Oil & Money 2015
Chair: Herman Franssen - Executive Director Energy Intelligence and Conference Chairman
Speaker: Occo Roelofsen - Director McKinsey & Company
Dan Cole - Senior Expert McKinsey & Company
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.
Cabot Oil & Gas' latest Investor Presentation, prepared for the EnerCom Oil & Gas Conference held in Denver (August 12, 2013). The presentation contains a number of interesting slides, including a map of their well locations and a map of interstate pipelines detailing how they get all that gas (now over 1 Bcf/d) to market.
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.
Cabot Oil & Gas' latest Investor Presentation, prepared for the EnerCom Oil & Gas Conference held in Denver (August 12, 2013). The presentation contains a number of interesting slides, including a map of their well locations and a map of interstate pipelines detailing how they get all that gas (now over 1 Bcf/d) to market.
Technological Developments for Strategic Advantage - Ashok BelaniEnergy Intelligence
Oil & Money 2015
Chair: Andrew Gould - Chairman BG Group
Panel: Ashok Belani - Executive Vice President, Technology Schlumberger
Kevin A. Neveu - President and Chief Executive Officer Precision Drilling
Mark Papa - Partner Riverstone Holdings LLC
""Over the past three years, we have transformed Eni into a leaner and more resilient company. We have built a high margin portfolio consisting of a large number of mature projects, which will secure our production growth over the medium and long term, and a huge amount of reserves, which will give us flexibility and value."
US Upstream Revolution: its Global Impact and its Future, by Casey SattlerEnergy Intelligence
37th Oil & Money Conference
www.oilandmoney.com
For more information news@oilandmoney.net
Panel:
Mario Ruscev, Executive Vice President, President Global Product Lines & Chief TechnologyOfficer
Scott Sheffield, Chairman and Chief Executive Officer - Pioneer Natural Resources
Lorenzo Simonelli, President and Chief Executive Officer - GE Oil & Gas
Moderator:
Casey Sattler, News Editor, Western Hemisphere - Energy Intelliegence
Technological Developments for Strategic Advantage - Ashok BelaniEnergy Intelligence
Oil & Money 2015
Chair: Andrew Gould - Chairman BG Group
Panel: Ashok Belani - Executive Vice President, Technology Schlumberger
Kevin A. Neveu - President and Chief Executive Officer Precision Drilling
Mark Papa - Partner Riverstone Holdings LLC
""Over the past three years, we have transformed Eni into a leaner and more resilient company. We have built a high margin portfolio consisting of a large number of mature projects, which will secure our production growth over the medium and long term, and a huge amount of reserves, which will give us flexibility and value."
US Upstream Revolution: its Global Impact and its Future, by Casey SattlerEnergy Intelligence
37th Oil & Money Conference
www.oilandmoney.com
For more information news@oilandmoney.net
Panel:
Mario Ruscev, Executive Vice President, President Global Product Lines & Chief TechnologyOfficer
Scott Sheffield, Chairman and Chief Executive Officer - Pioneer Natural Resources
Lorenzo Simonelli, President and Chief Executive Officer - GE Oil & Gas
Moderator:
Casey Sattler, News Editor, Western Hemisphere - Energy Intelliegence
Oil & Money 2015
Chair: Alex Schindelar - News Editor - Eastern Hemisphere Energy Intelligence
Panel: Alastair Crooke - Director and Founder Conflicts Forum
Bijan Khajehpour - Managing and Founding Partner Atieh International
Fyodor Lukyanov - Chairman Council on Foreign and Defense Policy, Moscow
Ghassan Salamé - Dean, Paris School of International Affairs Sciences Po
Technological Developments for Strategic Advantage - Kevin NeveuEnergy Intelligence
Oil & Money 2015
Chair: Andrew Gould - Chairman BG Group
Panel: Ashok Belani - Executive Vice President, Technology Schlumberger
Kevin A. Neveu - President and Chief Executive Officer Precision Drilling
Mark Papa - Partner Riverstone Holdings LLC
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
Oil & Money 2015
Chair: David Knapp - Chief Energy Economist Energy Intelligence
Panel: Haitham Al-Ghais - Manager for the Market Research Department, International Marketing Kuwait Petroleum Corporation
Jeffrey Currie - Global Head of Commodities Research Goldman Sachs
Spencer Dale - Group Chief Economist BP
Pedro Antonio Merino Garcia - Chief Economist and Director of the Economic Research Department Repsol
New Oil Market Realities and Price Outlook - Antonio MerinoEnergy Intelligence
Oil & Money 2015
Chair: David Knapp - Chief Energy Economist Energy Intelligence
Panel: Haitham Al-Ghais - Manager for the Market Research Department, International Marketing Kuwait Petroleum Corporation
Jeffrey Currie - Global Head of Commodities Research Goldman Sachs
Spencer Dale - Group Chief Economist BP
Pedro Antonio Merino Garcia
Technological Developments for Strategic Advantage - Mark PapaEnergy Intelligence
Oil & Money 2015
Chair: Andrew Gould - Chairman BG Group
Panel: Ashok Belani - Executive Vice President, Technology Schlumberger
Kevin A. Neveu - President and Chief Executive Officer Precision Drilling
Mark Papa - Partner Riverstone Holdings LLC
Oil & Money 2015
Chair: Sadad Al-Husseini - President Husseini Energy Co.
