CAPÍTULO 7: PROPUESTA DE MEJORA BASADO EN EL ANÁLISIS DEL MODELO
1. Propuesta de mejora para el proceso de planificación
Statoil
Net Proved Oil, NGL and Natural Gas Net Proved Oil and NGL Net Proved Natural Gas Reserves Reserves in Million Reserves in Million Barrels in Billion Standard Cubic Feet Barrels Oil Equivalents
Outside Outside Outside
Norway Norway Total Norway Norway Total Norway Norway Total
At December 31, 2005 ** 1,142 619 1,761 13,024 1,202 14,225 3,462 833 4,295 Of which:
Proved developed reserves 787 202 990 9,348 150 9,498 2,453 229 2,682
Revisions and improved
recovery ************ 93 48 141 394 242 637 164 91 255
Extensions and
discoveries ********** 16 4 20 179 — 179 47 4 52
Purchase of
reserves-in-place*************** — — — — — — — — —
Sales of reserves-in-place — (2) (3) — — — — (2) (3)
Production ************ (190) (54) (244) (896) (59) (956) (350) (65) (415) At December 31, 2006 ** 1,060 615 1,675 12,700 1,385 14,085 3,323 861 4,185 Of which:
Proved developed reserves 714 240 955 9,134 222 9,356 2,342 280 2,622
Hydro Petroleum
Net Proved Oil Net Proved Oil, NGL and
and NGL Reserves Net Proved Natural Gas Reserves Natural Gas Reserves in in Million Barrels in Billion Standard Cubic Feet Million Barrels Oil Equivalents
Outside Outside Outside
Norway Norway Total Norway Norway Total Norway Norway Total
At December 31, 2005 ** 693 160 853 6,571 190 6,761 1,854 192 2,046
Of which:
Proved developed reserves 576 93 669 4,551 58 4,609 1,380 103 1,483
Revisions and improved
recovery ************ 29 (11) 18 135 8 143 55 (10) 45
Extensions and
discoveries ********** 10 8 18 77 9 86 25 9 34
Purchase of
reserves-in-place*************** — — — — — — — — —
Sales of reserves-in-place — — — — — — — — —
Production ************ (125) (16) (141) (354) (25) (379) (189) (20) (209)
At December 31, 2006 ** 607 141 748 6,429 182 6,611 1,745 171 1,916
Of which:
Proved developed reserves 474 94 568 4,244 61 4,305 1,224 105 1,329
ESTIMATED MERGED COMPANY PRO FORMA OIL AND NATURAL GAS RESERVES (UNAUDITED)
Merged Company Pro Forma Consolidated Combined
Net Proved Oil, NGL and Net Proved Natural Gas Natural Gas Reserves in Net Proved Oil and NGL Reserves in Billion Standard Million Barrels Oil Reserves in Million Barrels Cubic Feet Equivalents
Outside Outside Outside
Norway Norway Total Norway Norway Total Norway Norway Total At January 1, 2006************* 1,835 779 2,614 19,595 1,392 20,986 5,316 1,025 6,341 Of which:
Proved developed reserves******* 1,363 295 1,659 13,899 208 14,107 3,833 332 4,165
Revisions and improved recovery 122 37 159 529 250 780 219 81 300
Extensions and discoveries******* 26 12 38 256 9 265 72 13 86
Purchase of reserves-in-place***** — — — — — — — — —
Sales of reserves-in-place******** — (2) (3) — — — — (2) (3)
Production******************** (315) (70) (385) (1,250) (84) (1,335) (539) (85) (624) At December 31, 2006********** 1,667 756 2,423 19,129 1,567 20,696 5,068 1,032 6,101 Of which:
Proved developed reserves******* 1,188 334 1,523 13,378 283 13,661 3,566 385 3,951 At year-end 2006 Statoil held a 15 per cent share in the Sincor joint venture while the partners PDVSA and Total held 38 and 47 per cent respectively. The Venezuelan Government has recently indicated that the state requires a majority of minimum 60 per cent for the state-owned PDVSA in the Sincor joint venture, which is to migrate into a mixed company. The specifics and extent of such a transition and the level of compensation to be received by Statoil cannot be ascertained at this time. Statoil and our partner are communicating with the Ministry to find an overall solution for Sincor.
The possible migration from partnership to a mixed company and the resulting possible reduction in Statoil share may affect our future recognition of proved reserves. The maximum adverse impact on proved reserves is currently estimated to be 171 mmbbl of oil.
Pro Forma Combined Costs incurred in Oil and Gas Property Acquisition, Exploration and Development Activities (unaudited)
These costs include both amounts capitalized and expensed.
Pro-Forma Consolidated
Statoil Hydro Petroleum Combined
Outside Outside Outside
At December 31, 2006 Norway Norway Total Norway Norway Total Norway Norway Total (in NOK million)
Exploration costs*********** 3,500 3,951 7,451 1,155 4,793 5,948 4,655 8,744 13,399 Development costs (1), (2)****** 16,831 12,581 29,412 12,838 4,653 17,491 29,669 17,234 46,903 Acquired unproved properties 2,301 5,478 7,779 0 4,110 4,110 2,301 9,588 11,889 Total********************* 22,632 22,010 44,642 13,993 13,556 27,549 36,625 35,566 72,191 (1) Development costs include investments in Norway in facilities for liquefaction of natural gas and storage of
LNG amounting to NOK 112 million in 2006 for Statoil.
