Oil in North West Europe

.......will independence of supply just be a mirage? 0

Thursday, January 23, 2014, London, The Geological Society

What opportunities are there for oil exploration and exploitation in NW Europe??

Below ground, we can make a few observations:

  1. First of all, we have to confess that exploration has been pretty dismal over the last two years, with a marked lack of success offshore (in the UKCS and Norway) and abject failure in conventional onshore exploration.
  2. Development projects are suffering from escalating cost projections, cost over-runs, delays and production shortfalls.
  3. Many individual fields, in the UKCS and NOCS, are showing unnervingly high decline rates.
  4. Many companies talk the talk on IOR and EOR but there do not seem to be a concerted set of actions that will move us towards 60%+ recovery factors in the UKCS and NOCS.
  5. Shale oil is emerging, with interest in the Kimmeridge of the Weald area of the UK and the Posidonia Shale of Northern Germany.

Above ground, of course there are some significant issues to contemplate.
In general, the 'regulators' are moving in.
And there is a lot of ‘noise’ around proposals to exploit shale resources, from government enthusiasm but local opposition in the UK, government uncertainty in Germany, and outright government/Presidential opposition in France. And attempts to couple CO2 capture and storage with EOR – as has been so very successful in the USA – seem to have fallen on the stony ground of indifference or outright opposition.

In addition, the investment world seems to have turned its face against oil & gas, at least for the moment, with smaller companies struggling to raise capital, seeing dramatic drops in share price, and in all probability facing a wave of forced consolidation.

Thus whilst the USA can contemplate a vision of oil independence, is NW Europe destined to remain hooked on the global geopolitics of oil, increasingly shovelling money in the direction of OPEC?

Agenda

9:00 Arrivals and Registration. Tea & Coffee

9:30

Greg Coleman - - PetroMall Ltd

Welcome & Introduction


Greg has over 40 years experience in the oil and gas industry including over 30 years experience with BP plc following which he served as CEO of a private equity backed company he co-founded called Canamens and subsequently as CEO of a listed company on the London Stock Exchange called Independent Resources plc subsequently refinanced and renamed now called Echo Energy plc.

At BP, Greg served as Business Leader for BP Norway, Head of Investor Relations and finally as group Vice President for Health, Safety, Security and Environment at global remit before retiring in 2006.

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

Oswald Clint - Senior Analyst - Bernstein Research

UKCS and NOCS field declines - the realities!


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.
10:15

David Bamford - - New Eyes Exploration

Costs are killing the North Sea!

Talk Description.
I'm not sure I should take issue with a knight of the realm but I do believe Sir Ian Wood's interim review* of Maximising Economic Recovery in the UKCS is insufficiently focused on COSTS.

Three factoids which I will develop more fully elsewhere:

1. Specific development projects, for example Rosebank (West of Shetland; Chevron) and Bressay (Northern North Sea; Statoil) are being cancelled or delayed because heavy costs are making them uneconomic.

2. IPA's project benchmarking data base shows that cost over-runs, delays and production shortfalls are unnervingly common.

3. Specifically, three Norwegian projects (Skarv, Valhalla redevelopment and Yme) have over-run by NOK42bn in total.
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.

New Eyes Exploration
New Eyes Exploration, founded by David Bamford, explores new ways to discover Oil and Gas.
10:50 Coffee & tea

11:15

Anders Wittemann - Associate Partner 1Derrick - 1Derrick

Trends and outlook for Northwest Europe offshore exploration licensing, drilling and farm-out activity

Talk Description.
The presentation will include statistics on past and future activity, results and trends related to licensing, exploration, and M&A activity in the Offshore Northwest Europe region, i.e., North Sea, North Atlantic, primarily UK, Ireland, and Norway.

Specifically, the presentation will include statistics and future trends on the following:
- Past exploration activity and results, e.g., number of exploration wells drilled, key results from recent years, by vintage of license round, farm-in activity by number and outcome (what has been the outcome from farm-outs in the past). Comparisons will be made between UK and Norway
- Outlook of future activity
- Statistics on future licenses and wells to be drilled, by location/basin, license vintage, company type
- Statistics on pre-drill prospect sizes with comparisons e.g., between UK and Norway
- Indications of future hot spots, where will the next big discoveries be made, and why?
- How exploration results will contribute to future production in the region, specifically UK, Ireland and Norway
- Other industry trends and drivers observed and assessed, including key success factors for exploration

How is this useful to the audience:
- Understand trends to ensure own portfolio and strategy is in alignment
- Gain knowledge of benchmarks to calibrate own business planning, e.g., what to expect in terms of future activity and results
- Identify specific areas and types opportunities to be pursued or get inspired by

Sources of information to be utilized includes: 1Derrick/WEPC’ proprietary Northwest Europe Business Development Book, Derrick Petroleum Services’ Global M&A Database and supplementary research conducted by 1Derrick/WEPC.

