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Browse completeFranklin Unit, United Kingdom, Commercial Asset Valuation and Forecast to 2030 Report
The Franklin Unit comprises the Franklin field and the West Franklin satellite field. The Franklin is an offshore gas unit located in the block 29/5b in the South Central Graben area in the UK sector of the North Sea. It is located 240km east of Aberdeen, the coastal city in the UK, in 93m deep water. Elf Exploration UK Ltd. is the operator of the unit. It is a wholly owned subsidiary of Total S.A. The Franklin field was discovered in January 1986 and is one of the world’s largest high temperature-high pressure units. The Franklin field produces natural gas and condensate from its two reservoirs Fulmar and Pentland in the block.
E. F. Oil and Gas Ltd. is the major equity holder in the Franklin Unit with 46.173%. E. F. Oil and Gas Ltd. is a company owned by Total E&P UK Ltd. and Gaz de France. The other partners include Eni Elgin/Franklin Ltd., BG International (CNS) Ltd., Ruhrgas UK Exploration and Production Ltd., Esso Exploration and Production UK Ltd., Texaco Britain Ltd., Dyas UK Ltd. and Sumitomo Corporation of Japan.
In January 2003, the West Franklin satellite field was discovered using a deviated well from Franklin. It is located in the block 29/5b and 29/5c, 4km west of the Franklin Well-Head Platform in 93m of water. It was developed via the Elgin-Franklin facility. It started producing from September 2007 and was commingled with the existing Franklin production.
Both Franklin and West Franklin produce natural gas with condensate. The condensate has a quality of 44.06o API with sulphur content of less than 0.1%.
Franklin produced an overall 96.99 billion cubic feet (bcf) of natural gas and 14.1 million barrels (mmbbls) of condensate during 2009. The owners of the unit had planned to expand the capacity of the satellite unit within the next three years.
The life of Franklin Unit was estimated to be around 20 years with end of production in 2022. However, with the addition of the West Franklin reserves, the unit is supposed to continue producing till 2030. The unit is expected to generate $13.7 billion in revenues (undiscounted) during its remaining life (starting January 1, 2010) and is expected to yield an IRR of around 40.9%.
Scope
- The report provides detailed information on oil and gas production, infrastructure, reserves, geology, operator and equity partners and the latest fiscal terms applicable to the asset and provides its fair value (Remaining Net Present Value) based on remaining reserves, forecast production, capital and operational costs, fiscal regime and commodity prices.
- The report also provides additional valuation parameters like Internal Rate of Return (IRR), Profitability Index (PI), Pay Back (discounted and undiscounted), Entitlement Production (EP) and Working Interest (WI) to enhance your decision making process.
- This report provides detailed sensitivity analysis of the remaining NPV with changes in the commodity prices, discount rate, production and key fiscal terms.
- Detailed cash flows over the life of the asset are included in the report. These cash flows cover a wide range of calculations related to various payments to the government/licensing authority.
- Interactive Excel models can be used to derive custom valuations, sensitivities and cash flows based on the specific inputs by the user in the model. These custom inputs vary from production data, cost information, price information and fiscal terms information.
Reasons to buy
- Make well informed investment decisions based on detailed operational analysis and cash flow forecasts
- Estimate the fair value of your future investment under different economic and fiscal conditions
- Value a prospective investment target through a comprehensive analysis using focused forecasting and valuation methodologies.
- Supporting interactive excel model will enhance your decision making capability in a more rapid and time sensitive manner
- Evaluate how the changes in the country’s fiscal policies impact the cash flows and the present value of the asset
Table of contents 2
1.1 List of Tables 3
1.2 List of Figures 4
2 Franklin Unit, United Kingdom, Introduction 5
3 Franklin Unit, United Kingdom, Geology and Formations 7
4 Franklin Unit, United Kingdom, Equity Details 10
5 Franklin Unit, United Kingdom, Crude Oil and Natural Gas Reserves 11
6 Franklin Unit, United Kingdom, Applicable Fiscal Regime 11
6.1 Royalty 11
6.2 Bonuses 11
6.3 Rentals 11
6.4 Fees 11
6.5 Taxation 11
6.6 Petroleum Revenue Tax (PRT) 11
6.6.1 Supplementary Allowance (Uplift) 12
6.6.2 Oil Allowance 12
6.6.3 Tariff Receipts Allowance 12
6.6.4 Exploration and Appraisal Relief 12
6.6.5 Abandoned Unit Loss Relief 12
6.6.6 Cross Unit Allowance 12
6.6.7 Research Relief 12
6.6.8 Safeguard Relief 12
6.7 Deductions 12
6.8 Capital Allowance 13
6.9 Ring Fence 13
7 Franklin Unit, United Kingdom, Infrastructure 13
7.1 Upstream Infrastructure 13
7.1.1 Elgin Production-Utilities-Quarters (PUQ) Platform 13
7.1.2 Franklin Well-Head Platform (WHP) 15
7.1.3 Production Handling Requirements 16
7.1.4 HP/HT Choke And Valve Qualification 16
7.2 Midstream Infrastructure 18
