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UNFC–2009 – Purpose of Resource Classification David MacDonald Houston 21 November 2013

UNFC–2009 – Purpose of Resource Classification David MacDonald Houston 21 November 2013. A Couple of Anecdotes. A famous company misrepresents its reserves with collusion of the board of directors Application of revised rules significantly alters management ’ s previous estimate

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UNFC–2009 – Purpose of Resource Classification David MacDonald Houston 21 November 2013

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  1. UNFC–2009 – Purpose of Resource Classification David MacDonald Houston 21 November 2013

  2. A Couple of Anecdotes • A famous company misrepresents its reserves with collusion of the board of directors • Application of revised rules significantly alters management’s previous estimate • Risk mitigation not in-place results in revision of field reserves • Management found to be trading shares prior to release of revised reserves estimates Institute of Mining and Metallurgy London, 1911

  3. Stakeholders of our Resources External Influencers Internal preparers Internal users Internal Stakeholders Governance and Assurance External user

  4. Principles for Resource Classification • Project based • Project management • Classification of total volume • Clear boundaries between categories • Discovered • Commercial (economic and social license)

  5. Resources are measured against … Uncertainty well defined (with high confidence) Economic to extract (commercially feasible) Technically feasible to extract Sustainable Mining and the UNFC, India, 29-30 October 2013

  6. Typical Deepwater Facility Design Maximum Rate Design Export Facility Sources of Uncertainty Floating Facility • Subsurface • Static • Dynamic • Gathering • Processing • Transport • Commercial Riser towers Gas injection Water injection Well count and management Successful development plans include contingencies and mitigations for possible outcomes.

  7. Reservoir Technical limit Barrier RF Reservoir Technical Limits 1 • Options • Doable now (or almost) • Possibilities • Potentially economic • May require incremental technology development • <5 & >5 yr timescales • Barrier opportunities • Technical or commercial barrier • Not currently doable or uneconomic • Requires step change Recovery Factor 0 Base Options Possibilities Barrier

  8. Approved for Development Key Exploration Commercial Non-Commercial Potentially Commercial Resource Progression Access Appraise Select Define Execute Operate Justified for Development Production Development Pending On Production Exploration Prospect

  9. Justified for Development Production Development Pending Approved for Development On Production Development on Hold Development Unclarified Remaining Prospectivity Key Exploration Commercial Non-Commercial Potentially Commercial Resource Progression Access Appraise Select Define Execute Operate Exploration Prospect

  10. coil tubing drilling unit sidetracks hydraulic fractures stimulations workovers non-rig workovers incremental production mbd Role of Technology The right linkage between depletion and technology plans is vital to maximising value from our assets. The improvement of hydrocarbon recovery and investment efficiency is demonstrably linked with advances in technology.

  11. UNFC – 2D representation Total commodity initially in place

  12. Resource Identification Aids business planning Investment decisions for individuals and corporations Allows efficient resource utilisation Principally an aid to efficient development

  13. Alignment of systems (schematic) UNFC-2009 PRMS CRIRSCO Total commodity initially in place Sustainable Mining and the UNFC, India, 29-30 October 2013

  14. Sustainable Development for All • Definition must include entire resource base • Maintain competitive advantage • Recognise the total potential • Over-conservatism may lead to lost opportunity • Uncertainty analysis must identify the components • Technical • Project • Commerciality and Social License UNFC-2009 with its focus on economic viability, technical feasibility and uncertainty is well placed to meet all of these needs.

  15. Resource Classification is not finished!

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