The Opening of the Kurdistan Oil and Gas Province: The Making of a Nation* Tony Hayward1 Search and Discovery Article #10688(2014)** Posted December 15, 2014) *Adapted from oral presentation at Discovery Thinking Forum, AAPG International Conference and Exhibition, Istanbul, Turkey, September 14-17, 2014 **Datapages © 2014 Serial rights given by author. For all other rights contact author directly. 1 Genel Energy plc, London, England ([email protected]) Overview Hydrocarbon System Fold and thrust belt Fractured carbonate reservoirs: Triassic, Jurassic, Cretaceous and Oligocene Source rocks: Triassic and Jurassic Seals: Upper Triassic/Lower Jurassic evaporites, Upper Jurassic evaporites, Upper Cretaceous mudstones Hydrocarbon distribution o North: oil (15-28 API) o South: gas, condensate and light oil (40-50 API) Resource Base and Production Potential USGS estimate: 45 bn bbls and 100 tcf gas 5billion bbls oil and 20 tcf gas discovered to date Production capacity today: ~400,000 bopd 1 million bbls/day oil within 2-3 years 10 billion cubic meters/annum gas by 2020 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx iJ[{u@ @[P)@ITU~ITU~ @If U[fu® ~llilM~~~@ITU @O~ ~ @]@® c [p)[f@WOITU@@ 1l7JiJ@ fliJi)@/kIlfli)[;j @(f @ fli)@llfJ@fli) GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx History of Modern Kurdistan Exploration History of the Kurdistan Region Genel's History in Kurdistan The Hydrocarbon System The Future 2 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx HISTORY OF MODERN KURDISTAN 1991 – No fly zone established 2003 – Green Line 2006 – First elections 2007 – Hydrocarbon Law / Oil & Gas Regulation 2009 – First Oil exports (via Baghdad controlled infrastructure) 2013 – Bilateral Energy agreement with Turkey 2014 – First oil exports via independent infrastructure 3 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx History of Modern Kurdistan Exploration History of the Kurdistan Region Genel's History in Kurdistan The Hydrocarbon System The Future 4 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx EXPLORATION HISTORY OF KURDISTAN 1902-1905 – D’Arcy Exploration Chia Surkh 1950s – IPC (BP) 1970s – Saipem 2002-2004 – Genel Energy at Taq Taq 2004-2011 – Independents enter region 2011-2014 – Supermajors enter region 5 ~;teneIEne~y GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx CHIA SURKH – 1903 vs 2013 CS-01 1903 CS-10 2013 6 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx THE RIGHT ENVIRONMENT FOR INVESTORS Safe and secure operating environment Rule of law (clear and comprehensive hydrocarbon legislation) Contracts well balanced between risk and reward Minimum of government bureaucracy 7 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx History of Modern Kurdistan Exploration History of the Kurdistan Region Genel's History in Kurdistan The Hydrocarbon System The Future 8 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx GENEL’S HISTORY IN KURDISTAN 2002 – First Taq Taq contract 2003 – First drilling at Taq Taq 2009 – First commercial production at Taq Taq 2009 – Additional licences: Tawke, Dohuk, Ber Bahr, Miran and Chia Surkh 2011 – Merger with Vallares 2012 – Acquisition of Miran (100% operatorship), Bina Bawi and Chia Surkh (operatorship) 2013 – Major gas discoveries at Miran and Bina Bawi / major oil discovery at Chia Surkh 2014 – Gross production from Taq Taq and Tawke exceeds 200,000 bopd 9 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx GENEL’S LICENCE POSITION IN KURDISTAN Tawke 708 mmbbls 2P Processing Capacity 355 1,2 23 mmbbls mmbbls CR PR 100 kbopd 200 kbopd2 End-13 End-14 Ber Bahr Dohuk 52 29 mmboe mmbbls 2P 50 mmbbls CR Bina Bawi 849 mmbbls CR CR Taq Taq 579 mmbbls 2P Processing Capacity 120 kbopd End-13 200 kbopd H1-15 Miran 845 696 mmboe mmboe CR YE-2013 reserves and resources estimates 2P = 2P Reserves CR = Contingent Resources PR = Prospective Resources PR Chia Surkh 250 mmboe 112 mmboe 1 Includes Tawke Deep and Peshkabir 2 Operator estimate CR PR 10 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx History of Modern Kurdistan Exploration History of the Kurdistan Region Genel's History in Kurdistan The Hydrocarbon System