Recent Study: Waha Oil Field (Redevelopment), Libya, Commercial Asset Valuation and Forecast to 2016

Aug. 31, 2010 - PRLog -- The Waha Oil Field is located in the central-southern part of the Sirte basin in Libya. Waha is an onshore field that covers a total area of 5,264,914 hectares of land in the basin. The field is operated by ConocoPhillips, the fourth largest refiner in the world and also the seventh largest reserves holder of nongovernment controlled companies. Waha is one of the most mature fields in Libya that was discovered in 1960.

The field is managed by Waha Oil Company, which is a consortium formed by three international oil companies in collaboration with the national oil company of Libya. A majority of the equity in the Waha oil field is owned by the National Oil Corporation of Libya (NOC). This company owns 59.17% of stake in this field.

Waha field produces crude oil with 36 to 38 deg API and low sulfur (0.15%). The price of the crude is near par to Brent, with a negligible discount.

Waha oil field produced 350,000 barrels per day (bpd) of crude oil during 2009 and has a current production capacity of around 100 million barrels of crude oil per year. Since the field is nearing its maturity, the production of oil from the field is likely to decline at a natural rate of 7 to 8% annually during the forecasted period. The owners of the field decided to use enhanced oil recovery (EOR) techniques to increase the falling production of the field.

The field life of Waha, after the redevelopment phase in 2005 is expected to be around 11-12 years. The field is expected to be completely abandoned by 2016.

During its useful life, the field is expected to generate $44.16m in revenues (undiscounted) during its remaining life (starting January 1, 2010).

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

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Partial Table of Contents:

1 Table of contents 2
1.1 List of Tables 3
1.2 List of Figures 3
2 Waha Oil Field, Libya, Introduction 4
3 Waha Oil Field, Libya, Geology and Formations 6
4 Waha Oil Field, Libya, Equity Partners 7
5 Waha Oil Field, Libya, Crude Oil Reserves 8
6 Waha Oil Field, Libya, Key Fiscal Terms 9
6.1 Contract Type 9
6.2 Exploration License (EL) Duration 9
6.3 Exploration Obligation 9
6.4 Production Rights, Area and Duration 9
6.4.1 Type of Right 9
6.4.2 Area 9
6.4.3 Duration 9
6.5 Bonuses 9
6.6 Cost Recovery 9
6.7 Profit Sharing 9
6.8 Taxation 10
6.9 Depreciation 10
7 Waha Oil Field, Libya, Infrastructure 11
7.1 Upstream Infrastructure 11
7.2 Midstream Infrastructure 11
7.2.1 Waha  - Pipelines 11
8 Waha Oil Field, Libya, Investment, Expenditure and Production Plan 12
9 Waha Oil Field, Libya, Crude Oil Production 13
10 Waha Oil Field, Libya, Field Economics 14
10.1 Waha Oil Field, Economic Assumptions 14
10.1.1 Forecast Commodity Prices 14
10.1.2 Inflation 14
10.1.3 Discount Rate and Representation of Cash Flows 14
10.1.4 Sensitivity 14
10.1.5 Access to the Economic Model 14
10.2 Waha Oil Field, Cash Flow Analysis 15
10.3 Waha Oil Field, Libya, Remaining PV Sensitivity Analysis 16
10.3.1 Remaining NPV Sensitivity to Discount Rates 16
10.3.2 Remaining NPV Sensitivity to Change in Commodity Prices and Production 17
11 Waha Oil Field, Libya, Summary Cash Flows 18
11.1 Waha Oil Field, Libya, Front End Load Due To Fiscal Policy 19
11.2 Waha Oil Field, Libya, Tax Liability 20
12 Appendix 21
12.1 Methodology 21
12.2 Coverage 21
12.3 Secondary Research 21
12.4 Primary Research 21
12.5 E&P Forecasts 22
12.6 Capital Costs 22
12.7 Exploration and Appraisal (E&A) Costs 22
12.8 Operating Costs 23
12.9 Expert Panel Validation 23
12.10 About GlobalData
12.11 Contact Us
12.12 Disclaimer

1.1 List of Tables

Table 1: Waha Oil Field, Libya, Key Asset Data, 2010 4
Table 2:  Waha Oil Field, Libya, Profit Sharing, Value of Factor A 10
Table 3:  Waha Oil Field,, Libya, Profit Sharing, Value of Factor B 10
Table 4:  Waha Oil Field, Libya, Crude Oil Production,  Thousand Barrels, 2005-2016 13
Table 5:  Waha Oil Field, Libya Commodity Price Assumptions, 2010-2016 14

Full Table of Contents is available at:
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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.