Finding New Exploration Ideas
or should we just "give up"?
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Tuesday, September 20, 2016, London, The Geological Society
Click on the image to download the report
So far in this decade Exploration has been both disappointing and gas prone – we explorers have a performance problem!
And then (2014 onwards) of course with the crash in oil price, companies - if they have been lucky enough to survive - have slashed exploration budgets.
And now there are the rumblings of a ‘next phase’ from the Majors – “let’s chase small stuff with shorter lead times”, “big isn’t best”, “anyway there’s Iran opening up” etc etc.
Not a great time to be an explorer?
Well, here’s the thing…..
In around 3 years’ time, there will be a global supply problem with the Majors short of new barrels.
So we have two or three interesting questions to answer:
Where should we be exploring?
How should we be exploring; where is improved performance going to come from?
Who is going to do it, if the Majors have ‘given up’?
Note: This event continues from our past 'giobal hotspots' events held in
April 2014 - see the agenda - see the delegates list
May 2013 - see the agenda - see the delegates list
Agenda
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9:30
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Andrew Lodge - Principal - StrategicFit
Welcome & Introduction: Is it all over for Exploration?
Andrew is now a Principal at StrategicFit and a Non-Executive Director at Egdon Resources.
Previously, he joined Premier Oil plc’s Board as Exploration Director in April 2009 from Hess where he was Vice President, Exploration, responsible for Europe, North Africa, Asia and Australia for nine years. Prior to that, he was Vice President, Exploration, Asset Manager and Group Exploration Advisor for BHP Petroleum, based in London and Australia. Prior to joining BHP Petroleum, Andrew worked for BP as a geophysicist. He has an honours degree in Mining Geology from the University of Wales and a Masters in Applied Geophysics from the University of Leeds. He is a fellow of the Geological Society.
He retired from Premier Oil in June 2015.
StrategicFit
StrategicFit is a strategy consulting firm specialising in the upstream oil and gas industry.
We help companies, licence partnerships and stakeholders make difficult decisions they can be confident in.
Through decision analysis, a collaborative strategy process and sector expertise, we'll give you
a clearer way forward.
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9:50
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Ian Jack - Consultant - Ian Jack
Downturns and Upturns in the seismic business
Talk Description.
1986 all over again!
During Ian Jack's time in BP he ran the seismic field operations team, the subsurface R&D program, served as an SEG vice president, and inaugurated the SEG's "Distinguished Instructor" program with a 1-day 4D course taught worldwide. BP awarded him their “distinguished advisor” title in 2000, and in this role he initiated the first at-scale “Life of Field” seismic monitoring system which was subsequently installed in the Valhall field. He also initiated developments in land seismic technology which are coming to fruition at the present time. Although now "mostly retired" and quite undistinguished, he consults, does some teaching, and hikes around any convenient mountain range.
Ian is a physicist who strayed into geophysics by attending a job interview with GSI for interview practice, and was unable subsequently to say no to the unexpected job offer. That was in 1968 and he worked as a field engineer, then in data processing and software development before joining BP 10 years later.
Ian Jack
Ian is a physicist who strayed into geophysics by attending a job interview with GSI for interview practice, and was unable subsequently to say no to the unexpected job offer. That was in 1968 and he worked as a field engineer, then in data processing and software development before joining BP 10 years later. During his time in BP he ran the seismic field operations team, the subsurface R&D program, served as an SEG vice president, and inaugurated the SEG's "Distinguished Instructor" program with a 1-day 4D course taught worldwide. BP awarded him their “distinguished advisor” title in 2000, and in this role he initiated the first at-scale “Life of Field” seismic monitoring system which was subsequently installed in the Valhall field. He also initiated developments in land seismic technology which are coming to fruition at the present time. Although now "mostly retired" and quite undistinguished, he consults, does some teaching, and hikes around any convenient mountain range.
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10:15
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Peter Parry - Partner; Leader, Oil & Gas Division - Bain & Co
Reinventing Exploration
Talk Description.
