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AGENDA 1 2 3 4
OGX Overview
OGX OVERVIEW
OGX OVERVIEW
Highly successful and experienced management team, combining unique intellectual capital and superior execution skills
Overall exploratory success rate exceeding 85% with high productivity reservoirs amongst the best in
Brazil World class E&P portfolio, mostly in shallow waters and onshore (low cost and off-the-shelf technology) OGX is among the largest pure E&P companies globally Proven execution capability (from concept to oil in an unprecedented timing) with fully established operations comprising more than 6,000 people Solid cash position allows OGX to conduct the largest and most successful private sector exploratory campaign in Brazil and to support production development (more than 90 wells spud since the beginning of its exploratory campaign in Sep. 2009)
US$1.3 bn raised through an equity Private Placement 21 blocks acquired during the 9th Bidding Round
Mar/12
Jan/12 Oct/11 Sep/11
Acquisition of 70% stake in the Parnaba Assets May/11 Apr/11 Jun/10 Sep/09 Aug/09 Survey and interpretation of the 3D seismic data Procurement of all equipment and services necessary to initiate the drilling campaign
Total investments of US$ 4.3bn of Drilling Capex and Signature Bonus + US$ 245 M of Seismic Campaign
Total cash raised to date: US$9.4 bn
Jun/08
Jul/07 Nov/07
Proven Execution Capability (From Concept To First Oil in Unprecedented Timing) With Fully Established Operations Comprising More Than 6,000 People
(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and MacNaughton Reports
Petrleo e Gs Participaes S.A. (Market Capitalization (3): ~ US$16 Billion) 99.99% 66.67%4 Maranho Petrleo e Gs S.A.
100.00%
Petrleo e Gs Ltda
International
100%
26 Blocks 5 - Campos (100%) 5 - Santos (100%) 5 - PAMA (100%)
(2)
100%
8 Blocks 7 - Parnaba (70%) 1 Parnaba (50%)
(2) (2)
100%
OGX Austria
4 - Colombia (100%)
(1) (2)
EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (CAMF) OGX as operator data as of May 31, 2012 (4) MPX S.A. holds 33.33%
(3) Market
Edmundo Marques (24) Exploration Santos & Eq. Margin Dolores Carvalho (35) E&P Laboratory Marcos Amaral (28) Applied Technology Moacir Santos (38) Geological Operations
Ricardo Juiniti (27) Drilling and Completion Billy Pinheiro (30) Logistics Ricardo Abiramia (24) Production Leandro Leme (31) HSE
Highly Successful And Committed Management Team, Combining Unique Intellectual Capital and Superior Execution Skills
(1)
Exploratory Team Paulo Mendona led the Petrobras exploration team from 2002 to 2007 Success index in excess of 60% on average offshore Brazil from 2002-2007 whilst at Petrobras Over 9 billion boe and more than 50 new fields discovered
Proven Track Record Having Opened Several New Oil Frontiers, Including The Pre-salt, and Discovering Over 50 New Oil Fields
8
BRAZIL
Saudi Arabia Venezuela Iran Iraq Kuwait Brazil post Tupi UAE Russia Libya Kazakhstan Nigeria Canada US Qatar
Iran
Kazakhstan China Russia Australia Kuwait Israel Saudi Arabia India Indonesia Venezuela Papua New Guinea Ghana
Source: ANP
74
44 40 37 33 28 27 15 14 13
Bn Boe 0 10 20 30 40
Source: IHS
Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi Aramco, UPPSALA University, Petrobras, ANP and OGX analysis
OGX PORTFOLIO
34 blocks: 30 blocks in 5 Brazilian sedimentary basins and 4 onshore blocks in 2 Colombian sedimentary basins Unique portfolio with 10.8 billion potential recoverable barrels of oil equivalent (boer) OGXs business plan is based on 4.1 billion barrels already discovered in the shallow waters of the Campos Basin
PORTFOLIO
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Breakdown
Portfolio Breakdown
10.8
73% Shallow Water
6.7 4.8
6.5
C1 (4%) 0.1
1.3 3.0
Mar-08 Sep-09 Dec-10
C3 (77%) 2.3
C2 (19%) 0.6
21% Gas 79% Oil
Contingent
Delineation
Prospective
Note: 1 Does not include Parnaba 3C contingent resources of 141 million boe
12
CAMPOS BASIN
~400 MM bbl already declared commercial (Tubaro Azul and Tubaro Martelo Fields) 7 blocks operated by OGX Total area of 1,177 km2 Average water depth of ~120m 64 wells drilled Up to 90% of success rate
OGXs Discovered Accumulations Confirm a New Hydrocarbon Province in the Southern Campos Basin
13
CAMPOS BASIN
Highlights
Successful appraisal campaign with 36 wells drilled and a 92% hit ratio
14
CAMPOS BASIN
OGX-21D/OGX-26HP Albian: 14m OGX-50D/OGX-55HP Santonian: 1,7m Albian: 52m OGX-53D/OGX-60HP Albian: 71m OGX-65D/OGX-68HP Albian: 97m FUJI OGX-8 OGX-56D OGX-69 Albian: 43m Aptian: 44m Albian: 60m Albian: 38m ILLIMANI OGX-28D OGX-43D OGX-61 Albian: 24m Albian: 50m Albian: 9m TUPUNGATO OGX-20 Maastrich: 9m & 3m Albian: 50m Aptian: 42m
1C
1C
3C
N.A.