See links to research published by 1Derrick/WEPC
http://www.pandjenergy.co.uk/2013/01/over-90-ae-wells-ready-to-be-sunk-in-uk/
http://www.upstreamonline.com/epaper/article1315360.ece
http://www.upstreamonline.com/epaper/article1249976.ece

Educated at Imperial College and INSEAD. Career history includes work experience as a petroleum engineer and management consultant with Shell, McKinsey & Rystad Energy. Currently an independent consultant based in Norway and associate partner with 1Derrick.

1Derrick
1Derrick/Derrick Petroleum Services is an independent oil and gas research and consulting firm with presence in London, Singapore and Bangalore. Derrick publishes the leading M&A transactions database in the Oil and Gas industry. Derrick has provided specialized research services for some of the industry's leading international majors and NOCs. Derrick's consulting, research and databases have worldwide coverage, with special emphasis on emerging plays and international M&A transactions.

Contact details:
1Derrick - Danny Ghale, phone: +44 7572 549711, e-mail: Danny.Ghale@1Derrick.com
Derrick Petroleum - Mangesh Hirve, phone: +91 9886408176, e-mail: mangesh.h@derrickpetroleum.com

WEPC is an independent E&P specialist strategy and business development consulting company formed by Anders Wittemann in 2011 with more than 20 years of experience from petroleum engineering and strategy consulting, based in Norway working in partnerships with other firms, including 1Derrick/Derrick Petroleum Services. Review and research is available in quarterly business intelligence reports for UK and Norway.

Contact details: Anders@Wittemannepc.com, phone: +47 91606475.
11:50

Kes Heffer - - PetroMall Ltd

Maintaining North Sea production


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.
12:25

Paul Griffin - Managing Director, Dana UK - Dana Petroleum

The future of the UKCS and NOCS?


Paul joined Dana Petroleum in 2005 and became Managing Director of the UK business in 2011. He has nearly 30 years experience in the oil and gas industry in the UK, United States, South East Asia, the Middle East and Africa. Before joining Dana he spent 13 years at Enterprise Oil, where he performed a variety of roles. He has broad management expertise in both onshore and offshore operations. Paul holds a BSc in Physics and Mathematics and an MSc in Engineering Project Management.

Dana Petroleum
We use our technical expertise to explore for it, develop it and produce it in Europe, Africa and the Middle East. We're building a company that operates at every stage of the oil and gas lifecycle, both offshore and onshore.
13:00 Raffle Prize draw, followed by Lunch and refreshments

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.

1Derrick
1Derrick/Derrick Petroleum Services is an independent oil and gas research and consulting firm with presence in London, Singapore and Bangalore. Derrick publishes the leading M&A transactions database in the Oil and Gas industry. Derrick has provided specialized research services for some of the industry's leading international majors and NOCs. Derrick's consulting, research and databases have worldwide coverage, with special emphasis on emerging plays and international M&A transactions.

Contact details:
1Derrick - Danny Ghale, phone: +44 7572 549711, e-mail: Danny.Ghale@1Derrick.com
Derrick Petroleum - Mangesh Hirve, phone: +91 9886408176, e-mail: mangesh.h@derrickpetroleum.com

WEPC is an independent E&P specialist strategy and business development consulting company formed by Anders Wittemann in 2011 with more than 20 years of experience from petroleum engineering and strategy consulting, based in Norway working in partnerships with other firms, including 1Derrick/Derrick Petroleum Services. Review and research is available in quarterly business intelligence reports for UK and Norway.

Contact details: Anders@Wittemannepc.com, phone: +47 91606475.

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.

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.

Registered Delegates

Danny Ghale
Business Development
1Derrick
United Kingdom
Lin Kenealy
Sales and Marketing Director
GeoGuide Consultants Limited
United Kingdom
David Bamford

Petromall Ltd
Hugh Ebbutt
Director
A T Kearney
United Kingdom
Anna Hancock
Sales & Marketing Administrator
Geoguide Consultants Limited
United Kingdom
Stuart Vernon

PetroMall Ltd.
United Kingdom
Tony Grindrod
Trustee
AAPG Europe
United Kingdom
Sarah White
Europe-Africa Oil and Gas Marketing Manager
Golder Associates
United Kingdom
Craig Jones
Sales Supervisor
PGS
United Kingdom
seth karikari
petroleum engineer
aims and associates
United Kingdom
Alexander Chalke
Partner
Grosvenor Clive & Stokes
United Kingdom
Joanna Lumley
Senior Sales Supervisor
PGS
United Kingdom
Stuart MacLeod

