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:
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:
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9:00
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Arrivals and Registrations
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9:30
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David Bamford - Director - Finding Petroleum
Introduction
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 the latest technological developments. It does this via hosting regular events and with an online social network of nearly 10,000 members.
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9:45
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David Latin - Technical Director - BP
The Digital Revolution and BP's Field of the Future® Program
BP
BP is one of the world's leading international oil and gas companies. We provide customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving, and the petrochemicals products used to make everyday items as diverse as paints, clothes and packaging.
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10:30
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Samir Seth - Vice President - PGS
Reservoir Optimization – Permanent Seismic Monitoring using Fiber Optics
PGS
PGS is a leading, international, marine geophysical company. Our business is technology driven and we provide a range of products and services including MultiClient data, as well as tailored acquisition, and imaging.
Our large, modern data library comprises ~850 000 sq. km 3D and ~670 000 km of 2D seismic data that targets areas of high prospectivity, where oil companies have potential to access acreage. Around 44% of the 3D data in our library and 60% of the 2D data have been acquired with multisensor GeoStreamer® technology. That proportion is growing.
PGS is the industry's most experienced provider of multisensor broadband data.
Worldwide, PGS operates three larger sales and imaging hubs in Europe and North America, and has local offices in 13 countries. The PGS headquarters is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS).
PGS activities are organized into three business areas.
.Sales & Imaging promotes and sells seismic services including tailored acquisition contracts, MultiClient library data, and imaging services .New Ventures designs and markets new MultiClient campaigns and manages strategic projects .Operations & Technology plans, manages and executes all our acquisition projects, and develops new technology solutions
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11:15
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Jorgen Hallundbaek - CEO - Welltec
Cost effective enhanced recovery – the robotic solution!
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
Welltec design and manufacture advanced technology for both onshore and offshore wells. Welltec's technology provides certainty of execution in the most extreme well environments including in, among others: deepwater, subsea, extended reach, high-yield, heavy oil and unconventional gas wells. Their unique services optimize oil and gas production while also furthering their clients' efforts to reduce environmental risks, fuel consumption and carbon footprints.
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11:45
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Dan Norberg - Chairman - Facilium
Life of Field Seismic – a remote operated affair
Facilium
Facilium is an independent specialist company that enables oil and gas companies to increase the value of their offshore assets through the innovative use of e-field technologies.
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12:00
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David Oliver - Technical Director - SAIC
Production Optimisation
SAIC
SAIC is a Fortune 500 scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. They do this with the constant and deliberate commitment to ethical performance and integrity that has marked SAIC since its founding.
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