets.


€ million 2013 2014 Variación (%) North America and Brazil 90 145 61 North Africa 227 25 (89) Rest of world 663 419 (37) ADJUSTED NET INCOME 980 589 (40) At year-end, Repsol's upstream area held stakes in 695 oil and gas exploration and production blocks (not including unconventional resources) in 29 different countries, either directly or through investee companies. The company's mining holdings have been increased by 28 new exploration blocks, representing 38,218 km2 of new gross exploratory area and one country, Gabon.

In 2014, Repsol achieved a proven reserve replacement ratio of 118%, in line with the already impressive ratios reached in 2013 (275%), 2012 (204%), 2011 (162%) and 2010 (131%), thus incorporating resources that significantly strengthen the company's future growth.

Completed development wells Positive Negative Under evaluation Total 2013 2014 2013 2014 2013 2014 2013 2014 Europe - - - - - - - - Latin America 95 78 6 5 6 8 107 91 Brazil 4 9 - - - - 4 9 Peru 1 1 - - - - 1 1 Trinidad and Tobago 5 5 - - 2 2 7 7 Venezuela 29 28 - 3 1 5 30 36 Other countries in South America 56 35 6 2 3 1 65 38 Central America - - -

–  –  –

(1) Does not include appraisal wells. In 2014, 10 were completed, of which 8 were positive. One well remained in progress.

Output Average net output in 2014 stood at 355,000 barrels of oil equivalent per day, up 2.5% on 2013.

This increase is due to the connection of four additional production wells in Sapinhoá (Brazil), the start of production at Kinteroni (Peru), the drilling of unconventional resource assets in Kansas and Oklahoma (US) and the start of production of the second phase of Margarita (Bolivia) and SK (Russia). These projects offset the production downtime in Libya in 2014, which lasted more than 220 days.

–  –  –

Reserves At December 31, 2014, Repsol's proven reserves, estimated as per the US Securities and Exchange Commission's (SEC) conceptual framework for the oil and gas industry and in accordance with the criteria envisaged under the Petroleum Reserves Management System of the Society of Petroleum Engineers (PRMS-SPE), amounted to 1,539 MMboe, of which 441 MMboe (29%) are crude oil, condensates and liquefied gases, and the remaining 1,098 MMboe (71%) are natural gas.

In 2014, the reserves trend was positive, with the addition of a total of 153 MMboe, mainly from extensions and discoveries in Peru and Brazil, and revisions of previous estimates in Trinidad and Tobago, the United States and Brazil.

In 2014, Repsol reported a reserve replacement ratio (measuring total additions of proven reserves over the period relative to production for the period) of 118% for crude oil, condensate, LPG and natural gas (139% for crude oil, condensate and LPG, and 106% for natural gas), in line with the long-term objectives.

Annual Report 2014

UpstreamOperations by country

The upstream division around the world At year-end 2014, the upstream area held mineral rights in 695 blocks, with a net surface area of 189,312 km2. These mineral rights include the company's participation in a major project involving unconventional resources at the Mississippian Lime reservoir in the United States. Of the total number of blocks, 604 are exploratory, totaling a net area of 178,717 km2. Repsol completed 24 exploratory wells in 2014, three of which produced positive results. At year end, 10 exploratory wells were being drilled or were nearing completion.

Additionally, 10 appraisal wells were completed, of which 8 were positive.

–  –  –

Production/development block At year-end 2014, Repsol held mineral rights on 28 blocks in Spain: 18 exploration blocks, with a net surface area of 6,698 km2, and 10 blocks for development covering a net area of 332 km2.

In 2014, Repsol produced a total of 1.9 MMb and 0.6 bscf, giving a joint production of 2 MMboe (5,454 boepd), mainly located in the area of Casablanca, Lubina and Montanazo, in the Mediterranean Sea. Net proven oil reserves at the end of the year were estimated to total 3.2 MMboe.

2014 milestones In the first quarter, the Ministry of Industry, Energy and Tourism granted Repsol the Medusa hydrocarbon research permit, in the Mediterranean Sea off the coast of Tarragona. The area is near the Lubina and Montanazo fields.

At December 31, 2014, this permit was pending official approval.

In June 2014, the Ministry of Agriculture, Food and Environment issued a favorable Environmental Impact Statement for the exploratory activity under the Canarias 1-9 permits.

That same month the Supreme Court dismissed the contentious-administrative appeals that had been filed by several Canary Island institutions and in August the Directorate-General for Energy Policy and Mines authorized the execution of up to three exploratory wells. On November 18, drilling began at Sandía-1X using the dynamic positioning vessel Rowan Renaissance, one of the safest and most modern vessels in the world. The investigative work concluded on January 28 after the preliminary analysis of the samples determined that the gas discovered did not have adequate volume or the quality required for its subsequent commercial exploitation.

