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Exploiting deep water fields's not as easy as explorers think!
Mike Bowman
» Professor
» University of Manchester
Rolando Gachter
» E&P Business Area Manager
» Independent Project Analysis Ltd

Full Agenda

Thursday, September 19, 2013
The Geological Society

This is a 'sold out' event. We have limited places available for companies wishing to sponsor and/or take a stand. Please contact Terry O'Donnell for more information.

In previous events we have focused on exploring for deep water fields, especially those with deep water clastic reservoirs – how significant are they to recent global discovery history, which provinces have been especially successful, which regions are seeing the most activity?

Exploitation of these fields once discovered is a further issue, and actually one where data, knowledge and insights are much harder to come by. It would be nice to have a deeply technical event focused on deep water developments.

However, the reality is that such projects are typically late, (way) over budget, and do not deliver the promised production profile. This can lead to dramatically reduced project NPVs, shrunken cash flows, and reserves downgrades.
A Major or a mini-Major can survive such ‘accidents’ – they may not enjoy them but they are robust.
Smaller companies – E&Ps – are not; they are fragile, and will invariably see their share price hammered in the market place.
There seem (to me) to be three root causes of the problem:

  1. Under-appraisal of complex reservoirs.
  2. Inadequate project design and concept selection.
  3. Lack of QA of project execution.

One habit that may be responsible is perhaps that small E&Ps are drawn into too much dependence on 3rd parties – consultants, front-end designers, engineers etc.
Perhaps “outsourcing” has gone way too far!


9:00 Arrivals and Registration. Tea & Coffee
9:30 David Bamford - Director
Finding Petroleum

Welcome & 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 t
9:40 Mike Bowman - Professor
University of Manchester

Geological influences on the development, and performance, of deep water fields

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The University of Manchester is a public research university located in Manchester, United Kingdom.
10:15 Rolando Gachter - E&P Business Area Manager
Independent Project Analysis Ltd

The unintended consequences of taking 'reservoir risk'

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Title: Manager, Exploration and Production from February 2005 to present

IPA Experience:
Joined IPA in January 1998

Senior Analyst - July 2001 - May 2004
Analyst - January 1998 - June 2001

Areas of Expertise:
Mr. Gächter has over twelve years of capital project benchmarking experience, specializing in energy and minerals extraction projects. His experience includes large-scale project system benchmarkings for major oil and natural gas producers. His experience also extends to reviews of over 100 major capital projects worldwide in the petroleum exploration and production and mining sectors covering over $5 billion in capital expenditures.

Professional Profile:
Before joining IPA, Mr. Gächter developed six years of experience in energy industry analysis for the federal offshore oil and natural gas program by analyzing oil and gas issues of supply, demand, and corporate viability as the staff specialist for the federal outer continental shelf information program.

MBA with concentration in Finance, Virginia Polytechnic Institute and State University
(Virginia Tech), Blacksburg, VA

BSc, Mining and Minerals Engineering, Virginia Tech, Blacksburg, VA

Professional Memberships:
Society for Mining, Metallurgy, and Exploration
Society for Petroleum Engineers, Manuscript Peer Reviewer

Alaska Update: February 1990-1992. D. K. François and R. A. Gächter. 1992. Outer Continental Shelf (OCS) Information Report MMS 92-0053. 46 p.

Gulf of Mexico Update: August 1989-June 1992. R. A. Gächter. 1992. OCS Information Report MMS 92-0049. 29 p.

Gas Energy Review. Gulf of Mexico Update: August 1989-June 1992. R. A. Gächter. 1993. American Gas Association, Vol. 21, No. 3. P. 14.

Pacific Update: December 1989-January 1994. R. A. Gächter. 1994. OCS Information Report MMS 94-0039. 37 p.

Facts about Offshore Natural Gas. R. A. Gächter. 1994. OCS Report MMS 94-0069. 29 p.

Independent Project Analysis Ltd
IPA offers a wide range of products and services to benefit your company, including Individual Capit
10:50 Coffee & tea
11:20 Mark Hayes - Head of Reservoir Engineering
RPS Energy

Deepwater Appraisal & Development (staying out of hot water !)

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Talk Description
There have been significant industry discoveries in Deep and Ultra Deepwater from the mid 1990’s onwards in Angola, Brazil, the Gulf of Mexico and more recently Mozambique.

This presentation will summarize what the industry definitions of Deepwater are, why it has become a key area of focus for IOC’s and other key trends.