Peter Parry is a partner in Bain & Company’s London office and a leader in the firm's Global Oil & Gas practice. He has extensive experience in strategy development, technology management, operations and commercial negotiation. He has worked extensively with the energy industry’s leading players over the past 28 years, including international majors, national oil companies, independent oil, and oilfield and engineering service companies.
Peter has a particular interest in strategies for corporate growth and shareholder return performance. He has extensive experience working alongside executive management in the oil majors and national oil companies, developing and implementing growth strategies.
He has assisted companies to develop technology portfolio management strategies and long-term technology investment plans, and to more closely integrate technical service activities, R&D, and field operations.
He has also played high-profile roles in the World Economic Forum and with the Global Business Coalition on HIV/AIDS, TB and Malaria. He has written and published a number of articles and papers on the oil and gas sector, on the low carbon agenda and on the effectiveness of public/private partnerships.
Prior to joining Bain & Company, Peter worked for Booz Allen Hamilton where he led the global upstream oil and gas consulting business. Previous roles have included managing director of Arthur D Little’s UK consulting and R&D business, manager in the Energy Corporate Finance team of a UK merchant bank and a technical specialist for the geophysical consultancy Scott Pickford and Associates.
Peter is a member of the Association of International Petroleum Negotiators and the Petroleum Exploration Society of Great Britain.
Bain & Co
Bain & Company is the consulting firm the world's business leaders come to when they want enduring results, and a partner who cares as much as they do about getting them. Together, we find value across boundaries, develop insights they act on, and energize their teams to sustain success.
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10:40
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Karyna Rodriguez - - Searcher Seismic
From well post-mortem to exploration revival around the globe
Talk Description.
Petroleum geoscientist with 25 years of multidisciplinary experience in global offshore and onshore exploration inclined projects. She worked in companies like BG and PEMEX gaining diverse experience from regional play and prospect generation and evaluation, to working closely with high level management on their portfolio strategies.
Searcher Seismic
Searcher provides high quality exploration data and leading edge tech to the global exploration industries.
Our data library includes seismic, potential fields, multi-beam, coring and well data derived from geophysical and geological projects that we operate world wide.
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11:15
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Coffee & Tea; Exhibits
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11:45
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Andrew Lavender - head of consultancy - Landmark Exploration Insights
Prospectivity screening of exploration frontiers – from global to play scale
Andrew Lavender joined Neftex in 2006 as a geologist, and since then has been involved in regional geological studies around the globe. His current role is as Consultancy Division Lead, where he works with oil company clients to help them make the most from their datasets and to provide geological insight to augment their exploration activities.
Landmark Exploration Insights
Landmark Exploration Insights (formerly Neftex), is a product family within Landmark, a business line of Halliburton. We specialise in the collation, integrations and interpretation of large geoscience dataset and the delivery of these as subsurface models. We are recognised as industry leaders in the provision of web-based sequence stratigraphic products and their global application. Our integrated global geological database - the Neftex Earth Model delivers data, knowledge and insight to help our clients better understand geological risk in their exploration and investment activities.
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12:20
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Henry Morris - technical director - Azinor Catalyst
Mature Basins – Leading the Recovery
Mr. Morris has over 13 years of experience in the oil and gas industry. Mr. Morris is Technical Director and co-founder of Azinor Catalyst. Mr. Morris is responsible for developing Azinor Catalyst's net-risked resources and delivering on the company's strategy. He has an excellent track record of finding oil, with strong leadership capabilities and ability to deliver significant commercial value.
Since launching Azinor Catalyst with co-founder Nick Terrell in February 2014, Mr. Morris has built up the company portfolio rapidly through the UK 28th Licensing Round and targeted acquisitions. The company is a qualified UK offshore operator, focused on generating significant value for its stakeholders through advanced seismic technology and other de-risking technologies ahead of drilling.