In the fourth quarter of the year, the Ministry of Agriculture, Food and Environment approved the Environmental Impact Statement (EIS) for the 3D seismic data acquisition projects in the area of Casablanca and for the drilling of exploratory wells at Fulmar-1 and Pelícano-1. The latter are located in the Bay of Biscay, in the Fulmar exploration concession. It is operated by Repsol, which has a 84.23% stake. The total depth of both wells is estimated at about 4,000 m, with water depths of between 170 and 385 m. Following the approval of the EIS, the only authorization pending in order to commence the works is that of the Ministry of Industry, Energy and Tourism.

In early February 2015, following completion of the work, oil production was restarted at the Rodaballo-1 well in the Rodaballo field. This well is operated by Repsol in the Casablanca area.

–  –  –

At December 31, 2014, Repsol owned mineral rights to three exploration blocks in the country, with a net surface area of 3,854 km2.

2014 milestones Two exploratory wells were completed, which are now in the appraisal phase. In block 22, where Repsol is the operator and has a 30% stake, drilling was performed at the Locosso-1 well. Drilling was also completed at the Ombovo-1 well in block 35, where Repsol owns a 25% stake. Both blocks are located in the Angolan pre-salt layer in the Kwanza basin.

At Locosso-1, the company used the state-of-the-art dynamic positioning vessel Rowan Renaissance. This vessel, along with Ocean Rig Mylos, was hired by Repsol in 2012 to boost the company's offshore activity.

–  –  –

Exploration block At December 31, 2014, Repsol held mineral rights to one exploration block in the country, with a net surface area of 5,647 km2.

2014 milestones In the second quarter, BHP Billiton Petroleum Australia acquired a 55% stake in exploration block WA-480-P. This offshore block, which was awarded to Repsol by the Australian government in 2012 (100% stake), has a surface area of 12,548 km2 and a water depth of 1,000 to 4,500 m. It is located about 280 kilometers from Port Hedland, in the Pilbara region (northwest Australia), in the northern Carnarvon Basin, the country's most hydrocarbon-rich area.

This exploration license, corresponding to a high-potential border area, bears out Repsol's strategy to grow in Organization for Economic Cooperation and Development (OECD) countries.

In April, the company completed the processing of the existing 3D seismic data; in July it completed a project to obtain 1,913 km of 2D seismic data; and in September, the project to collect and analyze samples from the seabed and take heat flow measurements was completed, aiming to reduce the geological risk of the project. With these undertakings, the commitments agreed for the second year of the permit were met.

–  –  –

Exploration block At December 31, 2014, Repsol held the mineral rights to one exploration block in the country, with a net surface area of 5,026 km2.

2014 milestones In the first half of 2014, Total (35%) and BG (30%) effectively entered this offshore project.Repsol continues to be the operator (35%). In the second half of the year, a project was undertaken to acquire 3,247 km2 of 3D seismic data which, after processing in 2015, will enable the possible location of the first exploratory well to be defined, scheduled for 2016. The Aruba PSC block, with an area of 14,360 km2, was awarded to Repsol in 2012 (100% stake). This agreement is divided into four exploratory phases and is currently in the second phase.

–  –  –

Exploration block Production/development block At year-end 2014, Repsol held mineral rights to three blocks in Algeria: One exploration block, with a net surface area of 2,162 km2, and two development blocks, with a net surface area of 998 km2.

Net output for the year was 0.8 MMb of oil and 11 bscf of natural gas, with a net total output equivalent to 2.7 MMboe (7,518 boepd), originating from the TFT block (operated jointly by Sonatrach and Total). The net proven reserves of liquids and natural gas at year end were estimated to total 22.5 MMboe. In 2014, 3D seismic data was recorded for an area of 1,013 km2.

In Algeria, Repsol is focusing on the operation of one production asset (Tin-Fouye Tabankort); a gas development project considered a key part of the 2012-2016 Strategic Plan (Reggane) and a further exploratory project (SE Illizi).

2014 milestones In the second quarter important steps were taken towards starting production at the major gas development project Reggane Nord. Groupement Reggane (an operating consortium formed by Sonatrach, Repsol, RWE Dea and Edison International) signed an agreement for the engineering, procurement, construction, commissioning and start-up of the project's surface facilities. This agreement includes the construction of a gas treatment plant with 8 million daily cubic meters of nominal capacity, a producing wells collection network and a gas transport line that will connect the plant to the GR-5 trunk gas pipeline. This work is expected to last 36 months and gas production will commence in the second half of 2017.

In January 2015 drilling work began.

