Schlumberger Business Consulting's president, Antoine Rostand shared his views on the challenges of execution from discovery to production within the energy industry and the ability to be able to transform reserves into production.
Nichols is the editor/associate publisher of Hydrocarbon Processing magazine. At present, he manages all content and business development for Hydrocarbon Processing, as well as data/content for Gulf Publishing Company’s Data Division. This includes all data content for Hydrocarbon Processing’s Construction Boxscore Database, annual Market Data Book and US Gas Plant Directory.
Lees ons rapport over trends in recruiting en verloning, wereldwijd binnen de Oil & Gas branche.
http://www.hays.nl/published-articles/publicaties-506589
Nichols is the editor/associate publisher of Hydrocarbon Processing magazine. At present, he manages all content and business development for Hydrocarbon Processing, as well as data/content for Gulf Publishing Company’s Data Division. This includes all data content for Hydrocarbon Processing’s Construction Boxscore Database, annual Market Data Book and US Gas Plant Directory.
Lees ons rapport over trends in recruiting en verloning, wereldwijd binnen de Oil & Gas branche.
http://www.hays.nl/published-articles/publicaties-506589
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Christof Rühl - Global Head of Research Abu Dhabi Investment Authority
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Each week the LCC Asia Pacific market update covers off on Merger & Acquisition Activity, changes to stock trading prices, general corporate activity and indicative valuations
The report also details both key Australian Stock Exchange announcements that are made in relation to contractual wins or key developments as well as outlining strategic activity that has taken place in the Sector
In addition to public domain, this report is uploaded weekly to a variety of international investment banking platforms, including Bloomberg, Thomson Reuters Eikon, S & P and FACTSET
LCC Asia Pacific has specific expertise in these Sectors built up over many years, and the weekly Engineering, Services, Contracting & Services market update uploaded here is Edition 226
This edition also notes that LCC’s Nicholas Assef will be speaking at the Mining Investment China Conference in Shanghai on 23rd & 24th of October this year on the topic of China’s Belt & Road Initiative and areas where companies can develop strategies to capitalise on this exciting initiative. More on the conference can be learned at www.mininginvestmentchina.com
LCC Asia Pacific also provides a number of other public resources, including the Twitter Feed @MergerNews (www.twitter.com/MergerNews) which tracks all Merger & Acquisition announcements made on the Australian Stock Exchange and the Twitter Feed @ChinaBeltRoad (www.twitter.com/ChinaBeltRoad) which tracks relevant news stories and research reports relating to China’s “One Belt, One Road” initiative where LCC Asia Pacific is building out a strategic advisory practice to assist companies in becoming involved with BRI
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Market sentiment remains positive, yet leasing activity was somewhat muted in the second quarter. Low market availability for quality space has encouraged build-to-suit projects as well as speculative construction.
The culture of excellence is a fantastic automation projects boost. Thanks to its feedback, Schlumberger will present the innovative means set up to make this initiative a technical and operational success.
Yiyi Zhou is a Senior Wind Analyst at Bloomberg New Energy Finance based in Beijing. In her current capacity she oversees the firm’s research on the global wind supply chain, wind technology and the Chinese wind market. Yiyi has more than eight years of experience in the wind industry beginning with Vestas Wind Systems A/S in 2007. She holds a MSc in Wind Energy from Denmark Technical University (DTU).
Yiyi provides a market outlook for global wind energy, including Chinese market as well as discuss the cost-effectiveness of wind energy compared with conventional technology and its future costs.
Oil & Money 2015
Chair: Bob Maguire - Managing Director The Carlyle Group
Panel: Poppy Allonby - Managing Director, Natural Resources BlackRock Investment Management
Michael Hafner - Head of Oil & Gas Investment Banking, EMEA UBS
Alastair Maxwell - Co-Head of Global Energy Goldman Sachs
Christof Rühl - Global Head of Research Abu Dhabi Investment Authority
LCC Asia Pacific produces a weekly report on the Australian public companies that operate in the Engineering, General Services, Oil & Gas Fields Services, Facilities Management, Construction, Contracting and Mining Services Sectors.
