Luís Guerreiro Exploration and New Ventures Manager Partex Oil and Gas. IST Lisbon, November 30th

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1 Luís Guerreiro Exploration and New Ventures Manager Partex Oil and Gas IST Lisbon, November 30th

2 Partex Oil and Gas worldwide Portugal Algeria Kazakhstan Abu Dhabi Oman Brazil Angola Operations in oil and gas upstream activities; Participations in concessions and joint ventures worldwide; Exploration, development, production and sales.

3 Parati Well 01/01/ /09/2006 The role of R&D in the Oil and Gas industry in Portugal Timeline of Portuguese exploration milestone events 1994 Last offshore well Porto Basin Partex Farm-in BM-S Algarve blocks bid-round Portuguese Investment in Brazil 2 nd Bid Round Peniche Blocks (Repsol, Galp Partex) Peniche Blocks (Petrobras, Galp Partex) Alentejo Blocks (Tullow, Galp, Partex) 2006 First R&D agreement with IST Algarve Blocks 13/14 (Repsol, Partex) Peniche Blocks (Repsol, Galp, Kosmos, Partex) Algarve Blocks 11/12 (Repsol, Partex) 2008 R&D Atlantic geoscience project 1993 Mohave starts Onshore Lusitânica Basin exploration 1999 CGG opens an office in Lisbon 2015 First deep-offshore well postponed 2016 Other deep-offshore well postponed

4 Conjugate margins

5 The role of R&D in the Oil and Gas industry in Portugal Exploration activity in Portugal 18 Wells drilled in Portugal End of dictatorship Colonial 1974 Africa wars ( ) 5A-1, 14A-1, 14C- 1A, 16A-1, 17C-1, Im-1, Pe-1, Ru-1 Portugal offshore bid round A-2, 20B-1, Cv-1, Cv-2, Cv-3, Co-1, Fa-1 1st Gulf war , Ca-1, Do-1c, Mo E-1 Li wells drilled before 1939; 2nd world war ( ) Ca-1, Go-1 Lu-1 4 To Onshore Offshore Total of 150 Onshore wells and 25 Offshore wells km seismic 2D km2 seismic 3D

6 The role of R&D in the Oil and Gas industry in Portugal European exploration drilling efforts ( )

7 The rational of cooperation with IST Technical University of Lisbon (IST) PARTEX OIL and GAS

8 Milestones through time 2005 Negotiations between Partex and IST (CERENA) for R&D programs 2006 Signature of a R&D agreement between Partex and IST: January GSI first papers (Cascais and Abu Dhabi); 2008 Petrobras joins to Partex to sponsor CERENA. Begining of GEI developments 2009/2010 GEI tests with syntetic seismic data 2013 GEI test pilot in Oman 2014 GEI Test pilot off-shore Angola GSI Petrel Plug-in 2015/2016 GSI modified for earlier exploration phase Geostatistical seismic AVA inversion for facies

9 world-class middle east carbonate reservoir Porosity Model Conditioned by AI model The dense/porous altering layering are observed in the porosity model Top Base 100ft 2 km Apt 6 Southern Platform Interior Central Platform Margin Northern Clinoforms Apt 3 Apt 5 Apt 3 Apt 4 100ft Bab Basin Apt 6 Apt 2 S Apt 1 2km N

10 Research & Development: Seismic Inversion in Exploration Phase Partex/Instituto Superior Técnico, 2015 Research & Development Global Seismic Inversion with zones Unexplored field, no wells within 3D seismic Offshore Algarve, South Portugal Turbidite channels OLISTOSTROM SEA BOTTOM TURBIDITE CHANNELS Potential reservoir P P1 M2 M1 Potential reservoir (turbidities channels) and the main horizons BA5 BA3/BA4 BA2 SALT Zone 1 Non-reservoir BA5 ZONE 1 Zone 2 Potential Reservoir - sandstones Zone 3 High DT Low velocity High porosity Density values near quartz Analog well logs Low DT High velocity Low porosity Density values near calcite Potential reservoir BA3/BA 4 BA2 P M2 ZONE 2 ZONE 3 Rock Physics Scenarios AI distribution extracted from the analog wells and used in seismic inversion Sandstone Limestone Zoning model of the target area

11 Seismic Inversion of undrilled prospects in early exploration stage Best AI model Real Seismic Synthetic Seismc Turbidites channels with low acoustic impedance values The definition of the initial distribution extracted from the analog-wells is crucial for the success of the inversion process It is very important to have a clear idea of what could be our geological model to infer the lithology/facies for better definition of the zoning model or properties distribution The proposed method achieved very good results

12 Broadband data recording Land: New generation of vibrators extending the frequency content to ultra low frequency side (down to 1.5 Hz) and to the higher frequency side. New generation of geophones (MEMS - Micro Electro-Mechanical System) capable of recording very low frequencies Marine: New generation of streams, streams with variable depth, dual sensors streams and new techniques for deghosting

13 Seismic Inversion with Broadband acquisition Broadband allows a higher-fidelity inversion of seismic back to the underlying rock properties and improve confidence in ability to predict and match well data

14 Full-azimuth 3D For better seismic imaging and fracture characterization, the acquisition with full range of azimuth is a key point, which requires an orthogonal acquisition templates with a large number of source and receiver points Having a convenient set of subset cubes of different angles and azimuths it is possible to calculate anisotropic seismic attributes linked fracture density and orientation

15 Can BIG DATA help oil business? Source: Mckinsey analysis Source:

16 End Thank you! Source: The Economist, December 2014