Getting Developments Right?

....done on time, on budget, as promised! 0

Wednesday, December 10, 2014, London, The Geological Society

As illustrated in this report, our industry has profound problems getting development projects done at a reasonable cost, and then on time and on budget. And promised production levels sometimes do not appear.

The problem seems to afflict everybody, whether Majors undertaking projects where they have worked before or, as the above report emphasises, 'minnows' swarming all over the Norwegian and UK sectors.

The cause seems to be a cocktail of exaggerated executive expectations, inexperience operators and project staff, and exponentiating costs.

A Major or a mini-Major can survive such ‘accidents’ – they may not enjoy them but they are robust.

Smaller companies – E&Ps – are not; they are fragile, and will invariably see their share price hammered in the market place.

Previously we have identified three root causes of the problem:

1. Under-appraisal of complex reservoirs.
2. Inadequate project design and concept selection.
3. Lack of QA of project execution.


"What is to be done?"

We invite insightfull contributions!

Please contact David Bamford.

Agenda

9:30 Welcome & Introduction: SESSION 1: "Good news is bad news delivered early!"

9:35

David Bamford - Director - Finding Petroleum

The two key issues



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 was on the board of Premier Oil from May 2014 to May 2016.

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.

Finding Petroleum
Finding Petroleum was established to help the oil and gas industry network, and stay up to date on the latest technological developments. It does this via hosting regular events and with an online social network of nearly 10,000 members.
9:40

Graham Scotton - Director - University of Manchester

The 'bust' between Project Managers, IPA benchmarking, CEOs and Boards - and therefore investors' expectations


University of Manchester
The University of Manchester is a public research university located in Manchester, United Kingdom. It was formed in October 2004 by the merger of the Victoria University of Manchester (established 1851) and the University of Manchester Institute of Science and Technology (established 1824). It is a member of the Russell Group of research-intensive British universities, the N8 Group and a "red brick" university, its Victoria University predecessor having gained a royal charter in 1903.
10:15

Multiple - - Panel Discussion

What does this mean - "delusion or deception"?

Talk Description.
Panellists:
Marcus Richards, formerly CEO of Dana Petroleum
Simon Lockett, formerly CEO of Premier Oil
Greg Coleman, CEO of Independent Resources Group.

Moderated by David Bamford.
Used for panel discussions

Panel Discussion
This is part of our agenda where Finding Petroleum has a panel discussion.
10:50 Coffee & Tea, followed by SESSION 2: On Time, On Budget, As Promised? Standardisation required!

11:15

Oswald Clint - Senior Analyst - Bernstein Research

The new STANDARD oils?


Dr Clint joined Sanford C. Bernstein in 2004 and was part of the Energy Team with Neil McMahon covering the Global Integrated Oil sector.

Currently he is the Senior Research Analyst covering the European E&P and Russian Oil & Gas sectors. The Bernstein Energy franchise has become well known due to both the provocative commentary on the commodities and oil stocks, as well as the innovative research that forms the core of their frequent publications. Previously, he worked as an accountant and consultant for KPMG covering energy, gas, and chemical sectors. Dr Clint received his PhD in Geophysics from University College London where he specialised in sub-surface rock physics and is also a Chartered Accountant.

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.
11:50

Martin Shaw - managing director - Marine Operations and Assurance Management Solutions Ltd

FPSO developments-reliable fast track or project development nightmare


Martin Shaw is ex VP technical, fleet manager and vetting service manager, BP Shipping.:

· 37 years with BP 3 years consulting on marine operations and marine assurance
· In addition to involvement in tanker operations substantial involvement in the offshore sector
· As an officer on Iolair while building and into service as well as on PSV’s
· Involved with FPSO projects in Australia ( Cossack Pioneer) and West of Shetland ( bought Loch Rannoch shuttle tanker for Schiehallion)
· Involved in buying the Project Jigsaw Regional Support Vessels
· As Regional Director EMEA and TVP involved with Angola, Skarv, GoM
· Developed , negotiated, and gained approval for the Group Marine Standard which amongst other things covers the marine elements of FPSO’s. The standard is still in place in more or less its original form today.

Marine Operations and Assurance Management Solutions Ltd
MOAMS,Marine Operations and Assurance Management Solutions, is a different type of consultancy. MOAMS combines a deep knowledge of marine operations with research into the future of the industry.
12:30

Multiple - - Panel Discussion

What have we learned, can we see how to improve performance?

Talk Description.
Our Panellists will take part in a Q&A session with the audience, facilitated by our chairman.
Used for panel discussions

Panel Discussion
This is part of our agenda where Finding Petroleum has a panel discussion.
13:00 Lunch & Exhibits

Sponsors of this event

Getech
For over 25 years, we've been using our data and geoscience expertise to help the oil and mining industries locate the earth's natural resources. Whatever your requirements, our multidisciplinary team of geoscientists can help you make enlightened business decisions.

At Getech, we offer a range of services dedicated to helping you understand the geological risks and opportunities associated with locating natural resources - whether you're working on a global or regional scale.