Panel: Bernard Duroc-Danner Chairman of the Board, President and Chief Executive Officer
Weatherford International
Helge Hove Haldorsen - 2015 President Society of Petroleum Engineers
Emilio Lozoya Austin - Chief Executive Officer Pemex
Ali Moshiri - President Chevron Africa and Latin America Exploration and Production Co.
Refining and Petrochemical Exports Reshaping Global MarketsEnergy Intelligence
Oil & Money 2015
Chair: John van Schaik - New York Bureau Chief Energy Intelligence
Speaker: Marcel van Poecke - Chairman AtlasInvest
Philippe Sauquet - President, Refining & Chemicals Total
Strategies for Financial Recovery and Future Growth, by David FoleyEnergy Intelligence
37th Oil & Money Conference
www.oilandmoney.com
For more information news@oilandmoney.net
Panel:
David I. Foley, Chief Executive Officer - Blackstone Energy Partners
Dave Pursell, Managing Director and Head of Macro Research - Tudor, Pickering, Holt & Co
Colin Welsh, Head of International Energy Investment Banking - Simmons & Company International, Piper Jaffray
Moderator:
Bob Maguire, Managing Director - The Carlyle Group
Oil & Money 2015
Chair: Andrew Gould - Chairman BG Group
Panel: Ashok Belani - Executive Vice President, Technology Schlumberger
Kevin A. Neveu - President and Chief Executive Officer Precision Drilling
Mark Papa - Partner Riverstone Holdings LLC
Oil & Money 2015
Chair: John van Schaik - New York Bureau Chief Energy Intelligence
Speaker: The Honorable Adam Sieminski - Administrator US Energy Information Administration
El reto de la Transformación Digital de la EconomíaDIVISADERO
Desde DIVISADERO hemos realizado una colaboración con Roland Berger enmarcada dentro del primer estudio SIEMENS sobre la digitalización de la actividad económica de España bajo el título: “España 4.0 el reto de la transformación digital de la economía”.
La colaboración de DIVISADERO se circunscribe a la participación, desde una visión especialista, de la definición del concepto de digitalización o transformación digital, al mismo tiempo que se evalúa la madurez de los diferentes verticales analizados.
Gas Arabia Summit: Unconventional Gas Developments in the GulfEnergy Intelligence
Rana Samaha, Middle East R&A Director at Energy Intelligence, presented at the 10th Gas Arabia Summit, Dubai, January 13, 2015.
These slides include content on:
1.) US Shale gas developments: Key success factors
2.) GCC gas imbalances; role of unconventional gas developments
3.) GCC NOC's different approaches; Saudi Aramco's mandate
State of the Canadian Oilfield Services Industry and 2015 Outlook WebinarMNP LLP
This presentation was part of an online webinar targeted toward Oilfield Services (OFS) businesses. It gives a clear picture of the current state of the OFS industry as well as a forecast for the future, including strategies for taking advantage of forthcoming opportunities and potential challenges OFS operators may face. It also provides an overview of MNP LLP's Oilfield Services team and the assistance we can provide.
Cabot Oil & Gas Slide Presentation at Merrill Lunch Energy ConferenceMarcellus Drilling News
The slide presentation used by Cabot Oil & Gas at the November 2014 Merrill Lynch Energy Conference in Miami, FL. The slides provide an update on Cabot's Marcellus Shale drilling program in Susquehanna County, PA, along with details on their new and growing Eagle Ford drilling program.
