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Browse completeGreater White Rose, Canada, Commercial Asset Valuation and Forecast to 2019 Report

Greater White Rose area is located in the Jeanne d’Arc Basin of North Atlantic Ocean approximately 350km (217 miles) east-southeast of St. John’s, Newfoundland, Canada in water depth of 120m. It consists of one main field White Rose and three satellite fields which are tied-back to main field. The three satellite fields are North Amethyst, South White Rose Extension and West White Rose Extension. The Greater White Rose field was discovered in the year 1984 and was approved for field development in 2001. The focus for the initial development of White Rose was on the South Avalon pool, and first oil production took place in November 2005. Production from the field will be shuttled in two tankers from the SeaRose-FPSO.

Husky Energy operates the project and owns 72.5% interest in the main White Rose field and Suncor Energy owns the remaining 27.5%. For the satellite fields Husky Energy owns 68.87% interest; Suncor Energy owns 26.12% interest; and the Government of Newfoundland and Labrador, through the province’s energy corporation named Nalcor Energy hold an equity stake of 5%. Located in the South Avalon reservoir, White Rose has estimated recoverable reserves of 305 million barrels of oil and an estimated recoverable reserve of 3.02 Tcf of natural gas. White Rose field produced 22.79 million barrels of crude oil during 2009.

The field contains medium-weight crude oil has 30-31º API and 0.31% wt. of low sulfur content. It has a relatively high pour point and wax content. The price of Greater White Rose crude oil is at par with the WTI. The current production of White Rose is 135,000 bopd with the expected field life of 15 years.

The owners of the field are planning to increase the capacity by developing the satellite extension fields.

The total recoverable reserves from the White Rose field and the North Amethyst are estimated to be at around 375 million barrels. The field life of Greater White Rose is expected to be around 15 years with complete abandonment during 2019. The field is expected to generate 17.37 billion in revenues (undiscounted) during its remaining life (starting January 1, 2010) and is expected to yield an IRR of around 30.68%.

Extension Fields: North Amethyst Satellite field (near to the White Rose field) is tied-back to SeaRose FPSO. In 2006 the field was discovered. It is estimated to contain 70 million barrels of 2P recoverable reserve (28.2 million barrels of proved and 41.8 million barrels of probable reserves). According to the field development plan 11 wells are tied-back to the FPSO. A glory hole for the North Amethyst subsea equipment was dredged in 2007, and development drilling occurred at the end of 2008. Production started in 2010 after the field’s subsea tie-in work which was completed in the first quarter of 2010.

The estimated reserve in South White Rose Extension is 24 million barrels of oil in September 2007 it received government approval. The application to develop West White Rose Extension was filed with the C-NLOPB in 2008. To find and define the West White Rose resources there are plans to drill an additional delineation.

1.1 List of Tables 4

1.2 List of Figures 4

7.1 Contract Type 11

7.2 Royalty 11

7.3 Bonuses 14

7.4 Rentals 14

7.5 Fees 14

7.6 Taxation 14

8.1 Upstream infrastructure 15

8.1.1 Oil and Gas Production 15

8.1.2 Floating Storage Production and Offloading (FPSO) 15

8.1.3 FPSO – Topsides 15

8.1.4 Subsea 15

8.2 Midstream Infrastructure 16

8.2.1 Shuttle Tankers 16

9.1 Capital and Operating costs 16

9.2 Estimated capital cost for the development of Greater White Rose 16

11.1 Greater White Rose, Economic Assumptions 18

11.1.1 Forecast Commodity Prices 18

11.1.2 Inflation 18

11.1.3 Discount Rate and Representation of Cash Flows 19

11.1.4 Sensitivity 19

11.1.5 Access to the Economic Model 19

12.1 Greater White Rose, Canada, Remaining PV Sensitivity Analysis 20

12.1.1 Remaining NPV Sensitivity to Discount Rates 20

12.1.2 Remaining NPV Sensitivity to Change in Commodity Prices and Production 21

12.1.3 Remaining NPV Sensitivity to Income Tax and Production Rate 22

13.1 Greater White Rose, Newfoundland, Canada, Front End Load Estimations 24

13.2 Greater White Rose, Newfoundland, Canada, Tax Liability 25

14.1 Methodology 25

14.2 Coverage 25

14.3 Secondary Research 26

14.4 Primary Research 26

14.5 E&P Forecasts 26

14.6 Capital Costs 27

14.7 Exploration and Appraisal (E&A) Costs 27

14.8 Operating Costs 27

14.9 Expert Panel Validation 27

14.10 About GlobalData

14.11 Contact Us

14.12 Disclaimer

Table 1: Greater White Rose, Canada, Key Valuation Metrics, Mid Year 2010 6

Table 2: Terra Nova Project, Oil and Gas Royalty Rate, Newfoundland, 2009 12

Table 3: Canada, Newfoundland Offshore, Crude Oil and Natural Gas, Royalty Rate, 2009 13

Table 4: Canada, Newfoundland Onshore, Crude Oil and Natural Gas, Royalty Rate, 2009 13

Table 5: Canada, Newfoundland Offshore, Rental Rates, 2009 14

Table 6: Greater White Rose, Newfoundland, Canada, Capital Cost Estimate 16

Table 7: Greater White Rose, Canada, Commodity Price Assumptions, 2005-2019 18

Table 8: Greater White Rose, Newfoundland, Canada, Project Analysis Metrics, 2010 19

Table 9: Greater White Rose, Canada, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, in Billion Dollars 21

Table 10: Greater White Rose, Canada, Remaining PV Sensitivity Analysis over Commodity Price Change Vs Production Rate, in Billion Dollars 22

Table 11: Greater White Rose, Canada, Remaining PV Sensitivity Analysis at 10% Discount Rate over Income Tax Change Vs Production Rate, in Billion Dollars 23

Table 12: Greater White Rose, Canada, Summary Cash Flows, in Billion Dollars 23

Table 13: Greater White Rose, Canada, Front End Load, Thousand USD,2003-2019 24

Figure 1: Greater White Rose, Canada, Historic and Forecast Production 5

Figure 2: Greater White Rose, Canada, Gross Revenue Split 5

Figure 3: Greater White Rose, Canada, NPV Sensitivity 7

Figure 4: Greater White Rose, Newfoundland, Canada, Geology and Formations, Seismic Section 9

Figure 5: Greater White Rose, Newfoundland, Canada, Geology and Formations, Seismic Section 10

Figure 6: White Rose, Newfoundland, Canada, Equity Partners and Their Equity Stakes, 2010 10

Figure 7: Satellite Fields, Newfoundland, Canada, Equity Partners and Their Equity Stakes, 2010 11

Figure 8: White Rose, Canada, Process Flow Diagram 15

Figure 9: Greater White Rose, Newfoundland, Canada, Subsea Process Flow Diagram 16

Figure 10: Concept of White Rose Extension, Newfoundland, Canada 17

Figure 11: Greater White Rose, Newfoundland, Canada, Historic Production and Forecast, 2005-2019 18

Figure 12: Greater White Rose, Newfoundland, Canada, Gross Revenue Versus Tax Cash Flow Analysis 19

Figure 13: Greater White Rose, Canada, Remaining PV Sensitivity Analysis Over Discount Rate Vs. Commodity Price Change, in Billion Dollars 20

Figure 14: Greater White Rose, Canada, Remaining PV Sensitivity Analysis over Change in Production Vs. Commodity Price Change, in Billion Dollars 21

Figure 15: Greater White Rose, Canada, Remaining PV Sensitivity Analysis Over Income Tax Change Vs. Production Rate, in Billion Dollars 22

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