Each week the LCC Asia Pacific market update covers off on Merger & Acquisition Activity, changes to stock trading prices, general corporate activity and indicative valuations
The report also details both key Australian Stock Exchange announcements that are made in relation to contractual wins or key developments as well as outlining strategic activity that has taken place in the Sector
In addition to public domain, this report is uploaded weekly to a variety of international investment banking platforms, including Bloomberg, Thomson Reuters Eikon, S & P and FACTSET
LCC Asia Pacific has specific expertise in these Sectors built up over many years, and the weekly Engineering, Services, Contracting & Services market update uploaded here is Edition 226
This edition also notes that LCC’s Nicholas Assef will be speaking at the Mining Investment China Conference in Shanghai on 23rd & 24th of October this year on the topic of China’s Belt & Road Initiative and areas where companies can develop strategies to capitalise on this exciting initiative. More on the conference can be learned at www.mininginvestmentchina.com
LCC Asia Pacific also provides a number of other public resources, including the Twitter Feed @MergerNews (www.twitter.com/MergerNews) which tracks all Merger & Acquisition announcements made on the Australian Stock Exchange and the Twitter Feed @ChinaBeltRoad (www.twitter.com/ChinaBeltRoad) which tracks relevant news stories and research reports relating to China’s “One Belt, One Road” initiative where LCC Asia Pacific is building out a strategic advisory practice to assist companies in becoming involved with BRI
Rio Tinto has committed to generating $5 billion of additional free cash flow over the next five years from a productivity drive unveiled today as part of its long-term strategy. In a presentation at an investor seminar in Sydney, Rio Tinto chief executive J-S Jacques underlined the strategy centred around a strong focus on safety, cash generation, a world-class portfolio, commitment to capital discipline and the delivery of superior shareholder returns. Find out more http://bit.ly/RIOseminar
The Ultimate Guide to Enhanced Oil Recovery (EOR). Spending ($m) & Production (bpd) Forecasts for Chemical (Polymer, Alkaline, Surfactant), Gas (CO2 Injection, Nitrogen Injection, Natural Gas Injection), Thermal (Steam Injection (Steam Flood, Cyclic Steam Simulation (CSS)), Steam Assisted Gravity Drainage (SAGD), In-Situ Combustion, Heavy Oil Recovery Technologies Including Leading Company Analysis for Thermal EOR, Chemical EOR and CO2 EOR
EY presented at the 22 World Petroleum Congress, focusing on the impact of the lower oil price on LNG megaprojects, the opportunities and challenges to adopt new practices to make megaprojects more cost effective.
Energy Reimagined - Influencing outcomes of the future of energy mixEY
What's the recipe for tomorrow's energy mix? We explored three scenarios around the present and future of the energy landscape as introduced at EY’s Energy Reimagined Summit.
JLL Detroit Industrial Insight & Statistics - Q2 2017Harrison West
Market sentiment remains positive, yet leasing activity was somewhat muted in the second quarter. Low market availability for quality space has encouraged build-to-suit projects as well as speculative construction.
The culture of excellence is a fantastic automation projects boost. Thanks to its feedback, Schlumberger will present the innovative means set up to make this initiative a technical and operational success.
A PowerPoint Presentation for Grade 9 teachers. This presentation is ONLY suggested guide for teachers to assist them on the discussion after the activities as suggested in the Learner's Module were performed. Please feel free to add comments and suggestions. Thanks!
Peter Voser, CEO of Royal Dutch Shell, presented the Royal Dutch Shell fourth quarter 2012 results and Strategy update to Analysts on January 31, 2013.
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Schlumberger Business Consulting's President, Antoine Rostand shared his views at Oil & Money 2013
1. From Discovery to Production—The Challenges of
Execution
Oil & Money 2013, London, UK
October 2, 2013
This document contains “forward-looking statements”- that is, statements related to future, not past, events. In this context, forward-looking statements often address our expectation of future conditions
including, without limitation, economic conditions, energy demand, energy supply and capability requirements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain.