Petroleum Executive of the Year Keynote, by H.E. Khalid Al-FalihEnergy Intelligence
37th Oil & Money Conference
www.oilandmoney.com
For more information news@oilandmoney.net
Keynote by H.E. Khalid Al-Falih, Minister for Energy, Industry and Mineral Resources, Kingdom of Saudi Arabia and Chairman of the Board of Directors - Saudi Aramco
Financing Oil & Gas Projects in a Low Oil Price World by Jan PrinsEnergy Intelligence
37th Oil & Money Conference
www.oilandmoney.com
For more information news@oilandmoney.net
Panel:
Ignacio de Calonje, Chief Investment Officer - IFC Natural Resources
Peter Gaw, Managing Director, Global Head Oil & Gas - Standard Chartered Bank
Julian Mylchreest, Global Head, Energy & Power - Bank of America Merrill Lynch
Moderator:
Jan Prins, Independent Consultant - Energy and Infrastructure Finance
The Prize and Pitfalls of the Global LNG Business - Betsey SpomerEnergy Intelligence
Oil & Money 2015
Chair: David Kirsch - Managing Director, Research & Advisory Energy Intelligence
Panel: Frédéric Barnaud - Executive Director, Global LNG, Oil & Shipping Gazprom Marketing and Trading
Roger Bounds - Global Head of LNG Royal Dutch Shell
Oil & Money 2015
Chair: Jan Prins - Independent Consultant Infrastructure and Energy Finance
Panel: Ian Catterall - Head, Natural Resources for EMEA Bank of Tokyo-Mitsubishi UFJ
Julian Mylchreest - Global Head, Energy & Power Bank of America Merrill Lynch
Mike Powell - Managing Director, Investment Banking Barclays
David Staples - Managing Director, EMEA Corporate Finance Moody’s Investors Service
- Who are the key players to take advantage when fields are opened for bidding?
- How is Mexico structuring the future opportunities?
- Who are the decision-makers managing reforms and investments?
The video of this session from the 2014 Oil & Money Conference will be available shortly on www.oilandmoney,com
Oil & Money 2014 hosts unique opportunity to meet top Mexican government officials to fully explain the country's historic forthcoming bidding round.
Videos of the full session will be available shortly on www.oilandmoney.com.
Is unconventional oil and gas a sustainable game changer?Energy Intelligence
Energy Intelligence's Executive Director and Oil & Money Conference chairman, Herman Franssen chairs "Is Unconventional Oil and Gas a sustainable Game Changer?"
Videos of this session will be available shortly on www.oilandmoney.com.
Jan Prins - Member, Advisory Board Energy Intelligence; Former Managing Director ABN AMRO; Ian Catterall - Head Natural Resources for EMEA Bank of Tokyo-Mitsubishi UFJ; Todd Levy - President Chevron Europe, Eurasia, Middle East E&P Company; Mike Powell - Managing Director and Co-Head Oil & Gas, EMEA Barclays
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
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LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
2. 1 #OM2015
These are clearly tough times for the industry
Source: Fairfield Energy; Courtney Sacco, MBR
-42%
June 2014 October 2015
2.2
1.3
1 Majors and largest 20 independents
Industry market capitalisation1
USD trillion,
3. 2 #OM2015
But valuations have been in decline for much longer
Source: McKinsey analysis, company filings; BP Statistical Review
1 Includes BP, ExxonMobil, Chevron, Eni, Shell, Statoil, Total. Enterprise value = market value of equity + debt – cash; invested capital = fixed assets + current assets - current liabilities – cash
Indexed: 2005 = 100
Majors’ valuation1
(enterprise value/
invested capital)
Brent oil price
50
150
100
1311 12102009 2014
4. 3 #OM2015
Oil & Gas’s ‘economic power’ for last 20 years
Source: McKinsey Strategy Practice and McKinsey Corporate Performance Analysis Tool
1 For companies with revenue > 2.8 bn (2005 real) in any year from 1995–2014; On an average N = 2,559. Weighted average for companies in the sector, average for the time period
1995–2014 average ROIC-WACC spread1, Percent (width of the bar represents average invested capital)
10
5
-5
0
Trans-
portation
Utilities
Media
Materials Capital
Goods
Consumer
discretionary
Commercial &
professional
services
Retail &
wholesale
Telecom
Oil & gas
Consumer
staples
High
tech
Healthcare
and
pharma-
ceuticals
5. 4 #OM2015
Trend over time
Source: McKinsey Strategy Practice and McKinsey Corporate Performance Analysis Tool
1 For companies with revenue > 2.8 bn (2005 real) in any year from 1995–2014; On an average N = 2,559. Weighted average for companies in the sector, average for the time period
