Finding Petroleum Opportunities In Iran

There's plenty of oil in Iran, and gas too - but building a business is complex 0

Thursday, May 19, 2016, London, The Geological Society


download the event report


On May 19th we reviewed what is happening in the Iranian oil and gas industry as it begins to open up in a complicated, not exactly post-sanctions, era and what opportunities might be on offer for western explorers, producers and service companies.

Yes, some sanctions are being lifted - but that doesn't mean that there are large business opportunities - and of course there is a lot of complicated history. And much of the production growth potential may be in gas rather than oil.

For a good overview of potential in Iran, see our report from the talk by FGE's Siamak Adibi at our October 2015 Middle East event - page 9-11 here. http://bit.ly/FPMidEastOct15

On 19th, we reviewed the political and security issues, what we expect from the geology (including in the Zagros region), and the business opportunities which may exist. And the extent to which Iran requires technical help as opposed to simpy $s!

Our aim was to get to the realities.......

Agenda

9:30

David Bamford - Director - PetroMall Ltd

Welcome & Introduction: Session 1 - Context


David Bamford is well known around the oil & gas industry both as an explorer and a geophysicist. He holds a Physics degree from the University of Bristol and a Ph.D in Geological Sciences from the University of Birmingham.

Since 2004, he has been a non-executive director at Tullow Oil plc, being recruited for this position especially for his exploration knowledge. He serves on the Nominations and Remuneration Committees, and was chairman of the latter, and Senior Independent Director, for 3 years prior to his retire from the board at the end of April 2014.

He joined the board of Premier Oil in May 2014.

He retired from BP plc in 2003, his last four positions being Chief Geophysicist (1990-1995), Business Unit Leader (General Manager) for first West Africa and then Norway (1995-1999), and finally Head of Exploration until 2003.

He has served on the boards of Paras Ltd, a small exploration and IS/IT consulting company in which he held 22% equity, until its sale to RPS Energy in 2008 and Welltec a/s, a Danish well engineering company, as the nominee of the private equity investor Riverside.
From 2012 to 201 he was on the board of ASX-quoted Australia Oriental Energy as a non-executive director.

He was a founder of Richmond Energy Partners, a small oil & gas research house, and several media companies that focus on the oil & gas sector, and has served as an advisor to Alliance Bernstein, Opus Executive, the Parkmead Group plc, and Kimmeridge Energy LLP. Since retiring from BP, he has undertaken asset and company valuation projects for investment banks, hedge funds and small oil companies.

PetroMall Ltd
Petromall is a unique oil and gas advisory service which prides itself on technical excellence in selected fields and supplementing business management and leadership; in the face of uncertainty.

We offer truthful, professional opinion and advice; no playback of what you already know, and no spin.

Petromall was founded by 4 senior industry and academic practitioners who consider the challenges faced by today's oil and gas environment are going to require herculean acts of leadership and technical skill in the high cost provinces of the world, in order to maintain an industry that is sustainable and even recognisable compared to recent history.

Similarly nations developing an oil and gas industry face related challenges as they seek to maximise the benefits of this new wealth-creating opportunity - in a responsible manner.

Global reach

Petromall actively participates in the facilitation and conduct of seminars worldwide, in conjunction with its associate partner Finding Petroleum.

Our presence reaches parts of the globe, such as: the UK, Malta, the USA, through partners in the Middle East, North Africa and Sub-Saharan Africa.
9:40

Derek Cox - Business Development & Customer Relations Manager - BBC Monitoring

Insights on the internal politics of oil & gas in Iran

Talk Description.


TBC

BBC Monitoring
Established in 1939, BBC Monitoring, is a leading provider of open source information and analysis to governments, NGOs and major corporations worldwide, including many of the major players in the oil and gas sector. Iran is one of BBC Monitoring's primary focus areas, with our teams of analysts charged with monitoring and analysing developments in areas including geopolitics, terrorism and other security-related issues. A combination of broad local media monitoring capabilities, regional knowledge and presence on the ground means that our people are in a unique position to provide deep local insight. As well as 'constant watch' monitoring services we offer a range of tailored 'above the ground risk' analysis and insight services including Briefing Notes, SitReps, Profiles/Bios and In-Depth Reports.
10:15

Ryan Turner - Lead Analyst with PGI's Geo-political Risk Team - Protection Group International

The realities of working in Iran

Talk Description.
The presentation will provide an overview of the key challenges facing Western businesses in Iran.