For the large part of his career prior to Azinor Catalyst, Mr. Morris held a mixture of roles, including Vice President Global Development, Asia Pacific Manager and Lead Geophysicist, at Ikon Science, an independent technology company developing exploration de-risking tools. He joined Ikon in its founding year as a Geophysicist and was instrumental in transforming it from a start-up seed entity of six individuals to a full-fledged service and technology company with over 150 staff around the world.
At Ikon, Mr. Morris developed and deployed 'Best Practice' Quantitative E&P tools into the majors (e.g., Shell, Statoil, Chevron and Exxon), and delivered exploration services to small and mid-size exploration companies. During this time, Mr. Morris built a service team which was contracted out to UK and global explorers, such as Tullow Oil, Oilexco and Ophir Energy. Mr. Morris was fundamental in a series of successes in Oilexco's 2002-2007 drilling campaign in which more than a dozen discoveries were made under his steer.
Following a stream of highly successful North Sea exploration wells, Mr. Morris took Ikon's knowledge to the Asia Pacific region, leading and developing the global footprint and improving general exploration success via quantitative exploration and development techniques, and delivered solid revenue growth and a profitable regional business.
In addition to Ikon, Mr. Morris was Senior Explorationist for Endeavour Energy UK, working with Mr. Terrell to develop its exploration and development portfolio technically.
Mr. Morris is a British citizen and holds a B.Sc. hons. in Petroleum Geology from the University of Cardiff and an M.Sc. in Petroleum Geoscience from Imperial College London.
Azinor Catalyst
At Azinor Catalyst we are building a material portfolio of high value UK Continental Shelf (UKCS) assets. We are doing this through a combination of Licencing Rounds and targeted acquisitions, leveraging our technical, commercial and operating capabilities.
We see numerous and significant investment opportunities across the region, as larger and high cost incumbent players seek to strategically divest or rationalise their portfolios.
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12:55
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David Bamford - Director - Future Energy Partners Ltd
Where do we go from here?
Talk Description.
As the probability of oil prices staying “lower for even longer” registers, healthy oil & gas companies are shifting strategies. This is apparent from recent output from research houses (Bernstein, Citi, TPH), especially summaries of what Shell and BP are about:
- The oil price fall and very poor exploration performance over the last few years has led the Majors to downgrade Exploration (as in BP's re=organisation for example) and drastically cut its Capex.
- New corporate strategies are being rolled out with a strong focus on Project excellence, working in already established profit centres - LNG, DW Gulf of Mexico, Angola, Egypt, Russia etc etc.
- New barrels/molecules will be found by Contingent Resources being converted to Reserves; technically this means Improved or Enhanced Recovery, Near-Field Exploration etc.
- If 3. doesn't deliver enough then Resources/Reserves can/will be bought.
In principle, 4. leaves a window open for smaller, more exploration-oriented, companies, a bit like some pharmaceutical R&D gets done by smaller companies, many of whom fail but one or two of whom succeed and get bought.
However 'pure play' Explorers have two problems:
- where do they go - new Frontiers or existing provinces, see 2. above?
- as companies they only 'work' when oil prices are rising so much that equity holders are willing to pump more money in.
Not sure what this adds up to?
I have a few ideas on how we might move forward, as both oil & gas companies and service providers......
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 joined the board of Premier Oil in May 2014.
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.
Future Energy Partners Ltd
Future Energy Partners (FEP) 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.
FEP was founded by 4 senior industry 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 a transforming, transitioning, industry, in order to maintain an energy supply 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
FEP actively participates in the facilitation and conduct of seminars and webinars worldwide, for example in conjunction with its associate partner Finding Petroleum.
Our presence reaches parts of the globe, such as: the UK, the USA, Sub-Saharan Africa, with partners wherever we work.
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13:15
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Raffle Prize: Lunch & Exhibits
Talk Description.
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Sponsors of this event
Landmark Exploration InsightsLandmark Exploration Insights (formerly Neftex), is a product family within Landmark, a business line of Halliburton. We specialise in the collation, integrations and interpretation of large geoscience dataset and the delivery of these as subsurface models. We are recognised as industry leaders in the provision of web-based sequence stratigraphic products and their global application. Our integrated global geological database - the Neftex Earth Model delivers data, knowledge and insight to help our clients better understand geological risk in their exploration and investment activities.