Our eco-system offers a holistic view of how our core services interact, with Globe at the centre.

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.

Tanker Operator
Tanker Operator is the world's leading publication for the tanker industry and a sister publication of Finding Petroleum / Digital Energy Journal. Edited by Ian Cochran, who has 45 years experience as a maritime industry journalist

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.

Registered Delegates

Hugh Ebbutt
Director
A T Kearney
United Kingdom
Luca Brutti
Senior Consultant
Infosys Consulting
United Kingdom
Roger Pearson
Managing Director
RGP Energy Ltd
United Kingdom
Ronald Doherty
Consulting Director
Advisian
United Kingdom
Bob Lambert
Founder
Ipex Energy Ltd
United Kingdom
Robert Snashall
Consultant
RGSConsult
United Kingdom
Stuart MacLeod

Aiteo Energy
Nigeria
Ravi Chandran
Director
Kalki Consultants Limited
United Kingdom
Patrick Taylor
Director
RISC (UK) Limited
United Kingdom
Carl Ifvarsson
Business Development Manager
Aiteo Energy Resources
United Kingdom
Peter Allen
consultant
layla resources
United Kingdom
Robert Waterhouse
Director
Rosha Resources Ltd
United Kingdom
Patrick Bailey
Director
Athena Advisory Limited
United Kingdom
Jonathan Morley
Lead Speclalist
Lloyd's Register EMEA
John Simmons
Principal Advisor
RPS Energy
United Kingdom
Derry Vaughan

Autodesk
Ireland
Jacques Fischer
Junior RM
Lloyds Bank
United Kingdom
Mark Jones
Business Development Manager
Saipem
United Kingdom
Kaweh Sadegh-Zadeh

BP
United Kingdom
Andrew McCulloch
Associate
Lloyds Bank
United Kingdom
David Webber
Seismic Operations Supervisor
Sceptre Oil & Gas
United Kingdom
Charlotte Elliott

BP
United Kingdom
David Murray
Senior Analyst
Mars Omega LLP
United Kingdom
Oddi Aasheim
Managing Director
SLP Global Ltd.
United Kingdom
Alex Brooks
Analyst
Canaccord
James Cramond
Business Acquistion
McDermott
United Kingdom
Eugene Nizeyimana
Director
SSCG Energy, Oil and Gas
United Kingdom
Andrew Webb
Manager, Petroleum Reservoir and Economics
CGG
United Kingdom
Robert Palfrey
Managing Director
Minerva SRM
United Kingdom
Paul Rosier
Strategic Development Director - Xodus Group
Subsea 7
United Kingdom
Colin David
Business Development
Consultant
United Kingdom
Martin Shaw
Managing Director
MOAMS Ltd
United Kingdom
Aoibheann Mueller

Subsea 7
Micky Allen
consultant
consultant
United Kingdom
James Grubham
Account Manager
One Subsea
United Kingdom
Phil Houston
Founder / CEO
TalEng
United Kingdom
SIMON BATES
PROJECT ADVISOR AND MANAGER
DDC
United Kingdom
Riley Smith
Group Manager
OPC
Frank Eisenhower
Operations Manager
TGS
United Kingdom
David Mirzai
Analyst
Deutsche Bank
United Kingdom
Robert Parker
Consultant
Parker
United Kingdom
Alex Lepez
Projects and Engineering Director
TGS
Marcus Flint
Senior Principal Consultant
DNV GL Ltd
United Kingdom
Richard McBain
Managing Director
Partner Energy Ltd
United Kingdom
John Bridgeman
Research Analyst
The EIC
United Kingdom
Adam Marmaras
Event Organiser
Finding Petroleum
United Kingdom
Bill Neilson
Engineering Manager
Peritus International
United Kingdom
George Reed
Director
Thorold Dewling Oil and Gas Recruitment
United Kingdom
Nick Norton
Senior Energy Advisor
Foreign Office
United Kingdom
Graham Scotton
Director
Petromall
United Kingdom
Andy Cooper
Sales Director
thyssenkrupp
United Kingdom
Alexander Chalke
Partner
Grosvenor Clive & Stokes
United Kingdom
Greg Coleman
CEO
Petromall
United Kingdom
chris lynden
Principal Operations Geologist
Tullow
United Kingdom
Bill Green
Account Director
Hermes Datacomms
United Kingdom
Michael Sloane
Commercial Director
Petromall
United Kingdom
Joel Perez Osses
PhD Researcher
UCL
United Kingdom
Bani Norouzian
Business Development Manager-IHS Energy
IHS Global
United Kingdom
David Bamford

Petromall Ltd
Robert Hayes
Subsea Support Manager
Wood Group
United Kingdom
Marcus Richards
Managing Director
Independent
United Kingdom
Daniel Buckingham
INTERNATIONAL FINANCE BROKER.
Pronto Business Funding
United Kingdom
Piers Moffatt
Consultant
Wood Mackenzie
United Kingdom
Rolando Gächter
E&P Business Area Manager
Independent Project Analysis Ltd
United Kingdom
Christopher Reeves
Director - Natural Resources
PwC
United Kingdom