Production Sharing Contracts - AIPN
Production Sharing Contracts - AIPN
Production Sharing Contracts - AIPN
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Iran Project Model (continued)Year 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30Oil Price ($/bbl) $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00Oil Price Differential ($/bbl) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00) ($2.00)Gas Price ($/mmbtu) $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00Gas Price Differential ($/mmbtu) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1)Oil <strong>Production</strong> (kbpd) 87 78 71 64 57 51 46 42 38 34 30 27 25 22 20 18 16Memo: Oil <strong>Production</strong> (mmb) 32 29 26 23 21 19 17 15 14 12 11 10 9 8 7 7 6Gas <strong>Production</strong> (mmcfd) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Memo: Gas <strong>Production</strong> (bcf) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0<strong>Production</strong> (kboepd) 87 78 71 64 57 51 46 42 38 34 30 27 25 22 20 18 16Gross Revenue ($mm) $898 $808 $728 $655 $589 $530 $477 $430 $387 $348 $313 $282 $254 $228 $205 $185 $166Royalty ($/boe) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Royalty (kboed) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Royalty ($mm) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Severance ($mm) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Capital Costs ($mm) $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17Memo: Gross Invested Capital ($mm) $13 $13 $13 $13 $13 $13 $13 $13 $13 $13 $13 $13 $13 $13 $13 $13 $13Fiscal Depreciation ($mm) $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17 $17Opex ($/boe) $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00Opex ($mm) $96 $87 $78 $70 $63 $57 $51 $46 $41 $37 $34 $30 $27 $24 $22 $20 $18Uplift ($mm) $29 $27 $25 $23 $21 $19 $18 $17 $16 $15 $14 $13 $12 $11 $11 $10 $10Total Costs ($mm) $143 $131 $120 $110 $101 $94 $86 $80 $74 $69 $64 $60 $56 $53 $50 $47 $45Cost Recovery ($mm) $143 $131 $120 $110 $101 $94 $86 $80 $74 $69 $64 $60 $56 $53 $50 $47 $45Memo: C/R Carryforward ($mm) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Profit Oil - 100% ($mm) $755 $678 $608 $545 $488 $437 $391 $350 $312 $279 $249 $222 $197 $175 $155 $138 $122Profit Oil (Contractor) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Profit Oil (Government) $755 $678 $608 $545 $488 $437 $391 $350 $312 $279 $249 $222 $197 $175 $155 $138 $122Memo: Oil Entitlement (kbpd) 14 13 12 11 10 9 8 8 7 7 6 6 5 5 5 5 4Memo: Gas Entitlement (mmcfd) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Memo: Total Entitlement (kboepd) 14 13 12 11 10 9 8 8 7 7 6 6 5 5 5 5 4Memo: Total Entitlement (mmboe) 5 5 4 4 4 3 3 3 3 2 2 2 2 2 2 2 2Memo: Total Entitlement (%) 16% 16% 16% 17% 17% 18% 18% 19% 19% 20% 21% 21% 22% 23% 24% 26% 27%Provincial Taxes ($mm) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Income Taxes ($mm) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Bonuses ($mm) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0NOC Capex Carry ($mm) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Contractor Take ($mm) $143 $131 $120 $110 $101 $94 $86 $80 $74 $69 $64 $60 $56 $53 $50 $47 $45FCF ($mm) $29 $27 $25 $23 $21 $19 $18 $17 $16 $15 $14 $13 $12 $11 $11 $10 $10Discount Rate (%) 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%Cumulative Discounted FCF ($mm) $154 $141 $128 $117 $107 $97 $87 $78 $70 $61 $53 $45 $37 $29 $20 $11 $2S IMMONS & C OMPANY I NTERNATIONAL 17
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