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Fiscal Comparison/Exploration Attractiveness
Model field assumptions – oil
Very
Small Small Medium Large
Very
Large
Field Reserves (mmbbl) 5 20 50 100 300
Production Start 2013 2014 2015 2016 2017
Drilling Cost ($M) 14 58 144 289 866
Facilities Cost ($M) 43 173 433 866 2,599
Total Dev. Capital Costs ($M) 58 231 578 1,155 3,465
Total Dev. Capital Costs ($/bbl) 11.5 11.6 11.6 11.6 11.6
Abandonment Cost ($M) 3 12 29 58 173
Fixed Opex per year ($M) 3.7 14.7 18.4 24.5 55.1
Variable Opex rate ($/bbl) 2.1 2.1 2.1 2.1 2.1
Total Opex Costs ($M) 29 116 289 578 1,733
Total Opex Costs ($/bbl) 5.8 5.8 5.8 5.8 5.8
Total Field Costs ($M) 90 358 896 1,790 5,371
Total Field Costs ($/bbl) 18.0 17.9 17.9 17.9 17.9
Model field assumptions – gas
Very
Small Small Medium Large
Very
Large
Field Reserves (bcf) 25 100 250 500 1,500
Production Start 2,013 2,014 2,015 2,016 2,017
Drilling Cost ($M) 8 32 79 158 473
Facilities Cost ($M) 24 95 236 473 1,418
Total Dev. Capital Costs ($M) 32 126 315 630 1,890
Total Dev. Capital Costs ($/mcf) 1.3 1.3 1.3 1.3 1.3
Abandonment Cost ($M) 2 6 16 32 95
Fixed Opex per year ($M) 1.1 4.2 10.5 14.0 31.5
Variable Opex rate ($/mcf) 0.2 0.2 0.2 0.2 0.2
Total Opex Costs ($M) 16 63 158 315 945
Total Opex Costs ($/mcf) 0.6 0.6 0.6 0.6 0.6
Total Field Costs ($M) 49 195 488 977 2,930
Total Field Costs ($/mcf) 2.0 2.0 2.0 2.0 2.0
Economic assumptions
For the purposes of this report, 3 oil and gas price scenarios have been selected to illustrate how the fiscal terms are
impacted by different price environments.
The Brent oil price scenarios used are $80/bbl (low), $100/bbl (medium) and $120/bbl (high). The gas price scenarios
used are $4/mcf (low), $6/mcf (medium) and $9/mcf (high). In each scenario, the price is held flat in real terms in future
years assuming a 2% nominal growth rate.
Unless stated otherwise, all Net Present Value (NPV) calculations assume a discount date of 1.1.2012 and have been
calculated using a 10% nominal discount rate, this is the standard discount rate which is widely used by companies
throughout the oil and gas industry globally and is used to ensure all NPV’s which are quoted are comparable. Many
companies use lower discount rates than this, however, 10% remains the default discount rate for industry economic
analysis by Wood Mackenzie.
Fiscal Modelling
All of the economic results in the study are generated using Wood Mackenzie’s proprietary petroleum economics
evaluation software, Global Economic Model (GEM), which contains Wood Mackenzie’s database of worldwide asset
production, cost and price profiles, compiled as part of Wood Mackenzie’s core research activity.
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