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.
The cancellation of the auctions has complicated the possibility of signing long-term contracts with a qualified offtaker that make the project bankable.
We choose to regard the cancellation as an opportunity. It forced us to review /reset our business strategy to become less dependent on governmental decisions.
Since the beginning of the market 4 years ago, investors and market participants have needed more data in order to accurately forecast prices and quantify risks.
Infrastructure is our biggest challenge in Mexico. Inter-connectivity and the capacity to process hydrocarbons in harmony with Pemex’s current capacity.
Time is our biggest challenge. The exploration period is very short at two years, and with the time taken to do diligent subsurface work, and obtain all required permits to drill, it leaves a short time window to explore effectively.
Given that we can invest both directly or through our platforms and jointly with our investors, we can be quite flexible from an equity check perspective. We do both greenfield and brownfield, obviously seeking different returns.
In order to secure the participation of the private sector in the future development of the generation infrastructure no changes should be made to the existing regulation; growth should be obtained via wholesale energy market consolidation.