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The Callanish is an oil field extension to the Britannia field. The Callanish and Brodgar (a gas condensate field) are together known as BritSats. The two fields, Callanish and Brodgar, are named after megalithic standing stones located on the Isle of Lewis and Orkney.
Callanish is located approximately 25km from the Britannia platform and holds two blocks, 15/29b and 21/4aN, in the central North Sea. The blocks include a main field area (discovered in 1999) and an outlier to the west. Development of the satellite fields received government approval in March 2004. The Callanish infrastructure includes a bridge linked platform which is tied back through the subsea manifold via a 25km long pipeline, four subsea horizontal wells out of which three are in the main field and one of them is in the area mentioned as the outlier. In order to maintain the reservoir pressure, gas lift and methanol is supplied from Britannia via 6in and 3in pipelines respectively. The fields are at a water depth of 459ft to 492ft (140m to 150m).
Oil production began in July 2008. Production from the field is partially processed at the BLP. The fluids are then transferred to the Britannia platform. Once the processing is completed, the liquids are combined with Britannia condensate and exported via the Forties pipeline system to BP’s Kinneil terminal at Grangemouth.
ConocoPhillips operates the project and owns an 83.5% interest in the Satellite extension and Chevron North Sea Limited owns the remaining 16.5%. Located 25km from the Britannia platform, Callanish has estimated recoverable reserves of 55 million barrels of Oil. Callanish field produced 15 million barrels of crude oil during 2009.
The field contains medium-weight crude oil with a 47º API. The oil is of good quality, light but waxy. It is sweet crude but it is relatively immobile. Under the oil rim there is an aquifer. The price of Callanish crude oil is at par with the Brent Blend. The peak production of Callanish is 50,000 bopd with the expected field life of 15 years with complete abandonment in 2022. The field is expected to generate 2.5 billion in revenues (undiscounted) during its remaining life (starting January 1, 2010) and is expected to yield an IRR of around 28.89%.
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.
- 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
1.1 List of Tables 4
1.2 List of Figures 4
2 Callanish, UK, Introduction 5
3 Callanish, UK, Geology and Formations 6
4 Callanish, UK, Equity Details 7
5 Callanish, UK, Crude Oil Reserves 7
6 Fiscal System 7
6.1 The United Kingdom Petroleum Fiscal Environment 7
6.1.1 Governing Law 7
6.1.2 Licensing Authority 7
6.1.3 National Oil Company 7
6.1.4 Contract Type 8
6.1.5 State Participation 8
6.2 License Terms 8
6.2.1 Exploration 8
6.2.2 Production 8
6.2.3 Key Fiscal Terms 9
6.2.4 Deductions 10
6.2.5 Capital Allowance 10
6.2.6 Withholding Tax 10
6.2.7 Ring Fence 11
6.3 Key Information 11
7 Callanish, UK, Infrastructure 12
7.1 Upstream infrastructure 12
7.1.1 BLP (Bridge Linked Platform) 12
7.1.2 Subsea 12
7.1.3 Callanish, UK, Development Plan and Capital cost 13
7.1.4 Capital and Operating costs 13
7.1.5 Estimated capital cost for the development of Callanish 14
8 Callanish, UK, Crude Oil Production 15
9 Callanish, UK, Economics 15
9.1 Callanish, Economic Assumptions 15
9.1.1 Forecast Commodity Prices 15
9.1.2 Inflation 16
9.1.3 Discount Rate and Representation of Cash Flows 16
9.1.4 Sensitivity 16
9.1.5 Access to the Economic Model 16
10 Callanish, UK, Cash Flow Analysis 16
10.1 Callanish, UK, Remaining PV Sensitivity Analysis 18
10.1.1 Remaining NPV Sensitivity to Discount Rates 18
10.1.2 Remaining NPV Sensitivity to Change in Commodity Prices and Production 19
10.1.3 Remaining NPV Sensitivity to Income Tax and Production Rate 20
11 Callanish, UK, Summary Cash Flows 21
11.1 Callanish, UK, Front End Load Estimations 22
11.2 Callanish, UK, Tax Liability 23
12 Appendix 24
12.1 Methodology 24
12.2 Coverage 24
12.3 Secondary Research 24
12.4 Primary Research 24
12.5 E&P Forecasts 25
12.6 Capital Costs 25
12.7 Exploration and Appraisal (E&A) Costs 25
12.8 Operating Costs 25
12.9 Expert Panel Validation 26
12.10 About GlobalData
12.11 Contact Us
12.12 Disclaimer
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