Tuesday, March 4, 2014 Houston, TX. 1:00 3:20 p.m. OIL AND GAS EXPLORATION AND PRODUCTION: A PRIMER

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1 Tuesday, March 4, 2014 Houston, TX 1:00 3:20 p.m. OIL AND GAS EXPLORATION AND PRODUCTION: A PRIMER Presented by Stephanie Weiss Senior Research and Technology Support Coordinator Baker Hughes Identifying the risks that must be managed and insured is the first step in setting up an insurance program. One of the keys to the identification process is an understanding of the industry, how it works, and its unique vocabulary. This primer will help anyone who is new to oil and gas risk management and insurance understand how oil and gas are found, wells are drilled, and production is maintained. Additionally, you will know the risks associated with each step of the exploration, production, and servicing processes. Your new knowledge will improve your ability to communicate with clients or underwriters and enhance your understanding of how to properly insure the risks associated with oil and gas exploration and production. Copyright 2014 International Risk Management Institute, Inc. 1

2 Notes This file is set up for duplexed printing. Therefore, there are pages that are intentionally left blank. If you print this file, we suggest that you set your printer to duplex. 2

3 Stephanie Weiss Senior Research and Technology Support Coordinator Baker Hughes Stephanie Weiss is an energetic, proactive communicator with more than 25 years of writing, editing, speaking, and management experience in daily newspapers, monthly technical magazines, websites, corporate publications, social media, and direct customer contact. Her specialties include oilfield services, chemical analysis, photonics, lasers, biotechnology, physics, chemistry, medicine, environment, energy, photography, communications, and technology management. She is senior research and technology support coordinator with Baker Hughes, where her responsibilities include educating customers, colleagues, and the community about the value of Baker Hughes s technologies with seminars, technology demonstrations, and events; maintaining internal technical documentation and manuals for pressure pumping services; and preparing external technical presentations and papers, and draft information to aid the marketing group. Prior to joining Baker Hughes, Ms. Weiss was senior technical editor with BJ Services Company where she wrote and edited technical feature articles for oil and gas industry trade magazines and encouraged communication among field engineers, operations, customers, and management by soliciting, writing, and editing technical papers, engineering newsletters, and marketing materials. She has also worked as editorial director with Laurin Publishing Company, associate metro editor with the Courier-News, and staff writer with the Houston Chronicle. Ms. Weiss hold a B.F.A. in journalism from Southern Methodist University. 3

4 Notes This file is set up for duplexed printing. Therefore, there are pages that are intentionally left blank. If you print this file, we suggest that you set your printer to duplex. 4

5 Oil & Gas Exploration and Production An introduction to energy extraction Stephanie Weiss Baker Hughes Pressure Pumping Technology Center 2014 BAKER HUGHES INCORPORATED. ALL RIGHTS RESERVED. TERMS AND CONDITIONS OF USE: BY ACCEPTING THIS DOCUMENT, THE RECIPIENT AGREES THAT THE DOCUMENT TOGETHER WITH ALL INFORMATION INCLUDED THEREIN IS THE CONFIDENTIAL AND PROPRIETARY PROPERTY OF BAKER HUGHES INCORPORATED AND INCLUDES VALUABLE TRADE SECRETS AND/OR PROPRIETARY INFORMATION OF BAKER HUGHES (COLLECTIVELY "INFORMATION"). BAKER HUGHES RETAINS ALL RIGHTS UNDER COPYRIGHT LAWS AND TRADE SECRET LAWS OF THE UNITED STATES OF AMERICA AND OTHER COUNTRIES. THE RECIPIENT FURTHER AGREES THAT THE DOCUMENT MAY NOT BE DISTRIBUTED, TRANSMITTED, COPIED OR REPRODUCED IN WHOLE OR IN PART BY ANY MEANS, ELECTRONIC, MECHANICAL, OR OTHERWISE, WITHOUT THE EXPRESS PRIOR WRITTEN CONSENT OF BAKER HUGHES, AND MAY NOT BE USED DIRECTLY OR INDIRECTLY IN ANY WAY DETRIMENTAL TO BAKER HUGHES INTEREST. 5

6 Bubbling crude Baker Hughes Incorporated. All Rights Reserved. 6

7 Energy extraction concepts What is an oil & gas reservoir? How do we extract the oil & gas? Why is oil & gas extraction so difficult? What are some of the risks inherent in the process? Baker Hughes Incorporated. All Rights Reserved. 7

8 600 million years of oilfield history Baker Hughes Incorporated. All Rights Reserved. 8

9 Tectonics and traps Baker Hughes Incorporated. All Rights Reserved. 9

10 What do we mean by the reservoir? Baker Hughes Incorporated. All Rights Reserved. 10

11 The rock is the reservoir (and the aquifer!) Porous and permeable easy rock Baker Hughes Incorporated. All Rights Reserved. 11

12 The rock is the reservoir (and the aquifer) Porous but not permeable difficult rock Baker Hughes Incorporated. All Rights Reserved. 12

13 Finding the oil & gas Anticline Pinchout Faults Salt dome Unconformity Baker Hughes Incorporated. All Rights Reserved. 9 13

14 Wide mineralogy variations Montney Haynesville Eagle Ford Marcellus Barnett 2009 Baker Hughes Incorporated. All Rights Reserved

15 Location, location, location: Barnett shale 100,000 wells with Barnett as the source rock Green = non-shale oil wells Red = non-shale gas wells Bubbles = Barnett shale Red/orange = best Purple/blue = worst 11 15

16 Location, location, location: Bakken shale 12 16

17 Questions about Beverly Hillbillies, geology, Questions about cementing and drilling? or exploring for oil & gas? Baker Hughes Incorporated. All Rights Reserved

18 Hydrostatic pressure Baker Hughes Incorporated. All Rights Reserved. 18

19 Building a well: Drilling, casing, cementing Baker Hughes Incorporated. All Rights Reserved

20 Modern well layout reduces surface impacts, risks Statistical Drilling Multi-Well Pad Drilling Limited subsurface knowledge Geometric one-size fits all Thousands of wells Less up-front cost Varied production performance Multiple suppliers Targeted sweet spots Data-rich planning and design Improved production performance Reduced surface footprint Optimized logistics and cost Reduced # of suppliers, single point of accountability Baker Hughes Incorporated. All Rights Reserved

21 Directional drilling: Replacing many wells Eliminated wells Typical minimum distance from surface: 8,000 ft 17 21

22 without compromising on targeting Baker Hughes Incorporated. All Rights Reserved

23 Drilling and cementing risks Kick: Formation fluids (oil, gas, water) enter the well Baker Hughes Incorporated. All Rights Reserved

24 Centralization: Critical in horizontal cementing! Baker Hughes Incorporated. All Rights Reserved. 24

25 Long-term cement survivability Wellbore pressure change: 1350 psi Designs should consider all activities planned over the life of the well Baker Hughes Incorporated. All Rights Reserved

26 Questions about cementing or drilling? Questions about cementing and drilling? Baker Hughes Incorporated. All Rights Reserved

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