Average ROIC-WACC spread1, Percent (width of the bar represents average invested capital) x
Average oil price
($b, Brent)
23
1995–2004 15
10
5
0
-5
Oil & gas
6. 5 #OM2015
Trend over time
Source: McKinsey Strategy Practice and McKinsey Corporate Performance Analysis Tool
1 For companies with revenue > 2.8 bn (2005 real) in any year from 1995–2014; On an average N = 2,559. Weighted average for companies in the sector, average for the time period
Average ROIC-WACC spread1, Percent (width of the bar represents average invested capital) x
Average oil price
($b, Brent)
23
71
1995–2004
2005–2009
15
10
5
0
-5
Oil & gas
15
10
5
0
-5
Oil & gas
7. 6 #OM2015
23
71
102
Trend over time
Source: McKinsey Strategy Practice and McKinsey Corporate Performance Analysis Tool
1 For companies with revenue > 2.8 bn (2005 real) in any year from 1995–2014; On an average N = 2,559. Weighted average for companies in the sector, average for the time period
Average ROIC-WACC spread1, Percent (width of the bar represents average invested capital)
1995–2004
2005–2009
2010–2014
15
10
5
0
-5
Oil & gas
15
10
5
0
-5
Oil & gas
15
10
5
0
-5 Oil & gas
x
Average oil price
($b, Brent)
8. 7 #OM2015
1995–2014
Average ROIC-WACC spread1, Percent (width of the bar represents average invested capital)
Wide range within the oil & gas sector
Source: McKinsey Strategy Practice and McKinsey Corporate Performance Analysis Tool
1 For companies with revenue > 2.8 bn (2005 real) in any year from 1995–2014; On an average N = 2,559. Weighted average for companies in the sector, average for the time period
Majors
15
5
-5
10
0
NOC OFSE International
independents Downstream
and midstream North
American
Indepen-
dents
9. 8 #OM2015
North Sea provides a unique window into this effect
Broad range of players
Hundreds of developments (50+ giant fields)
40 years technology development
11. 10 #OM2015
The cost challenge in the UKCS
Source: McKinsey’s Energy Insight Offshore Operations Benchmarking Database; Oil & Gas UK Activity Surveys
1 Unweighted average of total lifting cost for 17 UKCS North Sea platforms (total cost, not cost per barrel)
2 Weighted average
Big Mac 2.5
Annual inflation rates, 2000–14, Percent
12. 11 #OM2015
The cost challenge in the UKCS
Source: McKinsey’s Energy Insight Offshore Operations Benchmarking Database; Oil & Gas UK Activity Surveys
1 Unweighted average of total lifting cost for 17 UKCS North Sea platforms (total cost, not cost per barrel)
2 Weighted average
Annual inflation rates, 2000–14, Percent
Big Mac 2.5
North Sea platform
lifting costs1 12
13. 12 #OM2015
The cost challenge in the UKCS
Source: McKinsey’s Energy Insight Offshore Operations Benchmarking Database; Oil & Gas UK Activity Surveys
1 Unweighted average of total lifting cost for 17 UKCS North Sea platforms (total cost, not cost per barrel)
2 Weighted average
Annual inflation rates, 2000–14, Percent
Big Mac 2.5
North Sea platform
lifting costs1 12
UK lifting cost per barrel of oil
equivalent, (2004–14)2 18
14. 13 #OM2015
The cost challenge in the UKCS
Source: McKinsey’s Energy Insight Offshore Operations Benchmarking Database; Oil & Gas UK Activity Surveys
1 Unweighted average of total lifting cost for 17 UKCS North Sea platforms (total cost, not cost per barrel)
2 Weighted average
Annual inflation rates, 2000–14, Percent
Big Mac 2.5
North Sea platform
lifting costs1 12
UK lifting cost per barrel of oil
equivalent, (2004–14)2 18
UK development cost per barrel
of oil equivalent, (2004–13)2 21
16. 15 #OM2015
The increase was largely unforeseen
Growth in operating cost forecast from UKCS operators, GBP billions
Source: Oil & Gas UK 2012 Economic Reports and 2015 Activity Survey
2002/3 2003/4
2004/5
2008/9
2009/10
2011/12
2013 actual (8.9)
2014 actual (9.6)
01 2003 2005 2007 2009 2011 2013 2015 2017 2019
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2010/11
2007/8
2005/6
2006/7
17. 16 #OM2015
Cost increase not due to increased activity …
Source: McKinsey Energy Insights
Deck cargo shipped
Tonnes +1.5%
18. 17 #OM2015
Cost increase not due to increased activity …
Source: McKinsey Energy Insights
Deck cargo shipped
Tonnes +1.5%
Helicopter hours
Hours +2.0%
Wells drilled
Number -4.0%
19. 18 #OM2015
… or higher supplier margins
Source: McKinsey Energy Insights
1 Margin as announced – adjusted for different accounting/disclosure policy. Sample includes 18 equipment, 13 EPC, 38 assets and 9 services companies
EBITDA margin1 of OFSE companies, Percent
2012–14
2009–11
Assets EPCServices Equipment
10
19
23
39
8
18
22
36
20. 19 #OM2015
So what has been behind the large cost increase?
