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Harding field lies in the United Kingdom Continental Shelf (UKCS) license block 9/23b part in the northern North Sea, around 320km north east of Aberdeen. The field was discovered in February 1987. The reservoir is at a depth of approximately 1,850m below the seabed at a water depth of 110m. The field development started in November 1993. The production started by 1996.
Harding Central and South were the two pools from which the field was initially developed. After that two more pools were developed, named Harding South East and Harding North. British Petroleum (BP) is the operator and the major partner with a 70% equity stake. The remaining 30% stake is held by Maersk Oil North Sea UK Ltd. Harding produces crude oil with a 20° API. The price of Harding, UK crude oil is at par with the Brent Blend. The Harding field produced 4.46 million barrels of crude oil and 27300 mmscf of gas during 2009.
The field contains recoverable reserves approximately 226.4 million barrels of oil and 282.5 (billion cubic feet) bcf of gas. The field life of Harding is expected to be around 20 years with production ending in 2015. The field is expected to generate $1.96 billion in revenues (undiscounted) during its remaining life (starting January 1, 2010) and is expected to yield an IRR of around 20.10%.
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 Harding, United Kingdom, Introduction 5
3 Harding, United Kingdom, Geology and Formations 6
4 Harding, United Kingdom, Equity Details 8
5 Harding, United Kingdom, Crude Oil Reserves 8
6 United Kingdom, Fiscal System 9
6.1.1 Governing Law 9
6.1.2 Licensing Authority 9
6.1.3 National Oil Company 9
6.1.4 Contract Type 9
6.1.5 State Participation 9
6.2 License Terms 9
6.2.1 Exploration 9
6.2.2 Production 10
6.2.3 Key Fiscal Terms 10
6.2.4 Deductions 12
6.2.5 Capital Allowance 12
6.2.6 Withholding Tax 12
6.2.7 Ring Fence 12
6.3 Key Information 12
7 Harding, United Kingdom, Infrastructure 14
7.1 Upstream infrastructure 15
7.1.1 Oil and Gas Production 15
7.1.2 Platform 15
7.2 Midstream Infrastructure 15
7.2.1 Loading Buoy 15
8 Harding, United Kingdom, Development Plan 16
8.1 Capital and Operating costs 16
8.2 Estimated capital cost for the development of Harding, United Kingdom 16
8.3 Plans for Development 16
9 Harding, United Kingdom, Crude Oil Production 17
10 Harding, United Kingdom, Economics 18
10.1 Harding, United Kingdom, 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 Harding, United Kingdom, Cash Flow Analysis 19
10.3 Harding, United Kingdom, 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
11 Harding, United Kingdom, Summary Cash Flows 23
11.1 Harding, United Kingdom, Front End Load Estimations 24
11.2 Harding, United Kingdom, Tax Liability 25
12 Appendix 26
12.1 Methodology 26
12.2 Coverage 26
12.3 Secondary Research 26
12.4 Primary Research 26
12.5 E&P Forecasts 27
12.6 Capital Costs 27
12.7 Exploration and Appraisal (E&A) Costs 27
12.8 Operating Costs 27
12.9 Expert Panel Validation 28
12.10 About GlobalData
12.11 Contact Us
12.12 Disclaimer
1.1 List of Tables
Table 1: Harding, United Kingdom, Key Asset Data, 2010 5
Table 2: Harding, United Kingdom, Reserves, 2010 8
Table 3: Harding, United Kingdom, Capital Cost Estimate, 2010 16
Table 4: Harding, United Kingdom, Commodity Price Assumptions, 2010-2015 18
Table 5: Harding, United Kingdom, Project Analysis Metrics, 2010 19
Table 6: Harding, United Kingdom, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, in Million Dollars, 2010 20
Table 7: Harding, United Kingdom, Remaining PV Sensitivity Analysis over Commodity Price Change Vs Production Rate, in Million Dollars 21
Table 8: Harding, United Kingdom, Remaining PV Sensitivity Analysis at 10% Discount Rate over Income Tax Change Vs Production Rate, in Million Dollars, 2010 22
Table 9: Harding, United Kingdom, Asset Summary Cash Flows, Thousand $, 1990-2015 23
Table 10: Harding, United Kingdom, Front End Load, Thousand $, 1990-2015 24
Table 11: Harding, United Kingdom, Tax Liability, Thousand $, 1990-2015 25
1.2 List of Figures
Figure 1: Harding, United Kingdom, Location, 2010 6
Figure 2: Harding, United Kingdom, Geology and Formations, Seismic Section, 2010 7
Figure 3: Harding, United Kingdom, Geology and Formations, Seismic Section, 2010 7
Figure 4: Harding, United Kingdom, Equity Partners and Their Equity Stakes, 2010 8
Figure 5: Harding, United Kingdom, Process Flow Diagram, 2010 14
Figure 6: Harding, United Kingdom, Process Flow Diagram, 2010 14
Figure 7: Harding, United Kingdom, Historic Production and Forecast, 1997-2040 17
Figure 8: Harding, United Kingdom, Gross Revenue Versus Tax Cash Flow Analysis, 1990- 2015 19
Figure 9: Harding, United Kingdom, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, in Million Dollars, 2010 20
Figure 10: Harding, United Kingdom, Remaining PV Sensitivity Analysis over Change in Production Vs. Commodity Price Change, in Million Dollars, 2010 21
Figure 11: Harding, United Kingdom, Remaining PV Sensitivity Analysis Over Income Tax Change Vs. Production Rate, in Million Dollars, 2010 22
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