PetroSA s Role in the RSA Upstream Petroleum Sector

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1 PetroSA s Role in the RSA Upstream Petroleum Sector Presented to The Portfolio Committee on Energy Parliament of RSA 20 February 2014 The Petroleum Oil and Gas Corporation of South Africa (Pty) Ltd Reg. No. 1970/008130/07

2 Contents PetroSA s Mandate Improvement of access to and security of supply: RSA, Block 9 and 11a RSA, West Coast Assets Shale Gas State Participation Prospects for localisation Skills scenario status quo and a case for an oil and gas training facility

3 Our Mandate Operate as a commercial entity and create value for the shareholder Pay tax and dividends Advance national objectives in the petroleum industry Spearhead industry transformation Complement & promote Government policy & strategic thrust Advance energy goals and objectives as set out in various policy instruments, E.g. Energy White Paper (1998), Energy Security Master Plan ( 2007), Medium Term Strategic Framework ( )

4 Improvement of access to and security of supply

5 Security of Supply - Upstream Perspective Security of Supply RSA Definition Ensuring that diverse energy resources, in sustainable quantities and at affordable prices, are available to the South African economy in support of economic growth and poverty alleviation, taking into account environmental management requirements and interactions among economic sectors. Energy Security Master Plan (2007) Upstream Perspective Diversity - Oil and Gas (including shale gas) - Geographical spread (various basins, domestically) Affordable price - (Strong NOC complemented by sizable indigenous resource base could drive down price, and ensure sustainable supplies)

6 RSA South Coast Block 9 and 11a N Block 9 ( km 2 ) Mutiple oil and gas discoveries at different stratigraphic levels Main feedstock supplier to the Mossel Bay GTL plant from several producing fields E-P Sable EM South Coast Gas FA Platform Block 11a Relatively mature but potential for new plays, leads and prospects Continued focus to maintain and increase PetroSA s reserves E-DC E-CB F-Q Block 9 Project Ikwezi Block 11a (2 200 km 2 ) First gas discovery offshore South Africa. Several more gas discoveries since. Potential for future gas development 140 km

7 Block 9 Further Exploration to aid security of supply Period Duration Description Minimum Expenditure Completed Initial Period ( ) 3 Yrs Geological and geophysical interpretation. Drill one well $ Yes First Renewal (Nov 2012-Nov 2014) 2 Yrs Acquisition and processing of 3D survey $ Yes Second Renewal (Nov Nov 2016) 2 Yrs To be proposed by PetroSA at time of application Third Renewal (Nov Nov 2018) 2 Yrs To be proposed by PetroSA at time of application Block is 100% owned by PetroSA Work programme for 1 st Renewal Period is complete PetroSA will commence application to enter 2 nd Renewal Period

8 RSA - West Coast Assets PETROSA ASSETS, ORANGE BASIN, SOUTH AFRICA Block Area (sqkm) Right Joint Venture Equity % Block 1 19,897 Exploration Cairn India 60% PetroSA 40% Sunbird Block 2A 4,998 Production Energy 76% PetroSA 24% Block 2C 6,223 Exploration Anadarko 65% PetroSA 35% Block 3A/4A 26,408 Technical Cooperation Permit Block 5/6 93,963 Exploration PetroSA 50% Sasol 50% Anadarko 80% PetroSA 20% Operators 2C Anadarko Orange Basin Deepwater Shell Block 3B/4B BHP Billiton Block 1 Cairn India Central Orange Basin Sungu Sungu 2A Sunbird Block 3A/4A PetroSA South Africa PARTNERS Block 5/6 Anadarko Total Asset Area: 151,489 km2

9 South Africa Basins Compared With.. Basins in South Africa relatively underexplored Good success rate in Outeniqua Basin, includes some un-commercial discoveries though No deep-water drilling in South Africa yet Large upside potential remains The Petroleum Oil and Gas Corporation of South Africa (SOC) From Ltd Reg. No. IHS 1970/008130/07 Data