Del. 3C
N.A.
Note: 1 Figures in meters illustrate net pays of oil columns 2 Discovered after D&M s Dec 2010 contingent resources report
15
CAMPOS BASIN
PER OGX-14 OGX-76 Albian: 35m & 27m Albian: 6m ING N.A. 2C
OGX-18
N.A.
2C 3C 3C 3C
OGX-79
Albian: 64m
N.A.
Notes: 1 Figures in meters illustrate net pays of oil columns 2 RJS-15 well drilled by Petrobras
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CAMPOS BASIN
N.A.
CARAMBOLA
3C 2C 3C 3C 3C 3C N.A.
MRK-5 RJS-105
N.A. N.A.
Notes: 1 Figures in meters illustrate net pays of oil columns 2 RJS-15 well drilled by Petrobras 3 Discovered after D&M s Dec 2010 contingent resources report
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CAMPOS BASIN
18
CAMPOS BASIN
Production in the Tubaro Azul Field
Main characteristics: OGX-26HP and OGX-68HP under production 3rd production well to be connected by 2012 4th producer well to be connected by 2013
Flexible lines
19
CAMPOS BASIN
From Discovery to 1st Oil in Waimea
Sep 16, Granting of the 2011 preliminary and installation license by IBAMA Dec 18, Discovery of 2009 Waimea OGX-3
Dec 25, FPSO OSX-1 sets sail 2011 from the port of Rio de Janeiro Dec 19, 2011 Flexible lines launched and connected to the wet christmas tree Jan 31, FPSO OSX-1 begins 2012 production
1st Oil
Sep 17, Beginning of the subsea 2011 installation (piles, moorings and MWA)
Dec 23, Concluded the connection of 2011 the flexible lines to the detachable turret
20
CAMPOS BASIN
Production in the Waimea Complex
Average Monthly Production (kboepd)
11.6 10.4 9.1 95%
Feb-12
Mar-12
Apr-12
Feb-12
Mar-12
Apr-12
Tested production levels between 5-18 kbpd since beginning of production 1st well, OGX-26HP, on-stream since Jan/31 2nd well, OGX-68HP, on-stream since May/15 After EWT results, intend to adopt a stable flow rate
CAMPOS BASIN
OSX-2/OSX-3
WHP-1/WHP-2
Flexible lines
22 22
CAMPOS BASIN
OSX-2 and OSX-3 Engineering Status
OSX-2 Overview
1st oil expected for 2H13 EPC: Single Buoy Moorings Inc (SBM) Shipyard: Keppel Fels - Singapore Technical specifications: Production capacity: 100 kbbl/day Storage capacity: 1.3 Mboe
OSX-3 Overview
1st oil expected for 2H13 EPC: MODEC Shipyard: Jurong Shipyard (JSL) Singapore Technical specifications: Production capacity: 100 kbbl/day
OSX-1:
Production capacity of 60 kbpd and storage of 950 kbbl Average Day rate of US$ 263 k Arrived in Oct/11
OSX-2:
Production capacity of 100 kbpd and storage of 1.3 Mbbl Expected Average day rate of US$ 360 k Contracted by OSX with SBM Expected delivery: 2H13
OSX-3:
Production capacity of 100 kbpd and storage of 1.3 Mbbl Expected Average day rate of US$ 360 k Contracted by OSX with MODEC Expected delivery: 2H13
WHP-1: Capacity to drill up to 30 wells Equipment on-stream by the 1H14 Detailed engineering ongoing (EPC awarded to Techint by OSX) WHP-2: Capacity to drill up to 30 wells Equipment on-stream by 1H14 Detailed engineering ongoing (EPC awarded to Techint by OSX) WHP-3 and WHP-4:
Order placed for charter and construction with OSX Both WHPs will be built in the Au Superport
