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The Digital OilField


Wednesday, April 22, 2009
The Geological Society

Roughly speaking oil prices are down by $100/barrel from their peak of mid-2008. Putting to one side the observation that most economists did not have prices as high as $60/barrel anywhere on their projections for 2008 three years ago, how are oil & gas companies going to respond to ‘low’ oil prices?
Most companies will choose (do we mean ‘hope for’?!) a price in the range $60-80/barrel as a planning basis for the next 3 years and that this will mean:

  1. significant reductions in exploration budgets
  2. strong downward pressure on costs, together with
  3. ‘squeezing every last drop from the lemon’, that is making the most of currently producing or soon-to-be-developed fields.

A major contribution to 2. and 3. above will be made by the so-called Digital Oil Field technologies which involve using sophisticated data acquisition, processing, control and visualisation techniques to monitor and manage fields using real time information. These technologies offer enormous potential for operators to:

  • ‘shape’ production profiles, with individual wells starting-up faster and achieving field-wide optimisation,
  • identify unexploited reserves, improving recovery factors,
  • cut both Capex (less wells) and Operating Costs, and
  • remove staff from unsafe environments.

It was with all this in mind that we decided on the Digital Oil Field as the theme for the third Forum on the morning of 22nd April, once again at the Geological Society in London. We were lucky enough to secure a lead-off talk from BP - as previously mentioned, one of the leading lights in the application of these new ideas - and David Latin gave a very clear account of the ‘how to’, the production benefits and the operating cost reductions of BP's Field of the Future® Program. He was followed by extremely insightful presentations from PGS, Facilium and Welltec.

For a more detailed review please click here.


9:00 Arrivals and Registrations
9:30 David Bamford - Director
Finding Petroleum


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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 t
9:45 David Latin - Technical Director

The Digital Revolution and BP's Field of the Future® Program

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BP is one of the world's leading international oil and gas companies. We provide customers with fuel
10:30 Samir Seth - Vice President

Reservoir Optimization – Permanent Seismic Monitoring using Fiber Optics

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PGS is a dedicated marine geophysical company. We provide images and 3D models of the subsurface tha
11:15 Jorgen Hallundbaek - CEO

Cost effective enhanced recovery – the robotic solution!

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Mr. Hallundbæk founded Welltec in 1994 – materializing a vision that since has transformed the way the oil and gas sector operates by introducing technology which enhances the recovery rate and least lowers the environmental risk and impact compared to traditional technology.

With great success Mr. Hallundbæk has developed the business from a minor subcontractor into a direct contractor to the world’s leading oil and gas companies.

Mr. Hallundbæk still plays an active role in the development of new technology and has authored many SPE papers.

The environment is highly prioritized by Mr. Hallundbæk, which is why he from the start has designed all Welltec’s technologies around principles that safeguard the environment.

Mr. Hallundbæk holds an MSc in Engineering, Naval Architecture from the Technical University of Denmark.

Welltec design and manufacture advanced technology for both onshore and offshore wells. Welltec's te
11:45 Dan Norberg - Chairman

Life of Field Seismic – a remote operated affair

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Facilium is an independent specialist company that enables oil and gas companies to increase the val
12:00 David Oliver - Technical Director

Production Optimisation

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SAIC is a Fortune 500 scientific, engineering, and technology applications company that uses its dee
13:00 Lunch

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