Gjøa, Norway, Commercial Asset Valuation And Forecast To 2025 Now Available On ReportsandReports
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Gjøa is an oil and gas field located in blocks 35/9 and 36/7 in the Sogn area of Norwegian part of the North Sea. The field was discovered in1989 by Norsk Hydro. Gjøa is currently the largest field development project on the North Sea’s Norwegian Continental Shelf.
Gjøa will be operated by two companies at different stages. StatoilHydro ASA is the operator of the field during the development phase, serving as the operator from 1989 to the third-quarter of 2010. Gaz de France Norge will assume operatorship at production start up. StatoilHydro ASA holds 20% stake in the field. Other equity partners of the field are Petoro A/S (30%), Gaz De France (30%), Royal Dutch Shell Plc (12%) and RWE Dea AG (8%).
The field reservoir contains light crude oil. Gjøa was discovered by discovery wellbore no. 35/9-1R. Gjøa has total estimated reserves of 138 million barrels of oil and NGL and 1,222.26 billion cubic feet of gas. With the development of Gjøa, a new part of the North Sea is being opened for oil and gas production.
Gas production from Gjøa is expected to start at approximately 4.8 million cubic meters per day in 2010, with peak production of 10 million cubic meters per day occurring between 2014 and 2016. Total production of 82.68 million barrels liquid is estimated to be produced until about 2025. The peak production for liquid is estimated to be achieved between 2011 and 2013 and the peak production is estimated at 11.60 million barrels.
The Gjøa field is being developed with a semi-submersible production platform and five sub-sea templates for processing and export. The Gjøa platform in the North Sea will be the first floating platform to get its electricity from the mainland instead of from on site gas turbines. A subsea cable running from the Mongstad power plant north of Bergen will supply electricity to the facility. Field development plans for Gjøa include the satellite fields’ development of the Vega and Vega South fields.
The field life of Gjøa is expected to be around 15 years with complete abandonment during 2025. The field is expected to generate $17.44 billion in revenues (undiscounted) during its remaining life (starting January 1, 2010) and is expected to yield an IRR of around 9.6%.
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
1.1 List of Tables 3
1.2 List of Figures 3
2 Gjøa, Norway, Introduction 4
3 Gjøa, Norway, Geology and Formation 6
4 Gjøa, Norway, Equity partners 7
5 Gjøa, Norway, Crude Oil, NGL and Gas Reserves 8
6 Gjøa, Norway, Key Fiscal Terms 8
6.1 Contract Type 8
6.2 Royalty 8
6.3 Fees 8
6.4 Special Petroleum Tax 8
6.5 Taxation 8
7 Gjøa, Norway, Infrastructure 9
7.1 Upstream Infrastructure 9
7.1.1 Floating production platform 9
7.2 Midstream Infrastructure 10
7.2.1 Pipelines 10
7.2.2 Power cable 10
8 Gjøa, Norway, Development Plan, Investment and Expenditure 11
9 Gjøa, Norway, Liquid and Gas Production 14
10 Gjøa, Norway, Field Economics 16
10.1 Gjøa, Norway, Economic Assumptions 16
10.1.1 Forecast Commodity Prices 16
10.1.2 Inflation 16
10.1.3 Discount Rate and Representation of Cash Flows 16
10.1.4 Sensitivity 16
10.1.5 Access to the Economic Model 16
10.2 Gjøa, Norway, Cash Flow Analysis 17
10.3 Gjøa, Norway, Remaining PV Sensitivity Analysis 18
10.3.1 Remaining NPV Sensitivity to Discount Rates 18
10.3.2 Remaining NPV Sensitivity to Change in Commodity Prices and Production 19
10.3.3 Remaining NPV Sensitivity to Income Tax and Production Rate 20
10.4 Gjøa, Norway, Summary Cash Flows 21
10.5 Gjøa, Norway, Front End Load Due To Fiscal Policy 22
10.6 Gjøa, Norway, Tax Liability 23
11 Appendix 24
11.1 Methodology 24
11.2 Coverage 24
11.3 Secondary Research 24
11.4 Primary Research 24
11.5 E&P Forecasts 25
11.6 Capital Costs 25
11.7 Exploration and Appraisal (E&A) Costs 25
11.8 Operating Costs 26
11.9 Expert Panel Validation 26
11.10 About GlobalData
11.11 Contact Us
11.12 Disclaimer
1.1 List of Tables
Table 1: Gjøa, Norway, Key Asset Data, 2010 4
Table 2: Gjøa, Norway, Field Reserves, January 2010 8
Table 3: Gjøa, Norway, Exploration Wellbore(s), January 2010 12
Table 4: Gjøa, Norway, Development Wellbore(s), January 2010 13
Table 5: Gjøa, Norway, Historic Production and Forecast, 2010-2025 14
Table 6: Gjøa, Norway, Commodity Price Assumptions, 2009-2021 16
Table 7: Gjøa , Norway, Project Analysis Metrics, 2010 17
Table 8: Gjøa, Norway, Remaining PV Sensitivity Analysis Over Discount Rate Change Vs. Commodity Price Change, $m, 2010 18
Table 9: Gjøa, Norway, Remaining PV Sensitivity Analysis Over Commodity Price Change Vs. Production Change, Million Dollars 19
Table 10: Gjøa, Norway, Remaining PV Sensitivity Analysis Over Discount Rate Change Vs. Changes in Income Tax Rate, $m, 2010 20
Table 11: Gjøa, Norway, Front End Load, Thousand $, 2009-2021 21
Table 12: Gjøa, Norway, Front End Load, Thousand $, 2009-2021 22
Table 13: Gjøa, Norway, Tax Liability Estimations, Thousand $, 2009-2021 23
1.2 List of Figures
Figure 1: Gjøa, Norway, Location Map 5
Figure 2: Gjøa, Norway, Detailed Location Map 5
Figure 3: Gjøa, Norway, Field Depth Structure Map 6
Figure 4: Gjøa, Norway, Current Equity Share, %, 2010 7
Figure 5: Gjøa platform towed to North sea via anchors, 2010 9
Figure 6: Deck and hull of the Gjøa platform, 2010 10
Figure 7: Template Installation at Gjøa, 2010 11
Figure 8: Schematic Illustration of Gjøa field development, 2010 12
Figure 9: Gjøa, Norway, Historic Liquid Production and Forecast, 2010-2025 14
Figure 10: Gjøa, Norway, Historic Gas Production and Forecast, 2010-2025 15
Figure 11: Gjøa, Norway, Economics, Gross Revenue vs. Post Tax Cash Flow, 2008-2025 17
Figure 12: Gjøa, Norway, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, $m, 2010 18
Figure 13: Gjøa, Norway, Remaining PV Sensitivity Analysis Over Commodity Price Change Vs. Production Change, $m, 2010 19
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