The second part of the presentation will look at some of the key lessons learnt for deepwater developments where the high cost base, challenging appraisal program and difficulties achieving good reservoir monitoring and management can pose many obstacles to achieving project sanction forecasts of value.
Mark has 28 year’s broad-based petroleum engineering experience working in integrated project teams and reservoir development. Strong North Sea background with a broader international experience in the last 10 years. Good exposure to projects and production management, and has excellent experience of Operated Appraisal & Development Projects, including:-

> Appraisal & development strategy.
> HPHT Appraisal & development
> Deep-water developments, including LNG,
> Complex ”designer” wells, horizontal and extended reach drilling.
> Formally Head of Petroleum Engineering for BG Group,
> Currently Head of Reservoir Engineering at RPS Energy.

RPS Energy
RPS Energy provides a range of technical, commercial and project management support services to the
11:55 Multiple -
Panel Discussion

Exploitation of deep water fields - what are the 3 pitfalls to avoid?

Talk Description
Our first 3 morning presenters will take part in a 30 minute Q&A with the audience, moderated by the Chairman
12:30 Raj Thamotheram -
Future Energy Partners Ltd

Preventable Surprises- Why the Oil and Gas Sector is Vulnerable

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Raj Thamotheram, a well-recognised thought-leader in the field of sustainable investing, is President of the Network for Sustainable Financial Markets and Executive Director of Preventable Surprises. He led the Responsible Investment team at Universities Superannuation Scheme (where he launched several collaborative initiatives including the Institutional Investor Group for Climate Change, Enhanced Analytics Initiative, Marathon Club, Pharma Shareowners Group, Pharma Futures) and also at AXA Investment Managers (where he launched first fund in Europe focused on human capital management and launched the strategy to mainstream ESG, RI Inside).

He was nominated by Global Proxy Watch as “one of the 10 most influential figures in the corporate governance field” in 2004 and again in 2008. He is now an independent adviser on “investing as if the long-term matters” and a columnist for Investment & Pensions Europe (IPE). He trained a medical doctor, has worked in NGOs, as founder and Director of Saferworld, international head of advocacy at ActionAid and the first manager of the Ethical Trading Initiative. He has also worked as a CSR consultant with clients including BT, UK Cabinet Office and Caricom.

Future Energy Partners Ltd
Future Energy Partners (FEP) is a unique oil and gas advisory service which prides itself on technic
12:55 Anastasis Kokkinos - Managing Director
Esanda Engineering

Sponsored Raffle Prize Draw

Almost 30 years oil and gas experience, working for BP, ESSO, IHS Energy and SASOL Petroleum International.

Esanda Engineering specialise in Field Development Planning and comprehensive training courses designed for the oil and gas E&P industry.

Esanda Engineering
Esanda Engineering is a London based technical consultancy to the E&P industry working international
13:00 Lunch & refreshments.
13:50 Greg Coleman -
Future Energy Partners Ltd
Why are there still major incidents in the E&P industry?

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Talk Description
A major incident, whether it is a reserve write-down, a blowout, a security incident, a significant cost over-run or a delayed start-up are all too frequent occurrences in the E&P industry. Are you going to allow your professional reputation to be destroyed due to one of these risks materialising on your watch?

PetroMall’s mission is to put science and engineering back into our risk management processes. Box ticking and reporting may achieve something but do not always mitigate the risks we are supposed to manage. Properly understanding these risks is key to the management process. PetroMall is a social business platform which brings together world class expertise and E&P professionals so they can work together under the oversight of an experienced subject matter expert in real time to understand and address risks.

The event examines risk management in the E&P and other industries, and demonstrates what can be achieved using PetroMall.
Greg has over 40 years experience in the oil and gas industry including over 30 years experience with BP plc following which he served as CEO of a private equity backed company he co-founded called Canamens and subsequently as CEO of a listed company on the London Stock Exchange called Independent Resources plc subsequently refinanced and renamed now called Echo Energy plc.

At BP, Greg served as Business Leader for BP Norway, Head of Investor Relations and finally as group Vice President for Health, Safety, Security and Environment at global remit before retiring in 2006.

Future Energy Partners Ltd
Future Energy Partners (FEP) is a unique oil and gas advisory service which prides itself on technic
14:00 Jim Buckee - Chairman, Enquest

Risk viewed from the Chairman or CEO's seat

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Jim is Chairman of Enquest, a non-executive director of Cairn Energy, and until recently was CEO of Talisman (which he helped to found).

EnQuest is an independent oil and gas development and production company, focused on turning opportu
14:19 Multiple -
Panel Discussion

Introduction - Our industry is/is not doing enough (to manage risks)

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14:20 Multiple -
Panel Discussion
Our industry is/is not doing enough (to manage risks)

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Talk Description
30 minutes Panel discussion, moderated by David Bamford

"Our industry is not doing enough" versus "Our industry is doing just fine"
Raj Thamotheram
Mike Vernon (Consulting People)
Brian Hepp (ex-COO Northern Petroleum)

Followed by 20 minutes Q&A with the audience.
15:15 Canapes & Champagne with a Live Petromall Demo in the Library
16:00 Event ends

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