8 Franklin Unit, United Kingdom, Development Plan, Investment and Expenditure 19
8.1 Phase One (Franklin Development) 19
8.2 Phase Two (West Franklin Development) 20
9 Franklin Unit, United Kingdom, Oil and Gas Production 22
9.1 Franklin Unit, United Kingdom, Natural Gas Production 22
9.2 Franklin Unit, United Kingdom, Condensate Production 23
10 Franklin Unit, United Kingdom, Unit Economics 24
10.1 Franklin Unit, United Kingdom, Economic Assumptions 24
10.1.1 Forecast Commodity Prices 24
10.1.2 Inflation 25
10.1.3 Discount Rate and Representation of Cash Flows 25
10.1.4 Sensitivity 25
10.1.5 Access to the Economic Model 25
10.2 Franklin Unit, United Kingdom, Cash Flow Analysis 25
10.3 Franklin Unit, United Kingdom, Remaining PV Sensitivity Analysis 27
10.3.1 Remaining NPV Sensitivity to Discount Rates and Commodity Price 27
10.3.2 Remaining NPV Sensitivity to Change in Commodity Prices and Production Rates 28
10.3.3 Remaining NPV Sensitivity to Income Tax and Production Rate 29
11 Franklin Unit, United Kingdom, Summary Cash Flows 30
11.1 Franklin Unit, United Kingdom, Front End Load Due To Fiscal Policy 31
11.2 Franklin Unit, United Kingdom, Tax Liability 32
12 Appendix 34
12.1 Methodology 34
12.2 Coverage 34
12.3 Secondary Research 34
12.4 Primary Research 34
12.5 E&P Forecasts 35
12.6 Capital Costs 35
12.7 Exploration and Appraisal (E&A) Costs 35
12.8 Operating Costs 35
12.9 Expert Panel Validation 36
12.10 About GlobalData
12.11 Contact Us
12.12 Disclaimer
1.1 List of Tables
Table 1: Franklin Unit, United Kingdom, Key Asset Data, 2010 5
Table 2: Franklin Unit, United Kingdom, Reservoir Characteristics 9
Table 3: Franklin Unit, United Kingdom, Equity Details, 2010 10
Table 4: Franklin Unit, United Kingdom, Unit Reserves, January 2010 11
Table 5: Franklin Unit, United Kingdom, Elgin Production-Utilities-Quarters (PUQ) Specification Details 14
Table 6: Franklin Unit, United Kingdom, Well-Head Platform (WHP) Specification Details 15
Table 7: Franklin Unit, United Kingdom, Interfiled Bundle Pipeline Specification Details 18
Table 8: Franklin Unit, United Kingdom, SEAL Gas Export Line Specification Details 19
Table 9: Franklin Unit, United Kingdom, GAEL Liquids Export Line Specification Details 19
Table 10: Franklin Unit, United Kingdom, Historical Natural Gas Production and Forecast, Million Standard Cubic Feet, 2001-2030 22
Table 11: Franklin Unit, United Kingdom, Historical Condensate Production and Forecast, Thousand Barrels, 2001-2030 24
Table 12: Franklin Unit, United Kingdom, Commodity Price Assumptions, 2010-2030 25
Table 13: Franklin Unit, United Kingdom, Project Analysis Metrics, 2010 26
Table 14: Franklin Unit, United Kingdom, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, in Billion Dollars 27
Table 15: Franklin Unit, United Kingdom, Remaining PV Sensitivity Analysis At 10% Discount Rate Over Commodity Price Change Vs Production Rate, in Billion Dollars 28
Table 16: Franklin Unit, United Kingdom, Remaining PV Sensitivity Analysis at 10% Discount Rate Over Income Tax Change Vs Production Rate, in Billion Dollars 29
Table 17: Franklin Unit, United Kingdom, Asset Summary Cash Flows, Thousand $, 1999-2030 30
Table 18: Franklin Unit, United Kingdom, Front End Load, Thousand $, 2001-2030 31
Table 19: Franklin Unit, United Kingdom, Tax Liability Estimations, Thousand $, 2001-2030 32
1.2 List of Figures
Figure 1: Franklin Unit, United Kingdom, Location 6
Figure 2: West Franklin Satellite Unit, United Kingdom, Location 6
Figure 3: Franklin Unit, United Kingdom, SouthWest-NorthEast Geoseismic Section 7
Figure 4: Franklin Unit, United Kingdom, Lithostratigraphy 8
Figure 5: Franklin Unit, United Kingdom, Fulmar Reservoir Formation Depositional Profile 8
Figure 6: Franklin Unit, United Kingdom, Pentland Reservoir Formation Depositional Profile 9
Figure 7: Franklin Unit, United Kingdom, Equity Details, 2010 10
Figure 8: Franklin Unit, United Kingdom, Franklin WHP and Elgin PUQ Facilities Layout 14
Figure 9: Franklin Unit, United Kingdom, Simplified Layout of Elgin PUQ Process 15
Figure 10: Elgin Unit, United Kingdom, Typical Wellbore Design, 2010 16
Figure 11: Elgin Unit, United Kingdom, Pore Pressure Profile, 2010 17
Figure 12: Franklin Unit, United Kingdom, Horizontal Departure Profile of the Wells Drilled 17
Figure 13: Franklin Unit, United Kingdom, Oil and Gas Transportation System 18
Figure 14: Franklin Unit, United Kingdom, Development Scheme Along With The West Franklin Satellite Unit 21
Figure 15: Franklin Unit, United Kingdom, Historical Natural Gas Production and Forecast, 2001-2030 22
Figure 16: Franklin Unit, United Kingdom, Historical Condensate Production and Forecast, 2001-2030 23
Figure 17: Franklin Unit, United Kingdom, Gross Revenue Versus Tax Cash Flow Analysis, 1999-2030 25
Figure 18: Franklin Unit, United Kingdom, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, in Billion Dollars 27
Figure 19: Franklin Unit, United Kingdom, Remaining PV Sensitivity Analysis At 10% Discount Rate Over Change in Production Rate Vs. Commodity Price Change, in Billion Dollars 28
Figure 20: Franklin Unit, United Kingdom, Remaining PV Sensitivity Analysis at 10% Discount Rate Over Income Tax Change Vs Production Rate, in Billion Dollars 29
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