Publications

 

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Cost Watch: Q4 2012

On Point:  Cost Watch

25 Feb 2013

Cyclical forces have recently begun to overwhelm the structural forces that have driven the US rotary rig count recovery over the past 2 1/2 years.  These cyclical forces have been pounding cash flows of North American oil and gas producers from both sides since mid-2011 and diluting the planned benefits of rising production ratesCyclical forces have recently begun to overwhelm the structural forces that have driven the US rotary rig count recovery over the past 2 1/2 years.  These cyclical forces have been pounding cash flows of North American oil and gas producers from both sides since mid-2011 and diluting the planned benefits of rising production rates.

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Leading Players in the Deepwater 2012

Industry Perspectives:  Industry Perspectives Study

25 Feb 2013

Subscription Required

The 2012 issue of Leading Players in the Deepwater is now available for download.

This study identifies and evaluates the top 25 deepwater players on

  • The size of their reserves that are in deep and ultra-deepwater
  • current and future production, and
  • six indicators of the business model employed in the sector and then ranked using quartile positions. 

The combined rank index identifies companies that are most likely to impact the deepwater sector in the future.  Additionally, the appendix provides details on each company's heavy oil position.

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Leading Players In Heavy Oil 2012

Industry Perspectives Study:  Industry Perspectives Study

19 Feb 2013

Subscription Required

The 2012 issue of Leading Players in Heavy Oil is now available for download.

This study identifies and evaluates the top 25 heavy oil players on

  • The size of their oil reserves that are heavy and extra-heavy
  • current and future production, and
  • six indicators of the business model employed in the sector and then ranked using quartile positions. 

The combined rank index identifies companies that are most likely to impact the heavy oil sector in the future.  Additionally, the appendix provides details on each company's heavy oil position.

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Gorgon Project Cost Estimates Up US$15 Billion

Industry Perspectives:  LNG, Project Costs

10 Dec 2012

Subscription Required

Chevron has announced that the estimated cost of the Gorgon project has been increased by US$15 billion (40.5%).

  • What is the impact on project economics?

  • What are the implications for the JV partners?

  • What are the effects on government cash flows?

  • Are there broader implications about industry cost inflation trends?

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Leviathan Deal Boosts Woodside International Growth Program

Industry Perspectives:  A&D, LNG

06 Dec 2012

Subscription Required

Woodside and the partners in the Leviathan natural gas field have reached agreement in principle for Woodside to acquire a 30% working interest in the potential project.  If the deal is closed the total cost of entry is US$2.3 billion, including

  • US$696 million upfront,
  • US$550 million in conditional future payments,
  • up to US$1,000 million in future payments if sales price exceeds an undisclosed level and
  • US$50 million in carried interest costs associated with a deep oil exploration well to be drilled in 2013.

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BP Builds Deepwater Nova Scotia Acreage Position in the NS12-1 Bid Round

Industry Perspectives:  Deepwater, Nova Scotia

28 Nov 2012

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BP and Shell won four bids each on a 100% working interest basis in Nova Scotia's NS12-1 licensing round. 

BP bid a combined work program outlay of US$1.05 billion with most of this capital allocated to two blocks.

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Cost Watch: Q3 2012

On Point:  Cost Watch

28 Nov 2012

After an extended period of rising costs beginning in mid-2010, data through the third quarter of 2012 confirms our prior assessment that the rate of inflation stabilized early this year and has been declining in the last six months. 

The rebound in costs followed the recovery in total North American drilling activity since May 2009 with a significant lag. 

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Focus Areas of Growth 2012

Industry Perspectives Study:  Industry Perspectives Study

20 Nov 2012

Subscription Required

The 2012 issue of Focus Areas of Growth is now available for download.

This study:

  • Identifies the central elements of strategic consensus in the global oil and gas industry
  • Quantifies the relative roles of each growth asset type for the peer group companies as a group and individually
  • Anticipates the potential for future changes in competitor and peer company behavior, and
  • Evaluates the implications of the strategic consensus on industry activity and the effects on market conditions, competition, and public policy issues that our clients will likely face as a result

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Papua New Guinea LNG Project Costs Up 21%

Industry Perspectives:  LNG, Project Costs

20 Nov 2012

Subscription Required

The projected cost of the ExxonMobil operated PNG LNG project has been increased again by US$3.3 billion; up 21% from the prior estimate.  The increased costs are associated with foreign exchange (US$1.4 billion), project delays that increased construction and drilling costs (US$1.2 billion), and weather related cost increases (US$.7 billion).  The project is now approximately 70% complete with startup still expected in 2014.

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BP Restructures its Russian Upstream Position in Sale to Rosneft

Industry Perspectives:  A&D, Company Strategy, Russia

23 Oct 2012

Subscription Required

In a Heads of Terms agreement with Rosneft, BP will sell its stake in TNK-BP for a mix of US$17.1 billion in cash plus 1.36 billion Rosneft shares (12.84% of outstanding shares).  In addition, BP will purchase another 5.66% of Rosneft's outstanding shares from the Russian government (subject to government approval) at a price of US$8 per share (US$4.8 billion total cost).  BP already owns a 1.25% stake in Rosneft shares so that, assuming the deal is closed, BP will net US$12.3 billion in cash and increase its stake in Rosneft to 19.75% of outstanding shares.  Commenting on the deal BP's CEO has indicated that it will be a long-term investor in Rosneft.

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