Greater White Rose, Canada, Commercial Asset Valuation And Forecast To 2019 Now Available On ReportsandReports
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Greater White Rose area is located in the Jeanne d’Arc Basin of North Atlantic Ocean approximately 350km (217 miles) east-southeast of St. John’s, Newfoundland, Canada in water depth of 120m. It consists of one main field White Rose and three satellite fields which are tied-back to main field. The three satellite fields are North Amethyst, South White Rose Extension and West White Rose Extension. The Greater White Rose field was discovered in the year 1984 and was approved for field development in 2001. The focus for the initial development of White Rose was on the South Avalon pool, and first oil production took place in November 2005. Production from the field will be shuttled in two tankers from the SeaRose-FPSO.
Husky Energy operates the project and owns 72.5% interest in the main White Rose field and Suncor Energy owns the remaining 27.5%. For the satellite fields Husky Energy owns 68.87% interest; Suncor Energy owns 26.12% interest; and the Government of Newfoundland and Labrador, through the province’s energy corporation named Nalcor Energy hold an equity stake of 5%. Located in the South Avalon reservoir, White Rose has estimated recoverable reserves of 305 million barrels of oil and an estimated recoverable reserve of 3.02 Tcf of natural gas. White Rose field produced 22.79 million barrels of crude oil during 2009.
The field contains medium-weight crude oil has 30-31º API and 0.31% wt. of low sulfur content. It has a relatively high pour point and wax content. The price of Greater White Rose crude oil is at par with the WTI. The current production of White Rose is 135,000 bopd with the expected field life of 15 years.
The owners of the field are planning to increase the capacity by developing the satellite extension fields.
The total recoverable reserves from the White Rose field and the North Amethyst are estimated to be at around 375 million barrels. The field life of Greater White Rose is expected to be around 15 years with complete abandonment during 2019. The field is expected to generate 17.37 billion in revenues (undiscounted) during its remaining life (starting January 1, 2010) and is expected to yield an IRR of around 30.68%.
Extension Fields: North Amethyst Satellite field (near to the White Rose field) is tied-back to SeaRose FPSO. In 2006 the field was discovered. It is estimated to contain 70 million barrels of 2P recoverable reserve (28.2 million barrels of proved and 41.8 million barrels of probable reserves). According to the field development plan 11 wells are tied-back to the FPSO. A glory hole for the North Amethyst subsea equipment was dredged in 2007, and development drilling occurred at the end of 2008. Production started in 2010 after the field’s subsea tie-in work which was completed in the first quarter of 2010.
The estimated reserve in South White Rose Extension is 24 million barrels of oil in September 2007 it received government approval. The application to develop West White Rose Extension was filed with the C-NLOPB in 2008. To find and define the West White Rose resources there are plans to drill an additional delineation.
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
Table of contents 2
1.1 List of Tables 4
1.2 List of Figures 4
2 Greater White Rose, Newfoundland, Canada, Executive Summary 5
3 Greater White Rose, Newfoundland, Canada, Introduction 7
4 Greater White Rose, Newfoundland, Canada, Geology and Formations 9
5 Greater White Rose, Newfoundland, Canada, Equity Details 10
6 Greater White Rose, Newfoundland, Canada, Crude Oil Reserves 11
7 Newfoundland, Fiscal System 11
7.1 Contract Type 11
7.2 Royalty 11
7.3 Bonuses 14
7.4 Rentals 14
7.5 Fees 14
7.6 Taxation 14
8 Greater White Rose, Newfoundland, Canada, Infrastructure 15
8.1 Upstream infrastructure 15
8.1.1 Oil and Gas Production 15
8.1.2 Floating Storage Production and Offloading (FPSO) 15
8.1.3 FPSO – Topsides 15
8.1.4 Subsea 15
8.2 Midstream Infrastructure 16