This will include an assessment of issues linked to remaining sanctions and the risks that these present for investors in Iran. The importance, and difficulty, of performing due diligence in Iran will also be discussed. Broader considerations such as regulatory uncertainty, security and operational threats, as well bureaucratic issues also merit attention and will be addressed.

Lessons and experiences from British businesses who have operated on the ground in Iran will inform the presentation throughout.

I. Iran for UK investors
II. Key Challenges
i. Sanctions
ii. Snap?back provisions
iii. Due diligence

III. Broader considerations

i. Corruption
ii. Regulatory/Bureaucracy
iii. Security

IV. How can/should businesses respond

V. Summing up and Looking ahead – the investor?friendly Rouhani agenda


Ryan Turner is a Lead Analyst for PGI’s Geopolitical Intelligence team, with strong focus in the extractive industry and expertise in the Middle East. Ryan has expert knowledge of the global Oil & Gas Sector, as well as economic, political and security developments in the Middle East. He also has an understanding of the impact of political risk on the global energy market. Ryan has shared his views on security and energy market in numerous media appearances on BBC and CNBC and other networks.

Prior to joining PGI, Ryan was an Oil & Gas Analyst for a company which for the past 30 years, has had forecasts, data and analysis used by multinationals, governments and financial institutions to guide critical decisions. In this role, he worked daily with a team of country risk and sector focused analysts to provide insight and analysis in the global oil and gas market, with a regional remit focused on the Middle East and Sub-Saharan Africa.

Protection Group International
PGI is a privately owned UK business offering integrated, intelligence-led risk management solutions. PGI specialise globally in the secure protection of our clients' assets: human, physical, legal, intellectual property, financial and operational.
11:00 Coffee & Tea; Exhibits

11:15

Andy Horbury - Director/Founder - Cambridge Carbonates

Petroleum Geology of Iran


Cambridge Carbonates
Cambridge Carbonates Ltd. is a geological consultancy that provides expertise in carbonate and evaporite systems to the oil and gas industry. As well as offering a range of non-proprietary reports for purchase, Cambridge Carbonates deliver bespoke expertise to clients in regional studies, play evaluations and reservoir characterisation projects.
11:50

Andrew Wright - - Horizon Development Group

2016- The Iran Upstream and Downstream Opportunity- what is needed, when it is needed, why it is needed and how to be successful in providing what is required

Talk Description.
In 2015 the National Iranian Oil Company announced that they require $150 billion of upstream investment and $77 billion of downstream investment in their energy industry over the next ten years. In November 2015 they unveiled the new Iran Petroleum Contract (IPC) to allow International Oil Companies to invest in the Iran upstream. These IPC projects are one of three opportunities for IOC’s and international oil field equipment, goods and service providers as NIOC spend around $4 billion a year on operating costs and $5 to $10 billion in their subsidiaries on capital investment and major refurbishment projects.

Iran requires both capital and technology for its oil and gas industries and it will achieve this technology transfer to the Iranian supply chain through local content targets for both the IOCs and NIOC and its subsidiaries. As a consequence of sanctions and a policy of developing a resilient economy, Iran has surprising gaps in its capabilities alongside a fully functioning and effective oil and gas supply chain. It is recognising these gaps, the opportunities to supply the equipment, goods and services that Iran requires and partnering with the right local companies, who will enhance the chance of success while protecting corporate reputation and shareholder value, that will determine which IOCs and international equipment, goods and service providers are successful in the Iranian market in long term.

This talk will briefly address what is required in Iran, when it will be needed and how to win work and build a long term sustainable business in the Iranian upstream and downstream equipment, goods and services market.