Future Energy Partners LtdFuture Energy Partners (FEP) 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.
FEP was founded by 4 senior industry 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 a transforming, transitioning, industry, in order to maintain an energy supply 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
FEP actively participates in the facilitation and conduct of seminars and webinars worldwide, for example in conjunction with its associate partner Finding Petroleum.
Our presence reaches parts of the globe, such as: the UK, the USA, Sub-Saharan Africa, with partners wherever we work.
SpectrumSpectrum is established as a key player in the seismic services market. The company focuses on delivering high-quality Multi-Client seismic data and holds the world's largest 2D offshore library.
Spectrum is among the seismic industry's fastest growing companies. The Spectrum group provides innovative Multi-Client seismic surveys and high quality Seismic Imaging services to the global oil and gas industry from offices in the USA, Norway, UK, Brazil, Australia, Indonesia and Singapore.
Bain & CoBain & Company is the consulting firm the world's business leaders come to when they want enduring results, and a partner who cares as much as they do about getting them. Together, we find value across boundaries, develop insights they act on, and energize their teams to sustain success.
McKenzie ArtAlexandra McKenzie is resident artist for Finding Petroleum and Digital Energy Journal and specialises in oil and gas, shipping and heavy engineering art.
You can see her work on the websites and programs for Finding Petroleum events and on the cover of Digital Energy Journal.
Limited edition artwork is available on sale at the Finding Petroleum event - including the artwork used on the current edition of Digital Energy Journal, available as a hand coloured lino print.
She is available for commissions, including for corporate offices, homes, banners and publications - as an interesting conversation piece or to develop interest in your products.
You can meet Alex at coffee time and lunch in the Geological Society library.
Azinor CatalystAt Azinor Catalyst we are building a material portfolio of high value UK Continental Shelf (UKCS) assets. We are doing this through a combination of Licencing Rounds and targeted acquisitions, leveraging our technical, commercial and operating capabilities.
We see numerous and significant investment opportunities across the region, as larger and high cost incumbent players seek to strategically divest or rationalise their portfolios.
Registered Delegates
Duncan McSorland
Business Development Manager
Aker Solutions
United Kingdom
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Anthony Younis
Exploration Manager
Impact Oil and Gas
United Kingdom
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Steven McTiernan
Retired
United Kingdom
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Julian Moore
Technical Director
APT UK
United Kingdom
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Mark Robinson
Consultant
Independent
United Kingdom
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Robert Stevens
Richmond Energy Partners
United Kingdom
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Maria Mackey
Energy Sector
AWS
United Kingdom
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John Griffith
Upstream Advisor
JJG Consulting International Ltd
United Kingdom
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Paul Strachowski
Seismic QC
RPS Energy
United Kingdom
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Henry Morris
Technical Director
Azinor Catalyst
United Kingdom
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Sangeeta Jordan
Researcher
JOGMEC
United Kingdom
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Norrie Stanley
Consultant
RPS Energy
United Kingdom
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Alice Carroll
Marketing Manager
Azinor Catalyst Ltd
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Jonathan Brown
geophysicist
KUFPEC
United Kingdom
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Martin Smith
Business Development Manager - Operations
RPS Energy
United Kingdom
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Alice Carroll
Marketing Manager
Azinor Catalyst Ltd
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Andrew Lavender
head of consultancy
Landmark Exploration Insights
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Abhi Manerikar
Exploration Director
Sand Hill Petroleum
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suzanne corfield
Principal
Bain & Co.