10 Underexplored West Coast, East Coast & Onshore ORANGE Offshore Orange & Natal Basins, and onshore Karoo basins are still underexplored KAROO Zululand NATAL TROUGH 10

11 Shale Gas -improving the energy landscape of SA Feedstock for the GTL plant Power plants Infrastructure development roads, railways, pipeline, gas processing plants Positive impact on Economy through: Job creation Taxes and royalties Service sector and technology development Increased foreign exchange reserves Petrochemicals and fertilizer industries/manufacturing, etc

12 Empowering the NOC through State Participation Designate PetroSA as holder of State participation interest in the MPRDA - Enable NOC to more effectively ensure Security of Supply State through NOC to participate from exploration phase based on a free carry, to develop the technical and commercial knowledge and appreciate risks early on To pay its share of forward work programme and past costs from production proceeds with no obligation if production is not achieved To have option to take its share in cash or in kind once production commences To have option to increase state s share after production commences

13 Implication of state allocation to PetroSA Exploration risks, including geological and financial risk carried by foreign explorers Bring to line with international practice, PetroSA almost the only NOC that competes with international oil companies for domestic exploration acreage High farm-in cost to indigenous acreage avoided, E.g, cost of TCP application is R500, and for an Exploration Right = R1200, but cost to farm-into shale gas acreage for a 25% stake easily US$150 million (forward costs) State allocation will allow early, free entry into all shale gas and conventional exploration blocks As part of the Joint Venture, PetroSA/State will have a voting right and will be privy to decision making progresses, skills and technology as well as risks and resource estimates.

14 Prospects for localisation

15 Localization - What it should ideally entail Local beneficiation - to enhance supply security of liquid fuels and power BEE Participation at field development and production phase (core upstream activities, to develop deep skills and firm knowledge base) - high initial capital outlay and risk prohibitive for Broad Based participation at exploration phase (Capacitated BEE s free to participate at all phases) Supplier development - to develop local capacity to supply and service upstream industry/skills transfer arrangements with foreign Oil & Gas companies Human capital development - particularly development of industry core skills, such as Reservoir Engineering, Petroleum Geoscientists, shale gas specific expertise

16 A framework Potential Areas for for considering Localization / opportunity Services areas Offshore Required by Upstream Sector

17 Localization - Potential Spin-Offs Positive balance of payments, more dollars flowing inwards and kept in country, increasing overall value add to the country Oil companies benefit from a successful localization through: - Smoother flow of supplies of goods and services, increasing efficiencies and driving down costs - Reliable local supply, and harmonious stakeholder relations (local agitation/unrest towards sector kept to a minimum) - Reduction in operational costs by keeping expatriate staff to a minimum

18 Localization - Key Considerations/Requirements An assessment of the technological, financial and human resources in the country Identification of the types of services that can be performed by local companies currently The types of goods and services that can be developed in the country The financial investment required for the development of local goods and services The financial investment required to develop the skills required to supply and service the upstream sector A realistic timeline within which this should be achieved

19 Skills scenario status quo and a case for an oil and gas training facility

20 Capacity Building PetroSA has over the years been at forefront of developing core upstream skills in the country, such as Reservoir Engineers and Petroleum Geoscientists There has been more aggressive development of these skills, focussing on Black South Africans, through Overseas Scholarships (Master and PhD Programmes), International Secondments, Graduates in Training Programme, and on the Job training. PetroSA continues on this path PetroSA signed a Memorandum of Cooperation with Schlumberger to explore setting up a shale gas technology development centre in RSA The purpose of the centre would be to carry out further research using Schlumberger s unique/patented shale gas processes and technologies Schlumberger operates in 10 of the largest shale basins in the USA including Barnett Shale, Forth Worth Basin Eagle Ford Shale, Western Gulf Basin Marcellus Shale, Appalachian Basin

21 The Petroleum Oil and Gas Corporation of South Africa (Pty) Ltd Reg. No. 1970/008130/07

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