Horizon Development Group
The Horizon Development Group employs more than 2,000 staff and has offices in the Middle East, Mozambique, Congo, Gabon, USA, Canada, Dubai, Malaysia and Hong Kong.

Our main areas of business are:

• Engineering Services- we currently maintain over 470,000 barrels of oil per day of production capacity in the Middle East and provide installation, engineering and maintenance services for a number of European and International partners;

• Marketing, sales and after sales services for predominantly oil field goods, equipment and services;

• Procurement, logistics support and the provision of manpower.
12:25

Teng Ben - Senior research associate - Bernstein Research

The impact of Iran's return on Global Markets


Teng Ben was formerly Business Development Lead Analyst, Portfolio Management, E&P division with ENI, and Analyst - Oil, Gas & Renewables with Standard Bank. She has an MSC in Financial Economics from Said Business School, University of Oxford.

Bernstein Research
Sanford C. Bernstein is widely recognized as Wall Street's premier sell-side research firm. Their research is sought out by leading investment managers around the world, and they are annually ranked at the very top of acknowledged arbiters. In independent surveys of major institutional clients, Bernstein's research is ranked #1 for overall quality, industry knowledge, most trusted, best detailed financial analysis, major company studies, most useful valuation frameworks, best original research, and most willing to challenge management. In Institutional Investor's 2008 annual client survey, the leading survey by which analysts in our industry are evaluated, 100% of our U.S. Analysts were recognized as among the best in their respective fields -- more than any other firm on Wall Street.
13:00 Raffle Prize Draw; followed by Lunch & Exhibits

Sponsors of this event

Cambridge Carbonates
Cambridge Carbonates Ltd. is a geological consultancy that provides expertise in carbonate and evaporite systems to the oil and gas industry. As well as offering a range of non-proprietary reports for purchase, Cambridge Carbonates deliver bespoke expertise to clients in regional studies, play evaluations and reservoir characterisation projects.

Cambridge Carbonates
Cambridge Carbonates Ltd. is a geological consultancy that provides expertise in carbonate and evaporite systems to the oil and gas industry. As well as offering a range of non-proprietary reports for purchase, Cambridge Carbonates deliver bespoke expertise to clients in regional studies, play evaluations and reservoir characterisation projects.

Protection Group International
PGI is a privately owned UK business offering integrated, intelligence-led risk management solutions. PGI specialise globally in the secure protection of our clients' assets: human, physical, legal, intellectual property, financial and operational.

BBC Monitoring
Established in 1939, BBC Monitoring, is a leading provider of open source information and analysis to governments, NGOs and major corporations worldwide, including many of the major players in the oil and gas sector. Iran is one of BBC Monitoring's primary focus areas, with our teams of analysts charged with monitoring and analysing developments in areas including geopolitics, terrorism and other security-related issues. A combination of broad local media monitoring capabilities, regional knowledge and presence on the ground means that our people are in a unique position to provide deep local insight. As well as 'constant watch' monitoring services we offer a range of tailored 'above the ground risk' analysis and insight services including Briefing Notes, SitReps, Profiles/Bios and In-Depth Reports.

BBC Monitoring
Established in 1939, BBC Monitoring, is a leading provider of open source information and analysis to governments, NGOs and major corporations worldwide, including many of the major players in the oil and gas sector. Iran is one of BBC Monitoring's primary focus areas, with our teams of analysts charged with monitoring and analysing developments in areas including geopolitics, terrorism and other security-related issues. A combination of broad local media monitoring capabilities, regional knowledge and presence on the ground means that our people are in a unique position to provide deep local insight. As well as 'constant watch' monitoring services we offer a range of tailored 'above the ground risk' analysis and insight services including Briefing Notes, SitReps, Profiles/Bios and In-Depth Reports.

Horizon Development Group
The Horizon Development Group employs more than 2,000 staff and has offices in the Middle East, Mozambique, Congo, Gabon, USA, Canada, Dubai, Malaysia and Hong Kong.

