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Kaikias Phased Appraisal and Development Strategy


 Kaikias is an oil discovery of four stacked miocene reservoirs in the Deepwater Gulf of Mexico in the Greater Mars/Ursa Area. During exploration, only the lowest reservoir objective (Lambda) was penetrated, discovering oil pay to base. A follow-up appraisal well was drilled penetrating the upper three reservoir objectives (Beta, Zeta, and Kappa) discovering oil pay to base in all reservoirs, as well as penetrating the lowest reservoir objective (Lambda) and again discovering oil pay to base. Following the exploration and appraisal program, there remained considerable resource uncertainty given the lack of definitive oil water contacts in any of the reservoirs and poor seismic imaging (impacting the ability to determine the reservoir extent and thickness). Rather than continue to de-risk the field with further exploration and appraisal activities (potentially eroding lifecycle value and delaying first oil), a small, robust Phase 1 project was matured to accelerate first oil and to de-risk the subsurface through production data. The Phase 1 project was highly competitive attributable to the re-use of two existing exploration and appraisal wellbores and a minimal subsea scope. The Phase 1 project was sanctioned by Shell (80%) and MOEX NA (20%) in January 2017.
 During execution of Phase 1, a Phase 2 project was proposed to further appraise the three reservoirs developed by Phase 1 (Beta, Kappa, and Lambda) as well as to produce unique volumes from the fourth reservoir (Zeta). The Phase 2 appraisal program was a great success, proving upside in all three Phase 1 reservoirs and justifying expansion of the two lowest reservoirs (Kappa and Lambda). Following the successful Phase 2 appraisal and subsequent side track to the Zeta reservoir, a Phase 3 project was proposed to add a second production well to each of the two lowest reservoirs, accelerating and capturing unique volumes from each. The Phase 3 project also provided an opportunity to calibrate seismic imaging for further exploration in the area and to provide a better understanding of fluid gradients. This phased appraisal and development approach resulted in a highly a competitive investment for Shell (80%) and MOEX NA (20%) and allowed co-owners to optimize the lifecycle value of the project without overspending on exploration and appraisal activities. Further, the phased appraisal and development approach reduced the overall downside risk for the project.