Gullfaks, Norway, Commercial Asset Valuation And Forecast To 2015 Now Available On ReportsandReports
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The Gullfaks oil field is located in block 34/10 in the northern part of Norwegian North Sea. The water depth in the area is around 130-220m. This block was nicknamed the Golden block because of the high interest rate. The production license was awarded in 1978 under PL- 050 to three Norwegian companies – Statoil, Norsk Hydro and the former Saga Petroleum. This was the first time an offshore license was awarded to a purely domestic consortium.
Statoil acts as the operator of the field with a 70% equity share. The field produces Gullfaks Blend crude oil which is light (37.5° API) and low sulphur content (0.22% mass) North Sea crude oil.
The field was developed from three platforms Gullfaks A, B and C with integrated processing, drilling and accommodation facilities. The Gullfaks Satellites Project consists of the Gullfaks Sør, Rimfaks, Gullveig, Gimle, Gulltopp and Skinfaks fields.
The estimated recoverable reserves as of December 31, 2009 are 2.27 billion barrels of oil and 821.5 (billion cubic feet) Bcf of gas. The field life of Gullfaks is expected to be around 30 years with complete abandonment during 2015. The field is expected to generate $7.88 billion in revenues (undiscounted) during its remaining life (starting January 1, 2010) and is expected to yield an IRR of around 11.85%.
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 4
1.2 List of Figures 4
2 Gullfaks, Norway, Introduction 5
3 Gullfaks, Norway, Geology and Formations 7
4 Gullfaks, Norway, Equity Details 8
5 Gullfaks, Norway, Crude Oil Reserves 8
6 Gullfaks, Norway, Fiscal System 9
6.1 Contract Type 9
6.2 State Participation 9
6.3 Royalty 9
6.4 Fees 9
6.5 Special Petroleum Tax 9
6.6 Taxation 9
7 Gullfaks, Norway, Infrastructure 10
7.1 Platform 10
7.1.1 Gullfaks A platform 10
7.1.2 Gullfaks B platform 10
7.1.3 Gullfaks C platform 11
7.2 Pipeline 11
7.3 Tankers 11
7.4 Wells 11
8 Gullfaks, Norway, Development Plan 15
8.1 Capital and Operating costs 15
8.2 Phases of Development 15
8.3 Plans for Development 15
9 Gullfaks, Norway, Crude Oil Production 16
9.1 Full Crude Oil and Gas Production Forecasting for the Field Life from 1986 to 2015 17
10 Gullfaks, Norway, Economics 18
10.1 Gullfaks, Norway, Economic Assumptions 18
10.1.1 Forecast Commodity Prices 18
10.1.2 Inflation 18
10.1.3 Discount Rate and Representation of Cash Flows 18
10.1.4 Sensitivity 18
10.1.5 Access to the Economic Model 18
10.2 Gullfaks, Norway, Cash Flow Analysis 19
10.3 Gullfaks, Norway, Remaining PV Sensitivity Analysis 20
10.3.1 Remaining NPV Sensitivity to Discount Rates 20
10.3.2 Remaining NPV Sensitivity to Change in Commodity Prices and Production 21
10.3.3 Remaining NPV Sensitivity to Income Tax and Production Rate 22
11 Gullfaks, Norway, Summary Cash Flows 23
11.1 Gullfaks, Norway, Front End Load Estimations 24
11.2 Gullfaks, Norway, Tax Liability 26
12 Appendix 27
12.1 Methodology 27
12.2 Coverage 27
12.3 Secondary Research 27
12.4 Primary Research 27
12.5 E&P Forecasts 28
12.6 Capital Costs 28
12.7 Exploration and Appraisal (E&A) Costs 28
12.8 Operating Costs 28
12.9 Expert Panel Validation 29
12.10 About GlobalData
12.11 Contact Us
12.12 Disclaimer
1.1 List of Tables
Table 1: Gullfaks, Norway, Key Asset Data, 2010 5
Table 2: Gullfaks, Norway, Reserves Classification, 2010 8
Table 3: Gullfaks, Norway, Exploration Wells, 2010 11
Table 4: Gullfaks, Norway, Development Wells, 2010 12
Table 5: Gullfaks, Norway, Crude Oil and Gas Production, 1986-2015 17
Table 6: Gullfaks, Norway, Commodity Price Assumptions, 2010-2015 18
Table 7: Gullfaks, Norway, Project Analysis Metrics, 2010 19
Table 8: Gullfaks, Norway , Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, in Million Dollars, 2010 20
Table 9: Gullfaks, Norway, Remaining PV Sensitivity Analysis over Commodity Price Change Vs Production Rate, in Million Dollars, 2010 21
Table 10: Gullfaks, Norway , Remaining PV Sensitivity Analysis at 10% Discount Rate over Income Tax Change Vs Production Rate, in Million Dollars, 2010 22
Table 11: Gullfaks, Norway, Asset Summary Cash Flows, Thousand $, 1984-2015 23
Table 12: Gullfaks, Norway, Front End Load, Thousand $, 1984-2015 24
Table 13: Gullfaks, Norway, Tax Liability Estimations, Thousands $, 1984-2015 26
1.2 List of Figures
Figure 1: Gullfaks, Norway , Location, 2010 6
Figure 2: Gullfaks , Norway, Satellite fields, 2010 6
Figure 3: Gullfaks, Norway , Geological Details, 2010 7
Figure 4: Gullfaks, Norway , Equity Partners and Their Equity Stakes, 2010 8
Figure 5: Gullfaks , Norway, Infrastructure, 2010 10
Figure 6: Gullfaks , Norway , Oil Historic Production and Forecast, 1986-2015 16
Figure 7: Gullfaks , Norway , Gas Historic Production and Forecast, 1987-2009 16
Figure 8: Gullfaks , Norway , Gross Revenue Versus Post Tax Cash Flow Analysis, 2010 19
Figure 9: Gullfaks, Norway , Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, in Million Dollars, 2010 20
Figure 10: Gullfaks, Norway, Remaining PV Sensitivity Analysis over Change in Production Vs. Commodity Price Change, in Million Dollars, 2010 21
Figure 11: Gullfaks, Norway , Remaining PV Sensitivity Analysis Over Income Tax Change Vs. Production Rate, in Million Dollars, 2010
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