Our main areas of business are:

• Engineering Services- we currently maintain over 470,000 barrels of oil per day of production capacity in the Middle East and provide installation, engineering and maintenance services for a number of European and International partners;

• Marketing, sales and after sales services for predominantly oil field goods, equipment and services;

• Procurement, logistics support and the provision of manpower.

McKenzie Art
Alexandra McKenzie is resident artist for Finding Petroleum and Digital Energy Journal and specialises in oil and gas, shipping and heavy engineering art.

You can see her work on the websites and programs for Finding Petroleum events and on the cover of Digital Energy Journal.

Limited edition artwork is available on sale at the Finding Petroleum event - including the artwork used on the current edition of Digital Energy Journal, available as a hand coloured lino print.

She is available for commissions, including for corporate offices, homes, banners and publications - as an interesting conversation piece or to develop interest in your products.

You can meet Alex at coffee time and lunch in the Geological Society library.

Registered Delegates

Stuart Amor
Analyst

United Kingdom
Karl Jeffery
Editor
Finding Petroleum
United Kingdom
Mike Rego
Independent Consultant
PetroMall Ltd
United Kingdom
Yann Helle
Technical Manager
2H Offshore Ltd
United Kingdom
Richard McIntyre
Sales Manager
Finding Petroleum
David Bamford

Petromall Ltd
Hugh Ebbutt
Director
A T Kearney
United Kingdom
salar Golestanian
Managing Director
Finity Asset
United Kingdom
Khalil Nourafkan
Principal Geologist
Petroxin
Anil Katyal

AK Associates
United Kingdom
rupert holdsworth hunt
Managing Director
FirstEnergy
United Kingdom
Ryan Turner
POLITICAL RISK ANALYST
PGI
United Kingdom
Julian Moore
Technical Director
APT UK
United Kingdom
Dominic Lewenz
Managing Director
Frontier Advisory
United Kingdom
Jamie Main
Director
PGI
United Kingdom
Michael Darke
Director
Asakir Energy
Mohammad Al-Gailani

GeoDesign Ltd
United Kingdom
Frederic Yeterian
Director
Philax International (UK) Ltd
United Kingdom
Hans Anand

Asco Fixings Ltd.
Wayne Higgins
Managing Director
Geosoft Europe Ltd.
Tim Davies
Global Portfolio & NV Manager
Premier Oil
United Kingdom
Jeremy Lynch
Principal Geophysicist
Assala Energy
United Kingdom
Richard Jones
CEO
Geospatial Research Ltd
Charlie Pembroke
Risk Consultant
Protection Group International
Christian Richards
Sales Manager
AustinBridgeporth
United Kingdom
Enzo Zappaterra

GLobal Exploration Services
United Kingdom
Eliza Richardson

Protection Group International
Ahmad Taghizadeh

BBC Monitoring
gary scaife
Geologist
Greensand Exploration Ltd
United Kingdom
Tom Bacon
Geopolitical Director
Protection Group International
Ana fernandezsaiz

BBC Monitoring
Faouzi Khene

GXT
United Kingdom
Hugo Jackson
Analyst
PwC
Derek Cox
Business Development
BBC Monitoring
United Kingdom
Wally Jakubowicz
Managing Director
Hampton Data Services
United Kingdom
Mark Redway
Fund Manager
RAB Capital
United Kingdom
Simon Berkeley
Director
Berkeley Associates
United Kingdom
Maryam Maali Director
Director
Horizon Development Group
Robert Snashall
Consultant
RGSConsult
United Kingdom
Gareth Davies
Founder
Bestem
United Kingdom
William Gibson
Legal Analyst
IHS
United Kingdom
Norrie Stanley
Consultant
RPS Energy
United Kingdom
Lia Turrini

Bg Group
Claire Jones
Analyst
IHS Markit
United Kingdom
Derek Campbell
Technical Director - Land Seismic
RPS Energy
United Kingdom
Andy Horbury
Director
Cambridge Carbonates
Ehsan Naeini
Senior Research Advisor
Ikon Science
United Kingdom
Janice Weston
Principal Advisor
RPS Energy Ltd.
United Kingdom
Jen Keeble-Waters