Two sister VLCCs (Very Large Crude Oil Carriers) purchased on November, 2010 by OSX to be converted into FPSOs
OSX-4:
Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement
OSX-5:
Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement
24 24
SANTOS BASIN
High Potential
Santos Basin
5 blocks operated by OGX (100% owned) Total area of 769 km Average water depth of ~150 m 11 wells drilled Pre-salt potential in shallow waters (OGX-63) Up to 70% success rate
Santos Basin is One of The Most Promising Exploratory Areas in Brazil, With Significant Potential For Gas and Light Oil
25
SANTOS BASIN
Exploratory Campaign
2010 Activities MRK-2B OGX-11D OGX-12 OGX-17 OGX-19 2011 Activities OGX-23 OGX-24
OGX-30
OGX-47 OGX-63 2012 Activities OGX-74
Natal (OGX-11D) Gas and condensate (~25% with approx. 47 API) AOF production potential results: Vertical well: 1.0 M m/day of gas and 1.2K bbl/day of condensate Horizontal well: 5.0M m/day of gas and 6K bbl/day of condensate
Illustrative
Encouraging Results From 3 Drill-stem Tests Confirm Emergence of a New Oil, Gas and Condensate Center in The Region
26
SANTOS BASIN
Highlights
Albian reservoir
Approximately 1,000 meters of column and 110 meters of net pay Good permoporosity and fractures Shallow waters Pre-salt (Aptian reservoir) Drilled up to 6,135 meters and thus far identified column of 150 meters 1st microbiolite Pre-salt discovery in shallow waters in Brazil Same reservoir rock in pre-salt as only seen so far in deep and ultra-deep waters in the Santos and Campos Basins
Aptian Interval
Oil Dolomitized microbial Connected vugular porosity Light oil/condensate shows
Strong kick in the last drilled layer of the reservoir with shows of hydrocarbons
Pore
27
PARNABA BASIN
Major Gas Province
Parnaba Basin
1.1 Tcf (~200MM boe) already declared commercial (Gavio Real and Gavio Azul Fields) Total area of 24,500 km
Monetization of gas through thermoelectric plants to be developed by MPX/Petra (3,722 MW already licensed)
>70% success rate (11 wells drilled)
PARNABA BASIN
Business Plan
Project 1 1st gas: 2H12
Parnaba Complex
More than 20 prospects identified Initial production expected in 2H12 Available production capacity of up to ~6 M m per day in 2013 Gas to be sold to MPX Power Plants MPX has obtained installation license of 3,722 MW 3 seismic crews working on the site
Gavio Real
Gavio Azul
3 rigs operating simultaneously: 2 focused on the production development and 1 for exploration 2 additional rigs contracted, one completion rig and one for exploration, both expected in 1H12
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PARNABA BASIN
Project Development
Gas Thermal Power Plant Development
MPX + Petra
Poos de produo
SITE DA MPX
Manifold de Manifold produo Site UTG OGX
Production wells
Planta de Tratamento
Gasoduto
2 x 12" - 11,7 km
Notes: 1 Facilities cost includes: gathering system (lines and manifolds), a production facility for dry gas and a very short pipeline 2 Includes operating and maintenance of production facilities, lines, gas pipelines and wells
30 30
PARNABA BASIN
Execution Highlights
