OPTIMIZACIÓN DE GENERACIÓN ELÉCTRICA Y EFICIENCIA ENERGÉTICA OGE&EE

Transcription

1 PETROAMAZONAS EP OPTIMIZACIÓN DE GENERACIÓN ELÉCTRICA Y EFICIENCIA ENERGÉTICA OGE&EE SECTOR HIDROCARBUROSPROYECTOS Van Den Berg, Berend 15

2 1. PROJECT DISCRIPTION: Have you ever asked yourself the question why oil blocks / fields operated by different operators do not develop an integrated electric power system with the objective to, amongst others: i) implement a dispatch based on economic and environmental merits (prioritize lowest cost power with the least impact), ii) share spinning reserve, iii) share stand-by power, iv) deliver power at lower cost to surrounding populations, etc? Added on this this; and in line with the objective to reduce the overall carbon footprint per produced barrel of oil, Ecuador did a study to evaluate how it could transform water into oil optimizing surplus hydropower during off-peak hours to service the oil industry power requirements, thereby reducing the use of nonrenewable hydrocarbons as fuel. The Sate of Ecuador asked itself the question and found the answer in developing the Optimización Generación Eléctrica y Eficiencia Energética project, also known as the OGE&EE project; whereby it is the very first project worldwide that, through a project cluster program on an industry level, integrates all players within the petroleum sector to create a win win scenario for all stakeholders involved. This innovative scheme has received multiple national and international recognitions such as: I. DNV - VALIDATION REPORT, 2011/12 II. WORLD FINANCE - BEST CARBON MARKET ENERGY EFFICIENCY PIONEER, SOUTH AMERICA, 2011 III. GFFR - CERTIFICATE OF EXCELLENCE IN FLARING REDUCTION, 2012 IV. TO&GY - THE OIL & GAS YEAR, 2013 V. ARTE TV - ABGEFACKELT - WIE OELKONZERNE UNSER KILMA KILLEN, 2011 VI. WORLD FINANCE - THE 2014 WORLD FINANCE TOP 100 COMPANIES, 2014 VII. CONSEJO PROVINCIAL DE PICHINCHA - RECONOCIMIENTO GENERAL RUMIÑAHUI: BUENAS PRÁCTICAS RESPONSABILIDAD SOCIAL - INOVACIÓN, 2014 The OGE&EE Project is a cluster of more than 120 projects grouped into the following categories: Power Generation. Power Distribution. Gas gathering and transportation. Research and Development. Improvements. Telef: Ext Página 1

3 Ecuador has identified that, apart from the traditional means of extracting oil, it is feasible to increase Barrels of Oil Equivalent (BOE) volumes by means of non-conventional solutions such as Energy Efficiency projects. 2. PROJECT SCOPE: The main components of the OGE&EE Project are: Develop power generation capacity: MW. Build Power Distribution Lines: kv: Km 138 kv: 470 Km. Gas pipelines: > 100 km Develop a Virtual Pipeline to monetize stranded associated gas Generation savings of > US $ 700,000,000 per year. Geographic area: > 25,000 km2 Number of communities within the area of influence: 192 Number of Blocks / Fields / Stations in which the OGE&EE Project intervenes: 17 / 56 / 66 Telef: Ext Página 2

4 Note 1: It is important to point out that 85% of the investment in the OGE&EE Project will continue supporting the development of the country even in a post petroleum era. Note 2: By means of the OGE&EE program the country of Ecuador will increase net output by as much as 25,000 Barrels of Oil Equivalent (BOE) per day and reduce up to 800,000 tons of CO2 emission per year. 3. INVESTMENT AMOUNT: The total investment amount is US $ 1, millions of dollars which a 108 month execution period. AÑO PRESUPUESTO $ 406,697, $ 167,837, $ 204,000, $ 168,151, $ 130,784, $ 74,733, TOTAL $ 1,152,203, Table No 1 Anual Budget Telef: Ext Página 3

5 4. ECONOMICAL INDICATORS AND SENSITIVITY ANALYSIS: Further on we indicate the economic indicators of the Project INDICATOR VALUE (USD. MM) NPV (USD.MM) $2,919 ITR 49.63% Payback Period (years) Before finalizing the Project the savings will have exceeded the overall investment cost Profitability Index 3,70 Table No 2 Economic Indicators As function of the price of oil a sensitivity analysis was done whereby the resilience of the Project is demonstrated by the fact that, in the event of oil prices dropping to $/bbl the IRR is still 30%. With a crude oil price of $/bbl the IRR drops to 15% whereby this does not take into consideration savings attributable to centralized power (instead of having over 600 individual decentralized power generation units).. Telef: Ext Página 4