Cambridge Carbonates
Michael Ala
Semi-retired academic
Imperial College London
Mark Jones
Business Development Manager
Saipem
United Kingdom
Benoit Vincent

Cambridge Carbonates
Ahmed Elghorori
Geoscientist
Independant
United Kingdom
Teng Ben

Sanford Bernstein
Andrew Webb
Manager, Petroleum Reservoir and Economics
CGG
United Kingdom
Mark Robinson
Consultant
Independent
United Kingdom
Christophe Bachy
Group Head of New Ventures & Business Development
SCDM Energy Ltd
James Andrew
Busines Development Mgr EAME
CGG
United Kingdom
Siebe Breed
Exploration Geologist
independent
United Kingdom
David Webber
Seismic Operations Supervisor
Sceptre Oil & Gas
United Kingdom
Mike Oehlers
Chief Geologist
CGG Robertson NPA Satellite Mapping
United Kingdom
Mark Foster
Managing Director
JHKI Services Limited
United Kingdom
Jalal Khazanehdari
Global Seismic Inversion Manager
Schlumberger
United Kingdom
John Hall
Consultant geophysicist
Consultant
United Kingdom
John Griffith
Upstream Advisor
JJG Consulting International Ltd
United Kingdom
Andy Bell
Business Support
Serica Energy Plc
United Kingdom
John Cryan
Geophysicist
Consultant
United Kingdom
Gus Hinestrosa
Development geophysicist
JKX
United Kingdom
Adam Torry
Regional Manager - Africa
SpeedCast
Augustus Wilson
Consultant
Consulting Geologist Middle East
United Kingdom
Christian Bukovics
Independent Director
JKX Oil&Gas Plc
United Kingdom
Brahim Aklil
Principal Analyst
Statoil U.K
United Kingdom
Craig Lindsay
Director
Core Specialist Services Limited
United Kingdom
Morten Lindback
Analyst
Lindback Energy
Norway
Chris Jones
Senior Consultant
StrategicFit
United Kingdom
Rick Donoghue
Director
Crescus
United Kingdom
Artem Kotenev

Lukoil Overseas UK Ltd
United Kingdom
Petros Farah
Associate
StrategicFit
United Kingdom
Claudio Turrini
Manager Director
CTGeologicalConsulting
Amrit Brar
Marketing and Sales Manager
Lynx Information Systems
United Kingdom
Anne-Mette Cheese
Exploration Geologist
Svenska Petroleum AB
United Kingdom
Robert Ward
Advisor
Decision Frameworks
United Kingdom
Christian Fenwick
CEO
MapStand
United Kingdom
Richard Schembri
Recruitment Director
Upstream Technical Consultants
Howard Davies
Business Dev Manager
DownUnder GeoSolutions
United Kingdom
David Buddery
Consultant
Neoseismic Ltd
United Kingdom
Alastair Bee

Westwood Global Energy
United Kingdom
Johannes Sobotzki
Data Analyst
Drillinginfo
United Kingdom
Shah Jahan Khandokar
Associate
Norton Rose Fulbright
kourosh kohan
Consultant
Wood Group
United Kingdom
Martin Riddle
Technical Manager
Envoi
United Kingdom
Seyavash Rahnema
Trainee Solicitor
Norton Rose Fulbright
Deirdre ODonnell
Managing Director
Working Smart
United Kingdom
Sean McQuaid

ERC Equipoise
Abi Mirkhani
COO
OPG Supply
United Kingdom
Andrew Wright
Managing Director
Wright Interim Management Limited
United Kingdom
Nasser Bani Hassan
Senior Geophysicist
ERC Equipoise
United Kingdom
M. Javad Ardalan
Director
Oxford Persian Institute
United Kingdom
Delete x
x
x
United Kingdom
Avinga Pallangyo
Conference Manager
Finding Petroleum
howard dewhirst
managing director
Petroalbion P/L
United Kingdom
Reza Sedaghat
Director
Zagros Energy Ltd
United Kingdom
Alexandra McKenzie
artist
Finding Petroleum