8.2.1 Shuttle Tankers 16
9 Greater White Rose, Newfoundland, Canada, Development Plan 16
9.1 Capital and Operating costs 16
9.2 Estimated capital cost for the development of Greater White Rose 16
10 Greater White Rose, Newfoundland, Canada, Crude Oil Production 18
11 Greater White Rose, Newfoundland, Canada, Economics 18
11.1 Greater White Rose, Economic Assumptions 18
11.1.1 Forecast Commodity Prices 18
11.1.2 Inflation 18
11.1.3 Discount Rate and Representation of Cash Flows 19
11.1.4 Sensitivity 19
11.1.5 Access to the Economic Model 19
12 Greater White Rose, Newfoundland, Canada, Cash Flow Analysis 19
12.1 Greater White Rose, Canada, Remaining PV Sensitivity Analysis 20
12.1.1 Remaining NPV Sensitivity to Discount Rates 20
12.1.2 Remaining NPV Sensitivity to Change in Commodity Prices and Production 21
12.1.3 Remaining NPV Sensitivity to Income Tax and Production Rate 22
13 Greater White Rose, Newfoundland, Canada, Summary Cash Flows 23
13.1 Greater White Rose, Newfoundland, Canada, Front End Load Estimations 24
13.2 Greater White Rose, Newfoundland, Canada, Tax Liability 25
14 Appendix 25
14.1 Methodology 25
14.2 Coverage 25
14.3 Secondary Research 26
14.4 Primary Research 26
14.5 E&P Forecasts 26
14.6 Capital Costs 27
14.7 Exploration and Appraisal (E&A) Costs 27
14.8 Operating Costs 27
14.9 Expert Panel Validation 27
14.10 About GlobalData
14.11 Contact Us
14.12 Disclaimer
1.1 List of Tables
Table 1: Greater White Rose, Canada, Key Valuation Metrics, Mid Year 2010 6
Table 2: Terra Nova Project, Oil and Gas Royalty Rate, Newfoundland, 2009 12
Table 3: Canada, Newfoundland Offshore, Crude Oil and Natural Gas, Royalty Rate, 2009 13
Table 4: Canada, Newfoundland Onshore, Crude Oil and Natural Gas, Royalty Rate, 2009 13
Table 5: Canada, Newfoundland Offshore, Rental Rates, 2009 14
Table 6: Greater White Rose, Newfoundland, Canada, Capital Cost Estimate 16
Table 7: Greater White Rose, Canada, Commodity Price Assumptions, 2005-2019 18
Table 8: Greater White Rose, Newfoundland, Canada, Project Analysis Metrics, 2010 19
Table 9: Greater White Rose, Canada, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, in Billion Dollars 21
Table 10: Greater White Rose, Canada, Remaining PV Sensitivity Analysis over Commodity Price Change Vs Production Rate, in Billion Dollars 22
Table 11: Greater White Rose, Canada, Remaining PV Sensitivity Analysis at 10% Discount Rate over Income Tax Change Vs Production Rate, in Billion Dollars 23
Table 12: Greater White Rose, Canada, Summary Cash Flows, in Billion Dollars 23
Table 13: Greater White Rose, Canada, Front End Load, Thousand USD,2003-2019 24
1.2 List of Figures
Figure 1: Greater White Rose, Canada, Historic and Forecast Production 5
Figure 2: Greater White Rose, Canada, Gross Revenue Split 5
Figure 3: Greater White Rose, Canada, NPV Sensitivity 7
Figure 4: Greater White Rose, Newfoundland, Canada, Geology and Formations, Seismic Section 9
Figure 5: Greater White Rose, Newfoundland, Canada, Geology and Formations, Seismic Section 10
Figure 6: White Rose, Newfoundland, Canada, Equity Partners and Their Equity Stakes, 2010 10
Figure 7: Satellite Fields, Newfoundland, Canada, Equity Partners and Their Equity Stakes, 2010 11
Figure 8: White Rose, Canada, Process Flow Diagram 15
Figure 9: Greater White Rose, Newfoundland, Canada, Subsea Process Flow Diagram 16
Figure 10: Concept of White Rose Extension, Newfoundland, Canada 17
Figure 11: Greater White Rose, Newfoundland, Canada, Historic Production and Forecast, 2005-2019 18
Figure 12: Greater White Rose, Newfoundland, Canada, Gross Revenue Versus Tax Cash Flow Analysis 19
Figure 13: Greater White Rose, Canada, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, in Billion Dollars 20
Figure 14: Greater White Rose, Canada, Remaining PV Sensitivity Analysis over Change in Production Vs. Commodity Price Change, in Billion Dollars 21
Figure 15: Greater White Rose, Canada, Remaining PV Sensitivity Analysis Over Income Tax Change Vs. Production Rate, in Billion Dollars 22
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