The Future 11 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx THE HYDROCARBON SYSTEM Fold and thrust belt Fractured carbonate reservoirs: Triassic, Jurassic, Cretaceous and Oligocene Source rocks: Triassic and Jurassic Seals: Upper Triassic/Lower Jurassic evaporites, Upper Jurassic evaporites, Upper Cretaceous mudstones Hydrocarbon distribution North: oil (15-28 API) South: gas, condensate and light oil (40-50 API) 12 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx BALANCED CROSS SECTION – NORTH N S Tawke Balanced Cross Section 1 : 100,000 13 ~;teneIEne~y GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx BALANCED CROSS SECTION – CENTRAL (TAQ TAQ) SW NE ", .".i""' <~I,",, ' _ 1 <,room , -l,OOO m ~--- ',">om I~ l,Oll m c.:: 4.~ll m ~-- - - + , . .. •"'" ',,,..,m 1.00<"" >.00<'" • '....- .., W_ <...,. .., C" = = '-' "'I :=.:! .'!.... . .........-,..U""" ' ~ . "" ......... ' m ~ T..... o ' m ""'-" c;.,_ f " -6.00<"" ',00<", .......- .., W_ 10,0<0 .. 11,0(0 .. 12,oW . , "" "'" = ,,"'-0.. ' 4,""" m 14,0(0 .. ,.,000 .. 15,oW .. ",",,! lW m S. ..... f " 1- """'"" "" 3• ..; r ", ~ Go.i Kl .... f nL cti. ;:'" f m ~ roloo<o< "'" "'" - """""""'" _ ...... ""'Y-. ~ .., ... Taq Taq Balanced Cross Section 1 : 100,000 14 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx BALANCED CROSS SECTION – CENTRAL (MIRAN) SW NE Miran Balanced Cross Section 1 : 100,000 15 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx BALANCED CROSS SECTION – SOUTH (CHIA SURKH) SW NE Chia Surkh Balanced Cross Section 1 : 100,000 16 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx DISTRIBUTION OF OIL/GAS DISCOVERIES TO DATE Distribution of discoveries by hydrocarbon type Distribution of discoveries by reservoir age Cenozoic Cretaceous Jurassic Triassic 17 ~;teneIEne~y GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx TAWKE SATTELITE IMAGE 18 ~;teneIEne~y GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx TAWKE SEISMIC LINE S N 0.0 0.5 1.0 2.0 Time (secs) 1.5 2.5 3.0 3.5 Interpreted seismic line TQ-04, used for Tawke section (Interpreted in Lithotect by D.Schelling 2014) 4.0 5 km 19 ~;teneIEne~y GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx TAWKE CROSS SECTION S N 0.0 0.5 1.0 2.0 Time (secs) 1.5 2.5 3.0 3.5 4.0 5 km Interpreted seismic line TQ-04, with seismic stratigraphic colour-fill 20 ~;teneIEne~y GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx TAQ TAQ SATTELITE IMAGE 21 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx TAQ TAQ SEISMIC LINE S N 2.0 1.0 0.0 2.0 3.0 Time (secs) 1.0 4.0 5.0 5 km 6.0 Interpreted seismic line Koya 61-7, used for Taq Taq section (Interpreted in Lithotect by D.Schelling 2014) 22 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx TAQ TAQ CROSS SECTION S N 2.0 1.0 0.0 2.0 3.0 Time (secs) 1.0 4.0 5.0 5 km 6.0 Interpreted seismic line Koya 61-7, used for Taq Taq section (Interpreted in Lithotect by D.Schelling 2014) 23 ~;teneIEne~y GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx CHIA SURKH SATTELITE IMAGE 24 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx CHIA SURKH SEISMIC LINE SSW NNE Chia Surkh Barda Sur Upper Fars 0.0 Jeribe 1.0 3.0 4.0 Pre-Shiranish Time (secs) 2.0 5.0 10 km 6.0 Interpreted seismic line CS-10-08 (used in the construction of the Chia Surkh structural cross section) 25 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx CHIA SURKH CROSS SECTION SSW NNE 0.0 Upper Fars Jeribe 2.0 6.0 Pre-Shiranish Depth (km) 4.0 8.0 10.0 10 km 12.0 Interpreted seismic line CS-10-08 (in depth) (used in the construction of the Chia Surkh structural cross section) 26 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx History of Modern Kurdistan Exploration History of the Kurdistan Region Genel's History in Kurdistan The Hydrocarbon System The Future 27 GENELCS\Presentations\120223_Capital Markets Day\12 Capital Markets Day Presentation (EM 20120213).pptx RESOURCE BASE AND PRODUCTION POTENTIAL USGS estimate: 45 bn bbls and 100 tcf gas 5 bn bbls oil and 20 tcf gas discovered to date Production capacity today of c.400 kbopd 1 mmbbls/d oil within 2-3 years 10 bcma gas by 2020 28
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