Project Development
Ongoing Works
Environmental permits already granted (LP+LI) 6 producing wells already drilled and 2 well in progress Drilled and tested the first production well GVR-1
31
5 blocks operated by Perenco (50% owned) Total area of 3,620 km Average water depth of ~1,000 m
The New Frontier of Esprito Santo Has Proven to be a Very Active Petrolific System With Recent Important Discoveries in Neighboring Blocks
32
New Frontier With Geological Model Similar to West Africa, Where Significant Discoveries Were Made Recently
33
COLOMBIA
Cesar-Ranchera and Lower Magdalena Valley Great Upside Potential
Colombian Basins
4 blocks operated by OGX (100% owned), 3 of which are located close to Maracaibo Basin (~80 bn boe discovered and ~50 bn boe already produced) Beginning of the Seismic Campaign in 1H12 First well to be drilled in 2012
Balanced Portfolio of Exploratory Assets, Combining Production Regions With Less Explored Areas Next to The Maracaibo Basin, One of The Most Prolific Provinces in The World
34
OGX OPERATIONS
BCH-05E (BCH):
Daily Rate: US$ 32k Max. well depth: 11,500 ft Contract Expires: May 2012
BCH-012 (BCH):
Daily Rate: US$ 33k Max. well depth: 13,800 ft Contract Expires: March 2015 (+ one optional year)
2009 5 1 0 0 0 0
2010 18 6 0 0 2 0
2011 31 3 2 0 8 0
2012 12 4 1 2 6 1
2013 2 1 2 3 8 3
TOTAL 68 15 5 5 24 4
Total
26
44
26
19
121
36
FINANCIAL OVERVIEW
Cash Allocation
CS Santander 4% 5% BTG Pactual 6% Others 1%
6, 0
4, 0
Bradesco 27%
2, 0
0, 0 4Q 11 JA N
Ca s h in R$
FEB
M AR
Votorantim 12%
HSBC 15%
Solid cash position of R$ 6.6 billion, or US$ 3.6 billion, to support exploration commitments, development and initial production: US$ 2.2 billion invested in offshore deposits US$ 1.063 billion raised through a bond issue in March 2012
Cash allocation in R$: R$ 2.6 billion (~40%) Average cumulative gross return equivalent to 103.08% of the Interbank Deposit Rate (CDI), or 10.6% p.a. Cash Allocation in US$: US$ 2.2 billion (~60%) Average cumulative gross return equivalent to 1.72% p.a.
Cash position in fixed income instruments allocated to most solid financial institutions
39
Gross Revenue of R$ 118.0 million and EBITDA of R$ 56.4 million, reflecting the assets high value EWT already profitable with only one well in production Economies of scale will dilute costs per barrel More wells on stream this year Majority of costs are fixed: logistics, leasing and operations
40
APPENDIX
ONGOING ACTIVITIES
Well CC CE CF CH OGX-78 OGX-79 GVR-7DA OGX-81 Block BM-C-43 BM-C-39 PN-T-68 BM-C-41 BM-S-57 PN-T-68 PN-T-85 Accumulation Honolulu Itacoatiara Gavio Real Tambora 2 Fortaleza Gavio Real Fazenda So Francisco Rig ENSCO 5002 ENSCO 5004 QG-1 Ocean Ambassador Ocean Quest BCH-12 BCH-5 Ocean Lexington Coast Distance 99 km 89 km Water Depth 320m 102m Status In progress since 03/25 In progress since 04/04 In progress since 04/13 In progress since 04/24 Eocene: 6m Albian: 62m Albian: 64m Net Pay
CI
CJ CK
OGX-63A
GVR-9 OGX-82
102 km
155m
CL
OGX-83D
BM-C-41
Tupungato 1D
86Km
132m
CAMPOS BASIN
PARNABA BASIN
SANTOS BASIN
1OGX Maranho