Source: McKinsey Energy Insights; “Meeting the challenge of increasing North Sea costs” McKinsey article
20%Increased activity
21. 20 #OM2015
So what has been behind the large cost increase?
Source: McKinsey Energy Insights; “Meeting the challenge of increasing North Sea costs” McKinsey article
40–50%
20%
Increased unit cost
Increased activity
22. 21 #OM2015
So what has been behind the large cost increase?
Source: McKinsey Energy Insights; “Meeting the challenge of increasing North Sea costs” McKinsey article
40–50%
20%
30–40%Greater inefficiency
Increased unit cost
Increased activity
23. 22 #OM2015
Opex example: integrity inspections cost
Source: Sanitised client example
Comparison of topsides integrity inspection costs per asset, GBP thousands per installation, gross
30%
20%
50%
Year 1 Greater
inefficiency
Rate
increase
Increased
activity
Year 4
x 2.9
24. 23 #OM2015
Capex example: new greenfield developments
Development cost, Index; 100 equal to full cost in year 2000
30%
20%
70%
Actual
costs 2000
Actual
costs 2014
replica
Source: Sanitised client example
x 2.5
Greater
inefficiency
Rate
increase
Increased
activity
25. 24 #OM2015
Something other highly
technical industries appear to have avoided
Nominal price inflation
for a new commercial airliner
Source: A2Mac1; manufacturer’s public data; Airline Monitor: McKinsey analysis
+0.2–1.5%
Nominal price inflation for a new car
+1.0%
26. 25 #OM2015
Inspiration can come from many sources
Source: McDonalds, McKinsey Operations Practices
Standards
Training
Auditing
Workplace
organisation
27. 26 #OM2015
Including the existing organisation
Source: McKinsey Upstream Operations Service Line
Production, Indexed
110
90
10
0
70
80
100
120
8 100 2 12 14 16 242218 204 6
+12%
Time
hours
8 100 2 12 14 16 242218 204 6
-3%
28. 27 #OM2015
Some approaches are transformational
Source: McKinsey Oil & Gas and RTS practices
5-year cumulative FCF impact, USD billions
4.5Total
Reorganise around assets and talent
De-risk and optimize major capital project
Targeted production improvement
External spend cost reduction
Change in asset strategies
30. 29 #OM2015
The impact can be enormous…
SWN in the Fayetteville Shale
Source: Southwestern Energy Investor Presentation 2015
Days to drill Lateral length
08 092007 11 201410 12 13
767
8
1112
14
18
1209 11 20141310082007
4,8194,836
4,528
4,100
3,619
2,657
5,4405,356
31. 30 #OM2015
…and rapid
Source: Recent offshore example
Offshore productivity, Earned hours per POB
13
1515
11
16
7
6
9
10
2014
ave.
Week
5
Week
1
April Week
4
Mar Week
3
Feb Week
2
Start of
program
end April
32. 31 #OM2015
Initiatives like this are starting to have an effect
Source: Oil & Gas UK
UKCS Opex, GBP billions, fields onstream
7.5
8.8
9.6
8.9
2013 2014 2015F 2016F
-22%