This gas project in the Algerian Sahara includes the development of six oil fields (Reggane, Kahlouche, South Kahlouche, Sali, Tiouliline and Southeast Azrafil) in the Reggane Basin, about 1,500 kilometers southwest of Algiers. Repsol holds a 29.25% stake in the project, alongside the Algerian state-owned company Sonatrach (40%), Germany's RWE Dea (19.5%), and Edison of Italy (11.25%).

In Reggane, a 3D seismic data acquisition project was completed in April 2014 in order to improve the resolution and quality of the information on the oil fields. The new data is expected to be processed by the end of the first half of 2015.

In the 4th exploratory round of ALNAFT, Repsol secured a new exploration area in Algeria. This refers to the Boughezoul block, located in the north of the country, in the Atlas region, and spans around 20,000 km2. In October, the Algerian government signed an exploration and exploitation agreement. Repsol will act as operator with a 51% stake during the exploratory phase (25% in the future development phase). At December 31, 2014, this permit was pending official approval.

–  –  –

Exploration block Production/development block At December 31, 2014, Repsol held mineral rights to 29 blocks in Bolivia, located in the Beni, Pie de Monte, Subandino Sur and Subandino Norte basins: Four for exploration, with a net surface area of 6,684 km2; and 25 for development, with a total net area of 1,557 km2. Net production for the year was 3 MMb of oil, including condensates and liquid products separated from natural gas and 64.9 bscf of natural gas. The equivalent total net output was 14.6 MMboe (39,968 boepd) and was mainly concentrated in the Margarita-Huacaya block (operated by Repsol) and in the San Alberto and San Antonio fields (held by Andina and operated by Petrobras) and Yapacani and Rio Grande (operated by Andina, with a 48.33% stake held by Repsol).

2014 milestones In the strategic growth project Margarita-Huacaya, gas production peaks of 16.5 Mm3d were recorded during the year, exceeding the production of 15 Mm3d reached since January 2014.

The plateau of 14 Mm3d, which was expected to be reached in October 2014, was achieved ahead of time. In Margarita-Huacaya, six production wells were drilled. The two most recent, MGR-5 and MGR-6, were completed in 2013. In the first quarter of 2015, two further wells are expected to start operating: MGR-7 and MGR-8.

The first phase of this important project went into production in May 2012. The commissioning of the gas processing plant, along with the fluids collection system, gas pipelines and the completion of wells, allowed total gas production to be increased from 3 to 9 Mm3d in 2012.

The second phase was launched in October 2013, increasing gas processing capacity to 15 Mm3d. In 2014, the third phase was approved, which will make it possible to reach an output of 18 Mm3d in the first quarter of 2016.

The development plan for the Margarita-Huacaya area is one of the key growth projects in the 2012-2016 Strategic Plan. The Caipipendi Consortium, entrusted with the project, is operated by Repsol (with a 37.5% stake), alongside partners BG (37.5%) and PAE E&P (25%).

–  –  –

Pages:   || 2 | 3 | 4 |

Similar works:

«Innovative Approaches to Slum Electrification USAID Bureau for Economic Growth, Agriculture and Trade U.S. Agency for International Development Washington, D.C. 20523 DECEMBER 2004 USAID Innovative Approaches to Slum Electrification DECEMBER 2004 Acknowledgements This report was prepared by Advanced Engineering Associates International (AEAI) under the Energy IQC, a contract for the Office of Energy and Information Technology, US Agency for International Development (Work Order No. 168,...»

«Finance Chapter 355-9-1 ALABAMA DEPARTMENT OF FINANCE ADMINISTRATIVE CODE CHAPTER 355-9-1 OFFICE OF INDIGENT DEFENSE SERVICES TABLE OF CONTENTS TABLE OF CONTENTS 355-9-1-.01 Creation Of Office Of Indigent Defense Services (OIDS) 355-9-1-.02 Director Of OIDS 355-9-1-.03 Availability Of Records In The Custody And Control Of OIDS 355-9-1-.04 Time Limit For Submission Of Attorney Fee Declarations To OIDS 355-9-1-.05 Dispute Resolution Process Regarding Attorney Fee Declarations 355-9-1-.06 Billing...»

«BATES COUNTY MEMORIAL HOSPITAL Butler, MO Page 1 of 11 POLICY SUBJECT: Financial Assistance (Charity Care) DEPARTMENT: Finance FINANCIAL ASSISTANCE (CHARITY CARE) PURPOSE: Bates County Memorial Hospital’s (BCMH) Financial Assistance Policy identifies opportunities for financial assistance to patients who are financially or medically indigent and demonstrate an inability to pay for the services provided to them or their dependents. The Financial Assistance Policy (FAP) provides and establishes...»

