In 2019, we expect more than 9% in production growth, thanks to the ramp-ups of large projects like Kaombo or Egina plus some start-ups in Brazil, UK and Norway. But we can also expect a volatile Oil & Gas environment! This is why we will maintain financial discipline and pressure on cost reduction to further reduce our break even so as to remain profitable whatever the oil price and be able to invest in the company for the future..
The Canada Assembly & Dinner is the birthplace of the Women’s Energy Council (WEC) and Canada has been more active than anywhere else in the world for this platform.
At the Oil and Gas Council, our role is to ensure we reflect our membership. It hasn’t escaped our notice that many of our members are undergoing efforts to realign their core business to a broader energy focus. Additionally, our network of financiers and investors are increasingly open to new opportunities that don’t sit in the traditional realms of upstream.
Our network has been built around connectivity, trust, integrity and most important impartiality. This final pillar presents an important distinction to many of the initiatives currently being pursued in the clean energy space.
We have always taken a long-term view of our client needs; evolving their strategy and enabling its execution, we do not focus on quarterly or annual deal related metrics.
While the industry is starting to see more and more institutional money flow into the Minerals & Royalties space (PE, Pension Funds, etc.), the market still has a long way to go on the education curve.
China has become, unknown to many, a leading light in both the promotion and adoption of renewable energy sources.
Historically, the attitude towards decommissioning disused offshore oil and gas platforms—’abandonment’ as it was previously known—has been largely negative
With a year of political upheavals in the US and Europe behind us, but predictions of further disruption ahead, what is the outlook for companies in the African energy space?
International oil and gas companies have long had difficulty reconciling the long-term and high-cost investments demanded by the upstream oil and gas business with the shorter term thresholds and measures adopted by the equity and debt markets.
The fourth industrial revolution is the convergence of software and digital technologies with the industrial world.
In November 2017, the Oil & Gas Council was back in Lagos to hold the Nigeria Assembly for the 3rd time. Over the course of the Assembly, a number of key themes emerged from our speakers and attendees alike which we would like to share with the wider network.
Chris Midgley is Chief Economist for Shell Trading and Head of Oil Markets Analysis. Chris advises the business on short term dynamics affecting Global Oil Markets as well as leading a team which model the future crude, oil products and chemicals trends.
The world has a growing population, increasing from 7 billion to 9 billion people by mid-century, with a higher expectation and affordability for their quality of life. Of these 9 billion people, more than half will live in Asia.
This will drive higher energy consumption for decades to come, even with improvements in efficiency.
I would expect JV counterparty distress to become a major challenge in a sustained low-price environment, as some players in the industry face a very real insolvency risk.
I suppose a good place to start would be about a year before the oil price fell, in 2013. We noticed at that time that the industry cost structure had become severely inflated. Our ultra deepwater wildcats could cost $250 million gross and the industry was maxed-out in terms of activity and this was stretching global capacity and global capability.
As a consequence, the industry performance as a whole at the top of the last cycle wasn’t that good because of the over-reach and the very high cost structure.