Aiteo Energy
Nigeria
Hywel John

Haven Energy
United Kingdom
John Clure
Managing Director
Phoenix Hydrocarbon Resources Ltd
United Kingdom
Lucy Bagnall
Underwriter
Argenta Syndicate Management
United Kingdom
Don Jameson
Director
Hedera Consulting Limited
United Kingdom
Adel Louertatani
Co-Founder
Proxion Energy Group
United Kingdom
Megan Manley
Sales Coordinator
ARKeX
United Kingdom
Jaco Fleumer
Business Development Manager
HSM Offshore B.V.
Netherlands
Claire Heaton
Business Development Manager
Proxion Energy Group
United Kingdom
Kate Garratt
Head of Energy
Aspectus
United Kingdom
David Jenkins
Director
Hurricane Energy plc
United Kingdom
Ben HAKEN
T&S Director
Proxion Process
United Kingdom
Laura Iley

Aspectus PR
United Kingdom
Anthony Jaep
Field Researcher
IHS
United Kingdom
Alina Spitchakova

RAB capital
United Kingdom
Jessica Cregg
Junior Account Executive
Aspectus PR
United Kingdom
Marie McKechnie
Senior Researcher
IHS
United Kingdom
Josh King
Analyst
RAB Capital
United Kingdom
Dominic Thasarathar
Strategic Industry Relations
Autodesk
United Kingdom
Kevin Chandler
Senior Product Manager - International Logs and Seismic
IHS
United Kingdom
Andrew Anderson
Director, Oil & Gas
RBS
Oswald Clint
Senior Analyst
Bernstein Research
United Kingdom
Philip Birch
Exploration Director
Impact Oil & Gas
United Kingdom
Douglas Lamb
Associate Director
RBS Group plc
United Kingdom
Philipp Chladek
Analyst
Bloomberg Research
United Kingdom
Mark Jennings

Imperial College London
Kes Heffer
Director
Reservoir Dynamics Ltd
United Kingdom
Nick Beattie
Director
BNP Paribas
United Kingdom
Luca Brutti
Senior Consultant
Infosys Consulting
United Kingdom
Stephen Eisenhammer

Reuters
United Kingdom
Dominic Tansley
Vice President
BNP Paribas
United Kingdom
jonathan mooney
Business Development
Intent Consulting
United Kingdom
Roger Pearson
Managing Director
RGP Energy Ltd
United Kingdom
David Haughie
Structured Oil and Gas Origination
BNP Paribas
United Kingdom
Chris McLoughlin

Kallanish
United Kingdom
Robert Snashall
Consultant
RGSConsult
United Kingdom
Rachel Braun
Geopolitical Risk Analyst/Business Development
Bridgeporth Ltd
United Kingdom
Kalin Rusev

Kallanish
United Kingdom
Hamish Wilson
Associate Consultant
Richmond Energy Partners
United Kingdom
Thomas Bernard
Oil and Gas Analyst
Business Monitor International
United Kingdom
Sungho Ahn
Financial controller
Korea LNG Limited
United Kingdom
Robert Waterhouse
Director
Rosha Resources Ltd
United Kingdom
Rachel Harrison
MI Manager
CGGVeritas
United Kingdom
Stuart MacCormack
Consultant
KPMG
United Kingdom
James McEwen

Rothschild
United Kingdom
Sean Waddingham
Data Library
CGGVeritas
United Kingdom
Peter Allen
consultant
layla resources
United Kingdom
Tom Colbert
Director
Royal Bank of Scotland
United Kingdom
John Summers
Geologist
Consultant
United Kingdom
Tim Foister
Assistant Underwriter
Liberty International Underwriters
United Kingdom
Julian Russell
Int. Marketing Director
RPS Energy
Diwin Amarasinghe
Geophysical Specialist
Consultant
United Kingdom
Christopher Touhey
Assistant Vice President
Liberty International Underwriters
United Kingdom
Martin Smith
Business Development Manager - Operations
RPS Energy
United Kingdom
Suzannah Kwok
Consultant
Consultant
United Kingdom
Andrew McCulloch
Associate
Lloyds Bank
United Kingdom
Martin Smith
Business Development Manager - Operations
RPS Energy
United Kingdom
Corneliu Cosovanu
Senior Geologist
CoreLab_ Integrated Reservoir Solutions-UK
United Kingdom
Jacques Fischer
Junior RM
Lloyds Bank
United Kingdom
Mick Small

RPS Energy
Charlotte Elliott
Analyst
Credit Suisse
United Kingdom
Ali Ramady
Territory Sales Manager
LMKR
United Kingdom
Daniela Galeote
Analyst oil & gas
Santander
United Kingdom
Paul Griffin
Managing Director, Dana UK
Dana Petroleum
Amrit Brar
Marketing and Sales Manager
Lynx Information Systems
United Kingdom
Michele Peduzzi