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Mark Jones
Director - Sales & Business Line
Logstor
United Kingdom
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Kevin Dale
Specialist : Low Carbon Energy Market Development
Sasol Energy
United Kingdom
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Peter Parry
Partner
Bain & Company
United Kingdom
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Richard Bootle
Lukoil
United Kingdom
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David Webber
Seismic Operations Consultant
Seismic Operations Consultant
United Kingdom
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Suzanne Corfield
Senior Advisor
Bain & Company
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Brian McCleery
Director
M2C Energy Advisers
United Kingdom
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Chris Newton
Sales Manager
Shearwater GeoSolutions
United Kingdom
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Ben Dewhirst
Commercial Analyst
bp
United Kingdom
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Nina Gray
Managing Director
Major, Lindsey & Africa
United Kingdom
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Tom Martin
Director
Shikra Consulting
United Kingdom
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Christian Richards
Sales Manager
Bridgeporth
United Kingdom
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Hamish Wilson
CEO
Minus7
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Pete Nolan
Exploration consultant
SHP
United Kingdom
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James Andrew
Busines Development Mgr EAME
CGG
United Kingdom
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David Bamford
Director
New Eyes Exploration Ltd
UK
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Philip Leijten
Director
Soka Solutions
United Kingdom
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george steel
director
Connect2 LLC
United States
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Morten Lindback
Energy economist
Norwegian Ministry of Petroleum and Energy
Norway
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John Argent
VP Geoscience
Sound Energy Plc
United Kingdom
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Eleanor Jack
Consultant
United Kingdom
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Kai Gruschwitz
Technical Director
Notting Hill Geoconsulting
United Kingdom
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Christian Bukovics
Senior Independent Director
Sound Energy Plc
United Kingdom
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Ian Jack
Mostly Retired
Consultant
United Kingdom
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Mike King
Oil & Gas Manager
NPA Satellite Mapping
United Kingdom
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Neil Hodgson
New Ventures Manager
Spectrum
United Kingdom
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Ian Jack
Mostly Retired
Consultant
United Kingdom
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Steve Pitman
VP Corporate Marketing
PGS
United Kingdom
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Anongporn Intawong
Team Leader Geoscientist
Spectrum Geo
United Kingdom
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Chad Barnes
Upstream Analyst
Energy Industries Council
United Kingdom
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Iain Brown
PGS
United Kingdom
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Andrew Lodge
Principal
Strategic Fit, Egdon Resources
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Martin Riddle
Technical Manager
Envoi
United Kingdom
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Frederic Yeterian
Director
Philax International (UK) Ltd
United Kingdom
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Vibhusha Raj Sharma
StrategicFit
United Kingdom
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Avinga Pallangyo
Events Coordinator
Finding Petroleum
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Kevin Sylvester
Director
Pinnacle Energy Limited
United Kingdom
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Jon Ford
Consultant
Tedstone Oil & Gas
United Kingdom
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Karl Jeffery
Editor
Finding Petroleum
United Kingdom
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Peter Jeans
Geologist
PJ Exploration Ltd
United Kingdom
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Daniel Plant
Business Director
Terrabotics
United Kingdom
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Richard McIntyre
Sales Manager
Finding Petroleum
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Peter Elliott
Consultant
PVE Consulting Ltd
United Kingdom
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Karyna Rodriguez
Director of Geoscience
TGS
United Kingdom
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Drew Powell
Global Director-Operations
Gaffney, Cline & Associates
United Kingdom
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Krisztina Kovacs
Manager, PwC Deals Strategy - O&G
PWC
United Kingdom
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James Dodson
Account Manager
TGS
United Kingdom
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Jim House
Director
GeoSeis Ltd
United Kingdom
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Nigel Quinton
Consultant
QX Energy Limited
United Kingdom
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John Weston
Principal
Ulysses Petroleum Management
United Kingdom
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Andrei Belopolsky
Exploration Manager New Ventures
Hess
United Kingdom
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Mark Redway
Fund Manager
RAB Capital
United Kingdom
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Steve Bottomley
Director
Upstream Consultants Limited
United Kingdom
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Philip Birch
Exploration Director
Impact Oil & Gas
United Kingdom
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Josh King
Analyst
RAB Capital
United Kingdom
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Hugh Ebbutt
Associated Director
WSS Energy Consulting
United Kingdom
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Michael Doherty
Chairman
Impact Oil & Gas Limited
United Kingdom
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