(2) Includes minor development costs in unproved properties.
Pro Forma Combined Standardized measure of discounted future net cash flows relating to proved oil and gas reserves (unaudited)
The tables below show the standardized measure of future net cash flows relating to proved reserves presented. The analysis is computed in accordance with FAS 69, by applying year end market prices, costs, and statutory tax rates, and a discount factor of 10 per cent to year end quantities of net proved reserves. The standardized measure is a forward-looking statement.
Future price changes are limited to those provided by contractual arrangements in existence at the end of each reporting year. Future development and production costs are those estimated future expenditures necessary
to develop and produce year end estimated proved reserves based on year end cost indices, assuming continuation of year end economic conditions. Future net cash flow pre-tax is net of decommissioning and removal costs.
Estimated future income taxes are calculated by applying appropriate year end statutory tax rates. These rates reflect allowable deductions and tax credits and are applied to estimated future pretax net cash flows, less the tax basis of related assets. Discounted future net cash flows are calculated using 10 per cent mid-period discount factors. Discounting requires a year-by-year estimate of when future expenditures will be incurred and when reserves will be produced. The information provided does not represent management’s estimate of Statoil’s expected future cash flows or value of proved oil and gas reserves. Estimates of proved reserve quantities are imprecise and change over time as new information becomes available. Moreover, identified reserves and contingent resources, that may become proved in the future, are excluded from the calculations. The standardized measure of valuation prescribed under FAS 69 requires assumptions as to the timing and amount of future development and production costs and income from the production of proved reserves. This does not reflect management’s judgment and should not be relied upon as an indication of Statoil’s future cash flow or value of its proved reserves.
Hydro Petroleum Pro-Forma Consolidated Combined Statoil
Outside Outside Outside
Norway Norway Total Norway Norway Total Norway Norway Total
(in NOK million) At December 31,2006
Future net cash inflows** 1,119,882 259,029 1,378,911 524,100 51,100 575,200 1,643,982 310,129 1,954,111 Future development costs (59,221) (28,796) (83,017) (53,900) (7,700) (61,600) (113,121) (36,496) (149,617) Future production costs** (218,308) (42,077) (260,385) (102,900) (11,300) (114,200) (321,208) (53,377) (374,585) Future income tax
expenses************ (659,161) (61,981) (721,142) (279,900) (8,500) (288,400) (939,061) (70,481) (1,009,542) Future net cash flows**** 183,192 126,175 309,367 87,400 23,600 111,000 270,592 149,775 420,367 10% annual discount for
estimated timing of
cash flows*********** (80,869) (51,484) (132,353) (35,600) (6,700) (42,300) (116,469) (58,184) (174,653) Standardised measure of
discounted future net
cash flows*********** 102,323 74,691 177,014 51,800 16,900 68,700 154,123 91,591 245,714
Pro Forma Combined Future development costs (unaudited)
Of a combined total of NOK 149,617 million of estimated future development costs as of December 31, 2006, an amount of NOK 79,860 million is expected to be spent within the next three years, as allocated in the table below.
Statoil Hydro Petroleum Pro-Forma Consolidated Combined (in NOK million) 2007 2008 2009 Total 2007 2008 2009 Total 2007 2008 2009 Total Norway************** 14,014 10,723 8,523 33,260 9,171 7,068 6,840 23,079 23,185 17,791 15,363 56,339 Outside Norway******* 10,839 5,722 2,653 19,214 2,370 1,323 434 4,127 13,209 7,045 3,087 23,341 Total**************** 24,853 16,445 11,176 52,474 11,541 8,391 7,274 27,206 36,394 24,836 18,450 79,680
In 2006, Statoil and Hydro Petroleum incurred NOK 29,412 million and NOK 17,491 million, respectively, in development costs.
Pro Forma Combined Changes in the standardized measure of discounted future net cash flows from proved reserves (unaudited)
Pro-Forma Hydro Consolidated
(in NOK million) Statoil Petroleum Combined
Standardized measure at beginning of 2006************************ 190,711 87,800 278,511 Net change in sales and transfer prices and in production (lifting) costs
related to future production*********************************** 69,993 (3,800) 66,193 Changes in estimated future developement costs******************** (29,359) (17,300) (46,659) Sales and transfers of oil and gas produced during the period, net of
production costs******************************************** (134,131) (65,800) (199,931) Net change due to extensions, discoveries, and improved recovery***** 5,053 5,000 10,053 Net change due to purchases and sales of minerals in place*********** (950) 0 (950) Net change due to revisions in quantity estimates******************* 65,762 7,800 73,562 Previously estimated developement costs incurred during the period**** 29,412 11,900 41,312 Accretion of discount****************************************** (3,106) 6,800 3,694 Net change in income taxes************************************* (16,371) 36,300 19,929 Total change in the standardized measure during the year ************ (13,697) (19,100) (32,797) Standardized measure at end of 2006***************************** 177,014 68,700 245,714 Operational statistics
Pro Forma Combined Productive oil and gas wells and developed and undeveloped acreage (unaudited) The following tables show the number of gross and net productive oil and gas wells and total gross and net developed and undeveloped oil and gas acreage in which Statoil and Hydro Petroleum had interests at December 31, 2006.
