Sagex ny slidemal

Sagex Petroleum ASA
Tordenskiolds gate 12, 0160 Oslo, Norway
Phone +47 22 00 30 50
Fax +47 22 00 30 51
oslo@sagex.no
Haakon VIIs gate 8, 4005 Stavanger, Norway
Phone +47 51 53 83 40
Fax +47 51 53 83 41
stavanger@sagex.no
Prospectivity of the
Jan Mayen Ridge
Iceland Exploration Conference
Reykjavik, 4 Sept. 2008
Lennart Andersson
Fredrik Bockelie
Terje Hagevang *
Reg. no.: NO 988 120 367 MVA
www.sagex.no
Presentation Outline
 Sagex and Geysir
 Location and data base
 Geological provinces and play models
 Exploration areas and potential
 Summary
2
Company Background
1999: Energy consulting
2001: Oil company with
focus on NW Europe
2006: E&P technology
and projects
Sagex Petroleum ASA
Sagex Petroleum ASA was formed in 2007 by combining specialised oil related companies:
 The organisation and infrastructure of the advisory and consulting company Sagex.
 The exploration portfolio of the Icelandic oil company Geysir Petroleum.
 Knowledge based technology and oil projects from the Inoil-group.
3
Company Overview
- Near term production, mature exploration and high impact assets
 NW Europe: 9 licences in 4 countries
 Production from Causeway expected
late 2009 at net 2,000 bopd
 Projects under evaluation in North
Africa
Net risked resources, mmboe
250
200
150
100
50
0
Causeway
UK
Denmark Norway Faroes
4
Jan Mayen Ridge – A new oil & gas province
 Border agreed in 1981,
including a Cooperation
Area (red box)
 Icelandic waters opened
following approval of
Petroleum Law in March
2001
 Announcement of 1st
Icelandic licensing round
expected early 2009
 Extensive seismic and
studies anticipated prior
to drilling
5
Public Domain Database
ODP / DSPD wells
Gravity
Magnetics
 Evaluation integrating all data types
 Scientific drilling gives info on shallow section
 Gravity and magnetics give info on crustal type
and depth
Rey 2003
6
Stratigraphic
Comparison
 Norwegian and Greenland
margins give stratigraphic
frame
 Well documented
correlation of source and
reservoir rocks
 Similar geological
development for the Jan
Mayen area is a
reasonable assumption
7
Seismic Data Base
 NPD / Orkustofnun seismic
now available at copy cost
 Sagex has reprocessed some
of the old lines
 Wavefield:
- 2001 survey of 2200 km
- Complemented by another
800 km this summer
- Reprocessing tests of the
2001 data in progress
 Wavefield is acknowledged for
allowing display of their lines in
this talk
8
High-tech Commercial Seismic
 Wavefield Inseis 2001 seismic
survey is the main database
 High-tech 2200 km 2D seismic
using 10 km long cable,
covering a vast area
 Planned and designed by
Sagex in cooperation with
Orkustofnun and NPD
 Survey sponsored by
GeysirPetroleum hf
 Multi client seismic, purchased
by several other companies
9
Structural Elements
Seaward
10
Play Concepts
Conceptual composite cross section
11
Area I – Jan Mayen Basin
12
Area I – Jan Mayen Basin
W
Flood basalt
Fissure volcano?
E
 Flood basalt emplaced at the time of re-orientation of the spreading axis
about Mid-Oligocene (25 My), gives rise to an opaque sequence
 Fissure volcano (?)
13
Area I – Jan Mayen Basin
Flood basalt
W
E
Deeper reflectors
 Thin upper sequence.
 Weak reflectors below basalt, could be prospective layers although imaging
offers a severe challenge.
14
Area II – West Flank Area
15
Area II – West Flank Area
III
W
E
I
II
 Faulted area with approximately 2.5 s sediments above Paleocene volcanics (?)