OGX Blocks
42
CONCLUDED WELLS (1 OF 6)
Well A B J N 1- MRK - 2B OGX-1 OGX-9D OGX-13 Block BM-S-29 BM-C-43 BM-C-41 BM-C-41 Accumulation Abacate Vesvio Vesvio Direcional Vesvio Vertical Rig Sovereign Explorer Ocean Ambassador Ocean Ambassador Ocean Lexington Coast Distance 130 km 85 km 87 km 87 Km Water Depth 100 m 140 m 142 m 138m Net Pay Oil &Gas shows Eocene: 57m Eocene: 60m Eocene: 10m Eocene: Shows Cretac.: Shows Albian: 100m Aptian: 50m Barremian: 15m Albian: 74m Aptian: 17m Albian: 80m Apt./Barrem: 50m Albian: 43m Aptian: 44m Eocene: 17m Maastric.: Shows Albian: 30m Aptian: 20m Albian: >17m Aptian: 35m Cenomanian: 11m Albian: >13m Aptian: 40m Santonian: 75m Albian: 35m & 27m Albian: 32m Aptian: 31m
OGX-2A
BM-C-41
Pipeline
Ocean Ambassador
77 km
130 m
G D I E F H
Ocean Quest Sea Explorer Ocean Star Ocean Quest Ocean Ambassador Ocean Lexington
82 km 83 km 82 km 79 km 79 km 86 km
K L M O P
Sea Explorer Ocean Quest Ocean Star Ocean Lexington Ocean Ambassador
79 km 84 km 95 Km 96 Km 78km
43
CONCLUDED WELLS (2 OF 6)
Well Q R S T U V W X Y Z OGX-16 OGX-17 OGX-18A OGX-19 OGX-20 OGX-21D OGX-22 OGX-23 OGX-24 MRK-3/4P Block PN-T-681 BM-S-56 BM-C-40 BM-S-58 BM-C-41 BM-C-41 PN-T-681 BM-S-58 BM-S-56 BM-C-372 Accumulation California Belm Ing Aracaju Tupungato Waimea Direcional Fazenda So Jos Ilhus Itagi Carambola A Rig QG-1 Ocean Star Ocean Lexington Ocean Quest Ocean Ambassador Sea Explorer QG-1 Ocean Quest Ocean Star Blackford Dolphin 85 Km 95 Km 112 Km 84 Km 84 Km Onshore Block 107 Km 94 Km 74 Km 152m 140m 134m Santonian: 14m Albian: 43m Aptian: 12m Eocene: 8m (gas) Albian-cenomanian: 145m Albian: 1,000m (horizontal section) Albian: 24m Oil shows Albian: 48m Aptian: 23m Coast Distance Water Depth Net Pay Devonian: Gas shows, 23m & 25m (column) 136m 105m 172m 132m 134m Albian: 43m Santonian: Oil shows Albian: 12m (Oil column) Santonian: 40m Maastrichtian: 9m & 3m Albian: 50m Aptian: 42m Albian: 14m Upper Devonian: 49m Lower Devonian: 47m Onshore Block
AA V AB AC AE
Pride Venezuela Sea Explorer Ocean Star Ocean Lexington Ocean Ambassador
94 Km 84 Km 80 Km 86 Km 79 Km
44 44
CONCLUDED WELLS (3 OF 6)
Well AJ AH AG AF OGX-36D OGX-35D MRK-5 OGX-33 Block BM-C-41 BM-C-39 BM-C-37
2
Coast Distance 77 Km 89 Km 80 Km 84 Km
Net Pay
BM-C-41
AK AO
AN AD AI
OGX-37 OGX-41D
OGX-40D OGX-30 OGX-34 OGX-43D OGX-44HP OGX-38 OGX-46D OGX-48 OGX-42D OGX-50D OGX Maranho has 70% W.I.
BM-C-43
BM-C-39 / BM-C-40 BM-C-41 BM-S-58 PN-T-68
1
Potosi Waikiki - 2D
Pipeline - 2D Salvador Bom Jesus Illimani - 1D Waikiki Fazenda So Jos Califrnia D Pipeline 4 Pipeline - 3D Waimea 3D
87 Km 90 Km
79 Km 105 Km Onshore Block
140m 110m
130m 151m
AQ
AO AL AS AU AP AW
80 km
90 Km Onshore Block Onshore Block 75 Km 78 km 84 Km
140 m
110m
Albian: 50m
Albian-Cenomanian: 1,063m (horizontal section) Devonian: 43m Devonian: 15m
45
CONCLUDED WELLS (4 OF 6)
