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Business opportunities with unconventionals


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Atle Rettedal
» Vice President Field Evaluation
» Statoil
Oswald Clint
» Senior Analyst
» Bernstein Research

Tuesday, September 20, 2011
London
The Geological Society

3rd Finding Petroleum Exploration, Technology and Business event

Around the turn of the year, Barclays Capital published its annual review of the oil & gas industry, including within it a summary of its survey of the Most Important Technologies, based on the percentage responses received for each of 12 candidate technologies. As in 2009 and 2010, the top 3 for 2011 were Fracturing/Stimulation, Horizontal Drilling and 3D/4D Seismic, accumulating between them more than 70% of the responses. What’s more, the same 3 have dominated this survey for all 12 years for which data was published, invariably accumulating more than 60% of the responses between them. Over this period, the only other technology to win more than 10% of the responses has been Directional Drilling, garnering 11% four times.

One way to look at these results is to say that responses may be dominated by professionals working in North America and that the favoured technologies will therefore simply reflect what is happening there, in particular the pursuit of shale gas, shale oil, ‘tight’ gas, coal bed methane, as the domestic sources of conventional hydrocarbons begin to diminish.

But there is another way to look at it, we suggest. The survey-leading technologies are those that offer the means to identify the presence of hydrocarbons in ‘tougher’ reservoirs and then extract them. Put another way, wherever there is a prolific source rock, our industry has developed the capacity to move away from conventional reservoirs – whether sandstone or carbonate – with good porosity/permeability characteristics and extract petroleum wherever it is ‘reservoired’ – whether still in the source rock, in ‘tight’ sands, in fractured basement and so on. The North American industry is leading this charge.

Our September Forum will look at a wide variety of 'unconventional' reservoirs with this in mind - shales containing gas, shales containing oil, coal bed methane, 'tight' reservoirs as well as tryly unconventional hydrocarbons such as heavy oil.

Agenda

 
9:30 David Bamford -
New Eyes Exploration
Welcome & Introduction


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David Bamford is a geophysicist by background and an explorer by recent history, and is well known as both around the oil & gas industry. In addition to acting as a director or advisor to several small companies, including his own consultancy, he writes regularly for journals such as OilVoice, ROGTEC etc, and has recently co-founded OilVoice Forums as a vehicle for on-line communication in the oil & gas industry.
He is a non executive Director of Tullow Oil (since 2004, and is a member of the Audit, Nominations and Remuneration Committees).
With a PhD in Geological Sciences from the University of Birmingham, he has had over 23 years exploration experience with BP where he was Chief Geophysicist from 1990 to 1995, General Manager for West Africa from 1995 to 1998, and acted as Vice President, Exploration, directing BP's global exploration programme, from 2001 to 2003.

New Eyes Exploration
New Eyes Exploration, founded by David Bamford, explores new ways to discover Oil and Gas.
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9:50 Atle Rettedal - Vice President Field Evaluation
Statoil
Statoil's Unconventional Strategy/Portfolio


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Mr. Rettedal has both and MSc in Mechanical Engineering and an MSc in Economics and Business Administration from Trondheim and Bergen Universities respectively. He began his professional career at Alcatel Cable Norway (1993-96) working as a Project Engineer. Mr Rettedal joined Statoil in 1996 working first as a Senior Subsea Engineer then Operations Engineer at Statfjord and later as a Production Supervisor at Statfjord C. He also worked as Turnaround Manager at Statfjord C later working as platform Manager. In 2007 Atle became Vice President of Subsea Technology and Operations. Atle currently hold the role of Vice President Field Evaluation and International Business Development. He has been in this role since 2009.

Statoil
Statoil is an international energy company with operations in 40 countries. Building on more than 35 years of experience from oil and gas production on the Norwegian continental shelf, they are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. They are headquartered in Norway with 29,000 employees worldwide, and are listed on the New York and Oslo stock exchanges.
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10:25 Neil Mcmahon -
Alliance Bernstein Energy Fund
US Oil Shales


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AllianceBernstein Investments, Inc., the retail unit of AllianceBernstein L.P., is solely dedicated to the business of long-term, fundamental asset management. We help investors build and preserve wealth through an intensive focus on innovative research and disciplined, principled investment processes.

We offer a broad range of investment choices through our mutual funds, college savings (529) plans, retirement products, separately managed accounts and subadvisory services. As a globally recognized leader in growth, value and fixed-income investing, AllianceBernstein services millions of client relationships for both U.S. and non-U.S. investors and financial professionals throughout the Americas, Europe, Asia, Africa and Australia.
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11:00 Coffee & Tea
11:30 Sandra Allwork - Business Development Manager
Paradigm
Investigating the Barnett Shale : A Case Study on how Integrated Technology can help improve your Understanding of an Unconventional Reservoir.


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Talk Description.
The key to success in the Barnett Shale is the ability to identify zones of brittle shale that would be suitable for hydraulic fracture stimulation. As with any tight gas field, considerable care must be taken over the position of the well in relation to existing fractures. We will utilize log data to estimate brittleness, kerogen content and closure stress, seismic interpretation and facies classification of these shales then provides information on the extent and thickness of these prospective zones and (for environmental considerations) micro-seismic gives us the ability to effectively monitor fracture development. By integrating Petrophysics, Visualisation and Micro-Seismic Analysis you are able to incorporate all available data to ensure the most accurate understanding of your reservoir.
Sandra Allwork is a Business Development Manager with Paradigm. Since joining the company in 1998, she has worked with a wide variety of workflows within the Paradigm portfolio, specializing in Seismic Imaging and Seismic Reservoir Characterisation. Previously Sandra worked for Ensign Geophysics as Area Geophysicist and Project Geophysicist, responsible for processing large 3D surveys and fast-turnaround site-surveys. Sandra holds a BSc in Geology and Geophysics.

Paradigm
Paradigm software solutions provide the vision for business and engineering decision-makers in subsurface disciplines to proceed with less uncertainty and more confidence. Paradigm tools minimize risk and optimize responsible management of the earth's precious subsurface assets.

Paradigm software and consulting assembles, processes, models and visualizes subsurface data from numerous sources, providing the most comprehensive view available of the earth's subsurface and our natural resources. The resulting dynamic, digital models enable Paradigm users to make intelligent and responsible exploration, production and engineering decisions.
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12:05 Oswald Clint - Senior Analyst
Bernstein Research
How unconventionals fit in the global production picture


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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.
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12:45 Raffle Draw, followed by Lunch & refreshments

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