 Complex basin history, infilling from severe erosion of the Flat Top Area
16
Area II – West Flank
III
W
E
Onlapping
sequences
I
II
 Onlap sequences, possible stratigraphic traps
17
Area II – West Flank
W
Amplitude anomalies
Onlap with amplitude anomaly
E
18
Area II – West Flank
W
E
Flat event
 Roll-over with flat event
19
Area III – Flat Top Area
20
Area III – Flat Top Area
III
II
IV
 Extensive peneplanation (watch out for peg-legs)
 Deeper reflectors: Mesozoic prospective root zone ?
21
Area IV – Jan Mayen Trough
22
Area IV – Jan Mayen Trough
III
Flood basalt
V
IV
 Flood basalt emplaced at the time of re-orientation of the spreading axis
about Mid-Oligocene (25 My), gives rise to an opaque sequence.
23
Area IV – Jan Mayen Trough
Shallow structuring
Shallow structuring
Flood basalt
 Shallow structuring indicates possibly prospective Miocene and younger
sequences.
24
Area V – Southern Ridge Complex
25
Area V – Southern Ridge Complex
V
Volcanics
VI
IV
VII ?
 Rotated fault blocks constitute attractive exploration targets.
 Boundary to Seaward Dipping Reflector Area is gradual.
26
Area V – Southern Ridge Complex
V
VI
IV
Mesozoic?
Volcanics
 Volcanic sequence is thinning updip.
 Mesozoic (?) reflectors in sediments below early Eocene volcanics.
27
Area V – Southern Ridge Complex
V
VI
IV
 Towards the south wider and more open ridge complex.
 Rotated fault blocks constituting classic traps.
28
Area V – Southern Ridge Complex
Amplitude anomalies
 Amplitude anomalies in assumed Oligocene sediments
29
Area V – Southern Ridge Complex
Example from 2008 Wavefield Inseis survey
Sharper definition of volcanics and faults
Improved image of pre-volcanic sediments
30
Area VI – Seaward Dipping Reflector Area
31
Area VI – Seaward Dipping Reflector Area
Top Volcanics
 Possible Paleocene - Miocene wedges
 Structures below the seaward dipping reflectors
32
Area VI – Seaward Dipping Reflector Area
Anticlinal features
Wedge
Seaward dipping reflectors
 Still on continental crust.
 Shallow anticlinal features representing structural closures.
 Late Eocene - Oligocene wedges representing stratigraphic traps.
33
Area VII – Oceanic Crust Area
34
Area VII – Oceanic Crust Area
VII
 Transition into Oceanic Crust Area to the right
35
Highgraded Provinces
 The prerequisite for finding hydrocarbons are likely to be present: Source
rocks, reservoir rocks and traps
 Seismic reflection anomalies indicate presence of hydrocarbons
 However: Frontier area; no calibration of lithology, physical properties and age
available for detailed evaluations.
36
Highgraded Provinces
II West Flank
V Southern Ridge Complex
Seaward
37
Estimated Resources (Bill boe)
GAS
GAS
GAS
OIL
OIL
OIL
SOURCE:
Greenland
Norwegian Sea
Jan Mayen MC
USGS
NPD 2007
Sagex 2008
38
Dreki Area Partnership
 As the only Icelandic oil company, Geysir is dedicated to the exploration and
production of hydrocarbons from the Dreki area.
 Long-standing relationship with Icelandic authorities and business community.
 Icelandic investors are the largest shareholders.
 Have worked on acquiring data and evaluating the area since 2001.
 Experience from the Faroes and Norway
- Geology
- Fisheries
- HSE
 Contribute to creating a sustainable oil industry through a partnership between:
- Oil companies having a commercial risk willing and long-term horizon
- Authorities that are flexible and forward oriented
- Competent business community
 Building a strong partnership.
39
Summary
Jan Mayen Ridge
Norwegian Sea,
West of Shetland,
Atlantic Ireland
Atlantic Margin including Jan Mayen Ridge:
World class frontier exploration province
40