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Thursday, January 23, 2014

Video Presentation

Costs are killing the North Sea!

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David Bamford
New Eyes Exploration

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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.

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