Santander
United Kingdom
Susana Braz
Group External Affairs Manager
Dana Petroleum
Michael Blakemore
Director
Michael J. Blakemore Ltd
United Kingdom
Matthew Masham
Sales Manager
Schlumberger
United Kingdom
Mark Johnson

Decideum Ltd
United Kingdom
Charles Speh
Managing Director
Milestone Exploration Limited
United Kingdom
Sarah Woodman
Multiclient Marketing Sales Support Specialist
Schlumberger Plc
United Kingdom
Andre Sharma
Oil and Gas Analyst
Deloitte
United Kingdom
Richard Stabbins
CEO
Montrose Industries Ltd
United Kingdom
Jay Doshi
Analyst
SGCIB
United Kingdom
zaki hasan
analyst
deloitte llp
United Kingdom
Martin Hodge
Data Processing, Time Imaging & Data Management Geophysicist
MoveOut Data Seismic Services
United Kingdom
Rob Nesbitt
Director
SMBC
United Kingdom
Stephen Norman
Business Development Manager
DNV GL
United Kingdom
Bradley Eales

NA
United Kingdom
Philip Hobden
Vice President - Project Managemtne
SNC-Lavalin
United Kingdom
Brian Donnelly
Consultant Geophysicist
Donnelly
United Kingdom
Tara Lapsley
Assistant Underwriter
Navigators
United Kingdom
Eugene Nizeyimana

Society of Petroleum Engineers (SPE)
United Kingdom
Shyam Pankhania
Geoscientist
E.ON Exploration & Production
United Kingdom
Edward Carey
Energy Underwriter
Navigators
Noas Saghir
Director
SR Organisation
United Kingdom
Luke Eley

Earthstream
United Kingdom
David Pilling
Head of Oil & Gas
Nedbank Capital
United Kingdom
Anne Hegarty
Exploration Intelligence - Analyst
Statoil UK Ltd
United Kingdom
Anna Hirtenstein
Journalist
eBiz Guides / World Investment News
United Kingdom
Nick Grealy
Director
No Hot Air
United Kingdom
Chris Wheaton
Director
Stifel
United Kingdom
Michael Simpson
Oil and Gas Researcher
Elk Investments
United Kingdom
James Mortley

Not employed
United Kingdom
Frank Jackson
MD
Sustainable Energy Projects
United Kingdom
Ali Zolalemin
Director
Emeres Ltd
United Kingdom
Helen Turnell
Principal Consultant
NR Global Consulting Ltd
United Kingdom
Derric Richardson
New Venture Manager
Tesla Exploration
United Kingdom
Nnamdi Anyadike
London office
Energy Correspondent
United Kingdom
Lewis Lack
Director
Ocean Resource Ltd
United Kingdom
James Dodson
Account Manager
TGS
United Kingdom
Laura Walshe
Director, Strategic Projects Europe
Enviance
United Kingdom
thomas colling
Director
OGDE
United Kingdom
Rob Ross
Client Solutions Director - PRM
TGS Reservoir Solutions
United Kingdom
Simon Gaskell
Manager
ENVIRON UK Ltd.
United Kingdom
Paul Butcher
Head of Strategy and Portfolio Development
OMV
United Kingdom
Stephen Nicola
Upstream Sector Analyst
The EIC
United Kingdom
Pablo Zapico
Geoscientist
EON E&P
United Kingdom
Seadhna Wilson

OTM Consulting
United Kingdom
George Reed
Director
Thorold Dewling Oil and Gas Recruitment
United Kingdom
Terry O'Donnell
Business Development Manager
EPI Group
United Kingdom
Asisat Lamina
Senior Consultant
OTM Consulting Ltd
United Kingdom
Shola Labinjo
Analyst
Tudor Pickering Holt & Co
United Kingdom
Charles Czajkowski
Senior Business Development Manager
EPI Ltd
United Kingdom
Robert Parker
Consultant
Parker
United Kingdom
harry grist
Trader
Tudor, Pickering, Holt
United Kingdom
Dave Navarro
Vice President
Evercore Partners
United Kingdom
Gerald Stein
Director
Pays International
United Kingdom
Vladimir Ayeli
O&G Investment Analyst
VAnalytiQ
United Kingdom
Nadia Butnaru

Eximius Group
United Kingdom
Kitty Hall
Director
Peak MK Ltd
United Kingdom
James Grubham
Product Manager
Voith Turbo
United Kingdom
Nathan Young
Project Geoscientist
ffA
United Kingdom
Greg Coleman
CEO
Petromall
United Kingdom
Anders Wittemann
Partner
WEPC/1Derrick
Norway
Paul Bannister
Vice President A&D
FirstEnergy
United Kingdom