These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
9. From Discovery to Production—The Challenges of
Execution
Oil & Money 2013, London, UK
October 2, 2013
Editor's Notes
Thank you David for the kind introduction, and good morning ladies and gentlemen.This morning I would like to talk about what I think is becoming the next bottleneck of the industry: our ability to transform reserves into production. We had a lot of exploration successes recently, the challenge today is to deliver the projects, if possible on time, on budget and on specifications.There are several challenges here and they will form the basis of my remarks this morning.But before I begin, I would like to tell you more about Schlumberger Business Consulting or SBC. We are the management consulting arm of Schlumberger. We focus entirely on energy, working on strategy with questions like “should I enter the unconventional business”, organization on issues like “should I separate my unconventional business from traditional E&P”, HR where the key question is to know if a company has the right capabilities to deliver the strategy and finally on operations, to improve exploration success, better manage projects and produce more efficiently. We are now the largest management consultancy in upstream O&G, and our success comes from combining consulting best practices (problem solving, analytical and fact based approach) with the deep energy industry expertise of Schlumberger.Let’s go now to our today’s subject.
At the beginning of the last decade, there were a lot of concerns about the industry’s ability to replace production; if you remember the debate was around peak oil and access.Today, more than 10 years after the start of the boom, we can see on this graph that the industry has clearly reversed the declining trend in discoveries; this is true for oil as in this picture, and for gas. The reasons for this new trend are well known, it is a matter of technology, economics and access.On technology, our industry is benefiting from exponential increase in computer power, enabling for instance much improved sub-surface imaging, amongst other things. We’ve also benefitted from drilling and production technologies like horizontal drilling, multi stage fracturing, new generation deep water rigs, FPSOs, FLNG for stranded resources etc…And new technologies have transformed the “access” discussion, as new resources come either from North America or in new or relatively open countries for Atlantic margin discoveries.Are we replacing today all that we consume every year? The answer is no, but we have certainly reversed the trend. So it is a clear industry success and we should celebrate.The question now is: what’s the next challenge for the E&P industry if we want to deliver to the world safe and affordable energy? Are we as an industry able to transform reserves into production?
In fact we can see on this graph that the answer is most probably no, and I am sure that most people in this room will agree that project execution is an issue today.We have plotted in red the average delay for megaprojects (i.e. over one bn$). In 10 years, the average delay has been multiplied by 5, moving from 6 months to 2.5 years. We would have a similar picture for cost overruns, and the O&G industry is now performing far worse than other capital intensive industries. We have also plotted here the numbers of companies spending more than $5bn of CAPEX per annum, the bars. In the same period, we moved from a world where 4 majors and 3 NOCs were spending this kind of money, to a world where 37 companies are in this league. 5 times more. And we should ask ourselves: do these companies have the capabilities to deliver? Can so many new players master the art of delivering mega projects? To answer these questions, SBC has launched an industry survey two years ago to better understand the reasons behind project delays and overruns.
I have extracted one key message from this survey, showing the main reasons behind project challenges, as seen by O&G companies themselves.We can see that most of the issues are indeed internal issues. First of all, lack of skills in project management and technical domains. Second, issues around governance of these mega projects: how to set targets and timing, how to approve budgets…Issues around project management, contracting and procurement processes are also important to explain these project challenges. Again, these are both mostly under management control.External issues like technical challenges and external stakeholders are still there, but with much less weight than internal capabilities issues.In my mind, these two slides summarize well the industry issue today: we are facing major challenges to deliver and these challenges are ours, they are not externally driven. They are mainly under management control.So, what can management should do?
