Continuous growth and value creation. Erbil, 2 December 2013

Transcription

1 Continuous growth and value creation Erbil, 2 December 2013

2 Key messages 2 Operator s task is to deliver success and contribute to the economic development of the Kurdistan Region of Iraq

3 Constant evolution 3 Shaikan Field Development Plan approved Shaikan commercial production commenced Regional export pipeline infrastructure development Development of Shaikan marketing strategy Consolidation of the 350- strong workforce in Kurdistan Corporate social responsibility objectives shared with our local communities

4 World class assets 4 5 discoveries: Shaikan, Sheikh Adi, Bijell, Bakrman, Ber Bahr Share of estimated 19 billion barrels of gross oil-in-place 20 wells drilled in 4 years across 4 blocks Shaikan is a major oilfield with 40,000 barrels per day production capacity in 2014 Assets de-risked by extensive drilling and seismic analysis Block W.I. Diluted Operator Other Partner Shaikan (1) 75% 51% (3) GKP MOL (20%), TKI (5%) (2) Sheikh Adi 80% 80% GKP KRG (20%) Ber Bahr 40% 40% Genel Genel (40%), KRG (20%) Notes: (1) GKP holding subject to third party and KRG back-in rights (2) Texas Keystone Inc. (TKI) holds its interest in trust for GKP, pending transfer of its interest to GKP (3) Inclusive of TKI s holding increases to 54.3% Akri-Bijeel (1) 20% 12.8% MOL MOL (80%)

5 Demonstrated drilling success 5 Shaikan-1 Shaikan-3 Bijell-1 Shaikan-2 Shaikan-4 Shaikan-5 Sheikh Adi-2 Bakrman-1 Ber Bahr-1 Apr-09 Sep-10 Dec-09 Dec-10 May-11 Oct-11 May-12 May-12 Oct-11 Discovery Aug-09 Appraisal Jan-11 Discovery Mar-10 Appraisal Mar-11 Appraisal Dec-11 Appraisal Dec-11 Discovery Nov-12 Discovery Feb-13 Discovery May-13 18,038 bopd 9,805 bopd 3,488 bopd 16,786 bopd 14,205 bopd 4,450 bopd 4,345 bopd 2,616 bopd 2,100 bopd Source: GKP

6 Shaikan phased development plan 6 Phased development approved in June 2013 MNR-agreed production milestones 40,000 bopd in the near term Increasing to 100,000 bopd during Phase 1, mainly from the Jurassic Phase 2+ will target increases to 150,000 bopd and 250,000 bopd Phase 2 to include Cretaceous, Triassic and potential Permian development Phase Notional capacity (bopd) Approximate producer well count Shaikan EWT 10, , , greater than 150, Source: GKP

7 First production facility complete 7 Shaikan PF-1 Complete, commissioned, in operation Commercial production commenced on 24 July 2013 Production capacity of 20,000 bopd Export quality crude using gas stripping PF-1 Shaikan 1 Shaikan 3 Shaikan 4 Source: GKP

8 Second production facility nearing completion 8 Shaikan PF-2 Modular design similar to PF-1 Efficiency savings in design and installation Production capacity of additional 20,000 bopd Located 15 km from the export pipeline to which it will be linked PF-2 Shaikan 2 Shaikan 5 Shaikan 10 Source: GKP

9 Corporate social responsibility 9 Focus on relationships ibetween operator and community Our CSR team s task is to listen, engage and deliver on the ground

10 Shared oibjectives 10 CSR team in place in Erbil and on the ground Work progressing of the long-term CSR plan Objectives shared with Shaikan and Sheikh Adi communities 75% of the workforce are citizens of Kurdistan 1.5 million man hours worked in 2013 Focus on training and professional development

11 Employment and investment 11 employees 75% of Gulf Keystone employees are citizens of Kurdistan. Kurdistan nationals who meet the advertised criteria for positions are given priority at application. We are committed to investing in our staff and we strongly encourage progression with our competency-based training programmes. vendors Wherever possible, outsourced contracts are awarded to local companies. Currently 30% of our contracts are with Kurdistan national vendors.

12 Corporate social responsibility team 12 Meet the team Country Manager Country Government Relations Manager Community Relations Officers on the ground Constant dialogue In November 2013, Gulf Keystone was presented with a Certificate of Thanks and Appreciation by the Mayor of Shaikan.

13 Key relationships 13 Malkyshan school, Shaikan Refurbishment was fully funded by Gulf Keystone and was completed in November 2013, accommodating up to 180 local students from age 6 to 12 years. Atrush youth centre, Shaikan Atrush Youth Centre was furnished with computers and sport equipment. A whole community of young people now has Internet access and a facility for computer skills training.

14 Thank you