Hibernia is an oil field located in the Jeanne d'Arc Basin of North Atlantic Ocean, approximately 315 km east-southeast of St. John's, Newfoundland, Canada in water-depth of 80m. The Hibernia production platform is the world's largest oil platform consisting of a 600,000-tonne gravity base structure mounted by 37,000-tonne integrated topsides facility. The Hibernia field was discovered in the year 1979 by drilling of the Chevron et al. Hibernia P-15 well. The field development started in November 1994 with the installation of Gravity Based Structure (GBS) and completed by 1997 with a Platform anchored in place. During November 1997, initial oil production started.
Hibernia field comprises of Hibernia B Pool (Non HSE Unit), Hibernia (HSE Unit), Hibernia AA Blocks (same reservoir as Hibernia B Pool), and Ben Nevis-Avalon (BNA) Formations (HSE Unit), BNA (Non HSE Unit), Hibernia A Pool, Catalina Member, Cape Island Member. The field has been divided into six assessment sectors, whick include Northwest, Northeast, Central North, Central, West, and Southwest. Hibernia Management Development Corporation (HMDC) is the operator of the field with Exxon Mobil Canada as the major partner with 33.13% equity stake. HMDC is an agency company formed by the field owners to oversee the development and production of the field. Hibernia produces crude oil with 32deg to 36deg API and 0.4-0.6% sulphur content. The price of Hibernia crude oil is at par with the Brent Blend. Hibernia field produced 41.10 million barrels of crude oil during 2009. The owners of the field are planning to increase the capacity by developing the AA block and Hibernia South Extension (HSE) units.
The field contains approximately 3.60 billion barrels of oil in-place, and recoverable reserves are estimated to be at around 1211 million barrels. The initial production rates, which exceeded 50,000 boe per day from a single well proved Hibernia to have the most prolific oil well in Canada. The field life of Hibernia is expected to be around 44 years with complete abandonment during 2040. The field is expected to generate 95.08 billions in revenues (undiscounted)
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)
* 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.
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Partial Table of Contents:
1 Table of contents 2
1.1 List of Tables 4
1.2 List of Figures 4
2 Hibernia, Newfoundland, Canada, Introduction 5
3 Hibernia, Newfoundland, Canada, Geology and Formations 7
4 Hibernia, Newfoundland, Canada, Equity Details 8
5 Hibernia, Newfoundland, Canada, Crude Oil Reserves 9
6 Newfoundland, Fiscal System 11
6.1 Contract Type 11
6.2 Royalty 11
6.3 Bonuses 13
6.4 Rentals 13
6.5 Fees 13
6.6 Taxation 13
7 Hibernia, Newfoundland, Canada, Infrastructure 14
7.1 Upstream infrastructure 14
7.1.1 Oil and Gas Production 14
7.1.2 Topsides 14
7.1.3 Gravity Base Structure (GBS) 15
7.2 Midstream Infrastructure 15
7.2.1 Offshore Loading System (OLS) 15
7.2.2 Shuttle Tankers 15
8 Hibernia, Newfoundland, Canada, Development Plan 16
8.1 Capital and Operating costs 16
8.2 Estimated capital cost for the development of Hibernia South Extension (HSE) 16
8.3 Plans for Development 17
8.4 Development Methodlogy to enhance production 17
8.5 Blockwise Stages for the development in Hibernia: 17
9 Hibernia, Newfoundland, Canada, Crude Oil Production 18
9.1 Block-wise peak production details including the start year and the production rate 18
9.2 Full crude oil production forecasting, and Gas sales volume for the field life from 1997-2040 19
10 Hibernia, Newfoundland, Canada, Economics 20
10.1 Hibernia, Economic Assumptions 20
10.1.1 Forecast Commodity Prices 20
10.1.2 Inflation 20
10.1.3 Discount Rate and Representation of Cash Flows 20
10.1.4 Sensitivity 20
10.1.5 Access to the Economic Model 20
10.2 Hibernia, Newfoundland, Canada, Cash Flow Analysis 21
10.3 Hibernia, Canada, Remaining PV Sensitivity Analysis 22
10.3.1 Remaining NPV Sensitivity to Discount Rates 22
10.3.2 Remaining NPV Sensitivity to Change in Commodity Prices and Production 23
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