«The Public Option in Housing Finance Adam J. Levitin†* and Susan M. Wachter** The U.S. housing finance system presents a conundrum for the scholar of regulation because it defies description using the traditional regulatory vocabulary of command-and-control, taxation, subsidies, cap-and-trade permits, and litigation. Instead, since the New Deal, the housing finance market has been regulated primarily by government participation in the market through a panoply of institutions. The...»

«JOEL GEHMAN 3-23 Business Building, Edmonton, AB T6G 2R6, Canada Ÿ Phone: +1 780-248-5855 Email: jgehman@ualberta.ca Ÿ Website: www.joelgehman.com Ÿ Twitter: @joelgehman ACADEMIC EMPLOYMENT UNIVERSITY OF ALBERTA 2012Assistant Professor, Alberta School of Business 2012Research Fellow, Canadian Center for Corporate Social Responsibility 2015-2016 Petro-Canada Young Innovator 2014-2015 Southam Faculty Fellowship 2013-2014 Pearson Faculty Fellowship EDUCATION THE PENNSYLVANIA STATE UNIVERSITY...»

«Sripong et al. Flood Management in Chao Phraya River Basin Flood management in Chao Phraya River basin Siripong Hungspreug, Wirat Khao-uppatum, Suwit Thanopanuwat1 Abstract: The Chao Phraya Rivers and her tributaries, have played a major role in the nation’s history from the periods of Sukhothai to Ayutthaya and Bangkok at present. Their existence was critical to the growth of the Kingdom of Thailand and fostered the development of major cities, including the capital city. In Ayutthaya...»

«Land Trusts as Part of a Threefold Economic Strategy for Regional Integration by Robert Swann Today in the large agribusiness complex we see the movement towards vertical integration (that is, control of production from the farm through the processor to the ownership of the wholesale or retail store, and often including ownership of production of equipment and machinery) carried out to an extreme degree. Vertical integration spells a higher degree of monopoly control, maximum profit to the few...»

«Journal of Finance and Accountancy Volume 16 – September, 2014 Gender board diversity: Further evidence on women in corporate governance Thomas E. Wilson, Jr. University of Louisiana at Lafayette ABSTRACT Women are still underrepresented on corporate boards of directors. Although some surveys have documented gains in recent years, most inquiry into board gender diversity has focused on the largest publicly held firms (S&P 500, Fortune 500). Smaller firms have been largely ignored by...»

«Draft: Please do not quote or cite African Militaries and Rebellion: The Political Economy of Threat and Combat Effectiveness Jeffrey Herbst* Paper to be presented at the conference on “Civil War Duration and Post-Conflict Transitions,” University of California, Irvine, 18-20 May 2001. Professor of Politics and International Affairs, Bendheim Hall, Princeton University, Princeton, NJ 08544. Phone: 609 258-2160. Fax: 609 258-4772. Herbst@Princeton.Edu War in Africa, and in other parts of the...»

«ROYAL 2015 QUEENSBURY CHAMPIONSHIP Australia’s Premier Black Tie Charity Event PINKTANKEVENTS.COM.AU WHAT IS THE ROYAL QUEENSBURY CHAMPIONSHIP? The modern day Australian Royal Queensbury Championship, loosely based on the time honoured “Queensberry Rules” derived in London in 1743, has been created, and enhanced by Pink Tank Events for three key reasons; 1. The Challenge: It takes corporate Australia out of their comfort zone and provides them with an intense, emotional challenge, in a...»

«Chapter 9 HUMAN IMPACTS ON LAND COVER AND PANDA HABITAT IN WOLONG NATURE RESERVE Linking Ecological, Socioeconomic, Demographic, and Behavioral Data Jianguo Liu Depcirtmetrt of Fisheries and Wildlife, Michigan Stale Universily jliu @panda.tnsu.edu Li An Departmenl of Fisheries and Wildlife, Michigan Srale Universily Sandra S. Batie Deparlmenl of Agricullural Economics, Michigun Siale University Richard E. Groop Deparlmenl of Geography, Michigan Stale Universily Zai Liang Dt.parlmen! of...»

«You Spent All That Money.And You Still Got Owned Presented By: Joe McCray joe@learnsecurityonline.com http://www.linkedin.com/in/joemccray http://twitter.com/j0emccray Let me take you back. Penetration Testing Was Easy. Step 1: Tell customer you are 31337 security professional Customers only applied patches if it fixed something on the system It was common practice NOT to apply system updates that didn't fix a problem you were experiencing on a system (WTF ARE YOU DOING YOU MIGHT BREAK...»

<<  HOME   |    CONTACTS
2016 www.dissertation.xlibx.info - Dissertations, online materials

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.