6 $7,000,000, ESCENARIO AHORROS OBTENIDOS VS INVERSION REQUERIDA $6,000,000, $5,000,000, $4,000,000, $3,000,000, $2,000,000, $1,000,000, $ AHORR OS ACUMULADOS PLAN DE DESARROLLO OGE&EE AHORR OS ACUMULADOS CONSIDERANDO PRECIOS DE CR UDO HITOR ICOS Y PROYECCIÓN ESCENARIO No 1 AHORR OS ACUMULADOS CONSIDERANDO PRECIOS DE CR UDO HITOR ICOS Y PROYECCIÓN ESCENARIO No 2 INVERSIONES ACUMULADAS (PDD FASE 1 EPF Y COSTO UNIDADES DE GENERACIÓN FASE 2 EPF) PLAN DE DESARROLLO OGE&EE ESCENARIO No 1 ESCENARIO No 2 Nota: ESCENARIO ID PRECIO BARRIL DE PETRÓLEO PRECIO GALON DE DIESEL TIR $ $ % $ $ % $ $ % Se esta considerando un incremento de la demanda de Energía (escenario SH + Consorcios) No se consideran variaciones en el presupuesto por recortes presupuestarios en los años 2015, 2016 y 2017 Graph No. 1: Sensitivity Analysis OGE&EE Project as a function of Oil Prices Note 3: As of the year 2015 the savings generated by the Project components put into operations will exceed the capital required to close the outstanding scope (assuming 100% of the funds are provided by the State of Ecuador). 4. PROYECT STATUS: In Graph No. 1 you find the current status of the OGE&EE Project. It is important to point out that an overall integrated Environmental Assessment Study was carried out which is close to receiving approval from the Ministry of Environment. Telef: Ext Página 5

7 Graph No. 2: Project Status 5. OPPORTUNITIES FOR STRATEGIC PARTNERS: 5.1 Program / Project Opportunities for Strategic Partners: Power Generation Facilities: Approximately 85 MW under an Engineering, Procurement, Construction, and Operations & Maintenance Tariff Structure referred to as the IPCOM-T (see Graph No. 3). Approximately 50 MW under a Build Own Operate and Transfer (BOOT) structure Power Distribution (also referred to as the Sistema Interconectada Petrolero Extendido or SEIP-E): 35 and 69 kv Power Distribution System (~ 370 km with 33 substations). 138 kv Power Distribution System (~ 470 km with 13 substations). Telef: Ext Página 6

8 5.1.3 Gas Gathering and Transportation System: OGE&EE is finalizing the conceptual design to develop the first Virtual Gas Pipeline for gathering, transporting and optimizing standing associated gas (low volumes of associated gas in remote areas characterized by irregular gas volumes and compositions). 5.2 Business Development Model: The objective is the raise capital by means of the following structures: Ingeniería, Procura, Construcción, Operación y Mantenimiento bajo Tarifa (IPCOM-T): This structure considers contracting Integrated Services with Financing for Engineering, Procurement, Construction, and Operations & Maintenance whereby payments are made through an agreed upon tariff structure. The structure consists of PETROAMAZONAS EP handing over to a strategic partner Long Lead Item it has purchased, such equipment and material such as power generation units, electrical equipment, process equipment and conceptual and basic engineering design criteria. Through this structure the Strategic Partner is required to close any pending engineering and procurement and assume construction work and start-up of the facilities. Immediately after Provisional Take Over (PTO) PETROAMAZOANS EP will proceed with the following payments: Available Capacity Tariff in $/kw day: This payment should be used to amortize de investment of the Strategic Partner (debt service tariff). Fixed O&;M Tariff in $/kw day Variable O&M Tariff in $/kwh Note: The return on investment of the Strategic Partner is not affected by the utilization factor, or dispatch of the Power Generation Facility given the fact that payments related to investment and fixed O&M are calculated on average available kw day (not kwh). Telef: Ext Página 7

9 Graph No. 3: IPCOM-T Concept Build Own Operate and Transfer (BOOT): Approximately 5 Power Generation Facilities will be developed and contracted under a BOOT structure Turn-Key development of Power Distribution Systems under two structures: 35 and 69 kv SEIP-E: The objective is to build two or three lines simultaneously under the following terms and conditions:: o PETROAMAZONAS EP will hand over the conceptual engineering plus the cables and will be responsible for all right of ways and community relations / agreements. o The Strategic Partner is responsible for basic and detailed engineering, procurement (excluding cables) and construction and start-up of the lines and the corresponding substations. o PETROAMAZONAS EP will initiate payments over a 2 to 3 year payment immediately after Provisional Take Over of each line / interconnection. Telef: Ext Página 8

10 o Unit prices will be applied given the fact that actual project scope will vary subject to final right of way agreements and detailed engineering package 138 kv SEIP-E: PETROAMAZONAS EP is looking for a Strategic Partner to develop Turn Key the 138 kv transmission system with a 5 year term financing as of provisional take over. Note 4: The savings generated by these components are far higher than the cash flow required for servicing the debt. PETROAMAZONAS EP is evaluating the option to designate a certain percentage of the savings to guarantee the amortization of the capital invested by the Strategic Partners. Telef: Ext Página 9