A ‘‘gross’’ value reflects to wells or acreage in which Statoil and Hydro Petroleum have interests (calculated as 100%). The net value corresponds to the sum of whole or fractional working interest in gross wells or acreage.
A gross well is a well in which a whole or fractional working interest is owned. There are certain wells in which both Statoil and Hydro Petroleum own fractional working interests. No adjustments have been made to the merged company pro forma consolidated combined amounts to adjust for these cases.
Pro-Forma Statoil Hydro Petroleum Consolidated Combined
Outside Outside Outside
Norway Norway Total Norway Norway Total Norway Norway Total Number of productive oil and gas
wells
Oil wells********************* - gross 751 563 1,314 544 200 744 1,295 763 2,058
- net 190 89 278 75 34 109 265 123 388
Gas wells********************* -gross 150 70 220 137 51 188 287 121 408
- net 46 24 70 15 21 36 61 45 106
Pro-Forma Consolidated Combined
Statoil Hydro Petroleum
Outside Outside Outside
(in thousands of acres) Norway Norway Total Norway Norway Total Norway Norway Total Developed and undeveloped oil
and gas acreage
Acreage developed************ -gross 713 928 1,641 1,986 1,812 3,798 2,699 2,740 5,439
- net 171 303 475 388 304 692 559 607 1,166
Acreage undeveloped********** - gross 14,027 22,871 36,898 7,092 26,068 33,160 21,119 48,939 70,058 - net 5,917 12,440 18,357 3,136 9,072 12,208 9,053 21,512 30,565
Remaining terms of leases and concessions are between one and 34 years for Statoil and between 1 and 86 years for Hydro Petroleum.
Exploratory and development drilling activities (unaudited)
The following table shows the number of exploratory and development oil and gas wells in the process of being drilled by Statoil and Hydro Petroleum at December 31, 2006.
Statoil Hydro Petroleum
Pro-Forma Consolidated Combined
Outside Outside
Norway Norway Total Norway Norway Total Norway Outside Norway Total (number of wells)
Number of wells in progress
- gross******************** 48 70 118 18.0 6.0 24.0 66.0 76.0 142.0
- net********************** 11.8 12.5 24.3 2.9 1.4 4.3 14.7 13.9 28.6
A gross well is a well in which a whole or fractional working interest is owned. There might be certain wells in which both Statoil and Hydro Petroleum own fractional working interests. No adjustments have been made to the merged company pro forma consolidated combined amounts to adjust for these cases, if any.
Net productive and dry oil and gas wells (unaudited)
The following tables show the net productive and dry exploratory and development oil and gas wells completed or abandoned by Statoil and Hydro Petroleum during 2006. Productive wells include wells in which hydrocarbons were found, and the drilling or completion of which, in the case of exploratory wells, has been suspended pending further drilling or evaluation. A dry well is one found to be incapable of producing in sufficient quantities to justify completion.
Pro-Forma Statoil Hydro Petroleum Consolidated Combined
Outside Outside Outside
Norway Norway Total Norway Norway Total Norway Norway Total Net productive and dry exploratory
wells drilled******************** 8.8 3.4 12.2 2.3 11.7 13.9 11.1 15.1 26.1 - Net dry exploratory wells drilled**** 5.2 1.3 6.5 1.2 6.0 7.2 6.4 7.3 13.7 - Net productive exploratory wells
drilled************************* 3.6 2.2 5.8 1.1 5.6 6.7 4.7 7.8 12.5 Net productive and dry development
wells drilled******************** 13.2 10.7 23.9 7.9 3.3 11.2 21.1 14.0 35.1
- Net dry development wells drilled*** 0.8 0 0.8 0 0 0 0.8 0 0.8
- Net productive development wells
drilled************************* 12.4 10.7 23.1 7.9 3.3 11.2 20.3 14.0 34.3
Average sales price and production cost per unit (unaudited)
The following table presents the average sales price and production costs per unit of crude oil and natural gas for 2006. Solely for the convenience of the reader, the average sales price of crude oil (per barrel) for Hydro
Petroleum has been translated into U.S. dollars at the rate of NOK 6.2287 to USD 1.00, the noon buying rate on December 29, 2006.
Pro-Forma Consolidated
Combined Statoil Hydro Petroleum
Outside Outside Outside
Norway Norway Norway Norway Norway Norway Average sales price crude in USD per bbl************** 65.00 61.70 64.87 63.67 64.96 62.36 Average sales price natural gas in NOK per Sm3******** 1.91 1.43 1.95 1.62 1.92 1.49 Average production costs, in NOK per bOe************ 25.20 34.60 30.80 46.70 27.08 38.65 The merged company pro forma consolidated combined amounts were prepared on a weighted average basis using relative production as input measures.
SELECTED FINANCIAL INFORMATION