On the people side, the issue is pretty well understood. In SBC, we have been doing a quantitative and qualitative benchmark on technical skills in the industry since 2004. From this benchmark, we know that the industry is today recruiting enough. We also know that many companies have changed their training processes and people are now developed much faster than before, lowering time to autonomy of PTPs from 15 years to 8. So I think the industry is doing a good job on recruiting and training.But we are still faced by two challenges:The first one, on the left, is around generational change: 5 years from now, the industry will be very different, this room will look very different; we will be a young industry! But this is not going to be an easy journey.We all know leadership development and succession planning are complicated matters in normal times, it will be particularly complex when everyone is going to change at the same time, at company and industry level.The second challenge, on the right is the lack of experienced people. We are still in a period of a decreasing number of experienced professionals and tightening the market. According to our data, this phenomenon is not expected to ease before 2016. The deficit is estimated to be 20% of total pool. So what shall companies do about it?
First of all, it is important to realize that it matters: there is a strong correlation between operated production of oil & gas companies and the number of petro-technical professionals or PTPs they employ.By PTP, we mean geoscientists and petroleum engineers.It is striking to see that there are no economies of scale in our business: to double production, a company must double its technical talent pool. In fact our industry is much more like health care: when the population doubles, the number of doctors has to double to maintain the same level of care. It is the same for us. We can also see that growing companies have a higher PTP intensity.Does it mean we cannot act? I don’t believe so! We have seen that deficit of experienced professional is around 20% of the pool, and we can see on the graph and in real life that productivity differences do exist between companies, some companies are more productive than other, and we have the means to absorb the talent gap by doing things better.We can improve worker’s productivity with technology, like remote operations for drillers. We can organize better to allocate resources, for instance by centralizing functions like Development or Exploration. Finally we can optimize internal resources through outsourcing of large work packages, like subsurface characterization, turn-key drilling, or an LNG plant.All of this require companies to challenge themselves and improve the way they do business, but solutions are on the table and I am sure we will adapt.I would like now to elevate the debate at industry level and discuss what we have to do collectively.
I would like to take the example of Africa, as many discoveries have happened in this continent, often in countries with little or no previous oil & gas history.What do we see there: first, a huge demand for professionals to deliver the projects and transform reserves into production. And a supply from local universities and the overall education system that is simply unable to meet the demand.Is it an acceptable situation? Obviously not, but one will argue that it takes 15 years to develop a good directional driller and that we could not have predicted 15 years ago the current boom in Africa. So, it is normal to use expatriates for these highly technical positions.But what’s about the future? Do we accept the status-quo? Do we have to import welders, crane operators, drivers when we need them? Or do we work as an industry with government to upscale the overall education system of these now oil countries?Asking the question is answering it… And we should not do it only by “grandeur d’âme” or philanthropy even if these are important, but also to ensure that required people and enterprises will be in the country when needed and that communities will accept operations in their traditional landscape. That’s the only way to avoid the resource curse, with all its negative consequences on the country itself but also on our industry. What can we do?
In fact, it is not a difficult task, we just need to work together to achieve itModels like the one on this graph exist that can predict at a country level the number of jobs created by our industry, for each job category. From these models we can easily see if the education system of the country is geared to deliver at all levels, primary, secondary, vocational, tertiary, business etc… We can model the gap between the education infrastructure and the needs of the industry: we do have a long term planning horizon for our business, let’s apply it to create real jobs locally, and develop industries that we need. This requires close collaboration with government, not as individual company CSR activities, but as a genuine industry effort to create long term development in these countries. This is a win-win proposition. In all other alternatives, someone loses at some point in time.
I would like now to conclude before taking your questions: The world is asking the O&G industry to continue delivering safe and affordable energy. We have taken the challenge and reversed the decline of discoveries; we have applied our minds, our ideas to find new resources and we have succeeded.Today, we have in front of us the challenge to deliver the mega projects required to transform these discoveries into production.We are indeed struggling but we know the issues and solutions and we have no excuses not address them.There are issues that must be addressed by the companies themselves on how to apply best practices to improve delivery.There are also issues that must be addressed by the industry, in each country, to make sure that the country will deliver the necessary people and supply chain. By doing so, we will not only satisfy the world energy demand, we will also ensure economic development in each of these countries;We have taken on more complex challenges in the past, and I am sure we will be up to the task again.