Well AR AM AX AS AV AY BB AT AZ BC BA OGX-45D OGX-39HP OGX-52 OGX-51DP OGX-49 OGX-53D OGX-57 OGX-47 OGX-54 OGX-58DP OGX-56D Block BM-C-40 BM-C-41 BM-C-41 PN-T-68 PN-T-68 BM-C-41 PN-T-68 BM-S- 59 BM-C-41 BM-C-41 BM-C-41 Accumulation Waikiki 3D Pipeline Horizontal Tambora Califrnia - 2DP Fazenda So Jos Waimea 2D Fazenda So Jos - 2 Macei Fuji - 2 Tambora Fuji 1D Rig Ocean Lexington Ocean Star Ocean Ambassador QG-1 BCH-05 Pride Venezuela QG-1 Ocean Quest Ocean Lexington Ocean Ambassador Ocean Star 110Km 81Km 93Km 77Km 84 Km Onshore Block 185m 136m 128m 128m Albian: 60m Santonian: 51m Albian: 24 Coast Distance 96 Km 77 Km 93 Km Onshore Block Onshore Block 132m Albian: 71m Water Depth 109m 128m 128m Net Pay Maastrichtian: 5m Albian: 1,000m (horizontal section) Santonian: 5m Albian: 96m Devonian: 8m -
BD
BG AW BE BF
OGX-59
OGX-62 OGX-55HP GVR-1D OGX-61
PN-T-49
BM-C-40 BM-C-41 PN-T-68 BM-C-41
Fazenda Torro
Ing - 1 Waimea 3HP Gavio Real Illimani 2
BCH-05
Ocean Lexington Sea Explorer QG-1 Ocean Ambassador 87 Km 93Km 84Km
Onshore Block
105m 131m Onshore Block 124m
Devonian: 9m
Albian-Cenomanian: 20m Santonian: 26m Albian: >1,000m (horizontal section) Development well Albian: 9m
46
CONCLUDED WELLS (5 OF 6)
Well BJ BI BG BM BP BN BO BQ AY BH BL BS BX BT BR OGX-66 OGX-65D OGX-64DP PERN-1 OGX-69 GVR-3D GVR-2D OGX-70 OGX-60HP OGX-63 OGX-67 OGX-71 OGX-73 GVR-4D PERN-2 Block PN-T-67 BM-C-41 BM-C-40 BM-ES-37 BM-C-41 PN-T-68 PN-T-68 BM-C-41 BM-C-41 BM-S-57 BM-C-40 BM-C-40 BM-C-41 PN-T-68
1 4
Accumulation Angical Waimea 4D Ing 1DP Moriche Fuji - 4 Gavio Real Gavio Real Pipeline - 5 Waimea 2D Fortaleza Ing - 2 Ing - 3 Osorno 1 Gavio Real Guarapari
Rig BCH-05 ENSCO 5002 Ocean Lexington Ocean Star ENSCO 5002 QG-1 BCH-05 Ocean Lexington ENSCO 5004 Ocean Quest Ocean Ambassador Ocean Ambassador Ocean Ambassador QG-1 Ocean Star
Coast Distance
Water Depth 135m 105m 1,148m 125m Albian: 38m Albian: 97m
Net Pay
Onshore Block 83 km 93 km 52 km 81 km Onshore Block Onshore Block 80 km 84 km 102 km 93 km 93 km 78 km Onshore Block 110 km 823m 123m 132m 155m 111m 112m 130m
Santonian: 23m -
Development well Development well Albian: >1,000m (horizontal section) Albian: 110m Aptian: 150m (column) Albian: 37m Development well Development well 130m Albian: 129m Development well 135m Albian: > 1,000m (horizontal section)
BM-ES-384
BU
BV BZ BI
GVR-5D
OGX-72 GVR-6D OGX-68HP
PN-T-68
Gavio Real
Pipeline 7 Gavio Real Waimea 4HP
BCH-05
Ocean Lexington QG-1 ENSCO 5004
4OGX
Onshore Block
78 km Onshore Block 83 km
OGX has 50% W.I. and Maersk is the operator Waiting for a new rig
47
CONCLUDED WELLS (6 OF 6)
Well
Block BM-C-40
BM-C-41 PN-T-85 BM-S-59 PN-T-68 BM-C-41
Accumulation Per - 1
Tambora 3 Fazenda Axix Natal 1 Gavio Real Pipeline 6
Coast Distance 96 km
86 km
Net Pay
CA
BY CB BW CD CG
OGX-76
OGX-75 OGX-77 OGX-74 GVR-8D OGX-80
OGX has 50% W.I. and Maersk is the operator Waiting for a new rig
4OGX
48
PARNABA BASIN
Gas Sale Contract with MPX Revenue Schematic
TPP Maranho III
(by Jan/14 20 year contract 50% take-or-pay)
TPP Maranho IV + V
(by Jan/13 15 year contract 0% take-or-pay)
$ Fixed revenue (gas plant rental) $ Variable revenue (varies according to plants dispatch)
$
$
TPPs
Gas Producers
Future Projects
Gas producers should receive remaining revenue, guaranteeing extraordinary margins (net back)
49