PERSPECTIVE 2016

Petoro ONS MAGAZINE 2016

BANKING ON THE RESERVES

Reliable reservoir models are crucial for predicting how the reservoir will behave. This is fundamental for investment decisions on new wells and facilities.
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Grethe Moen’s leader

Not all changes spark major readjustment processes. In 2014, 'Changes' was the theme for ONS. The theme of this year's ONS - Transition – signals that we are now in the midst of this adjustment. Changes in our surroundings have given rise to considerably greater uncertainty regarding the future prospects for our sector. We are learning to accept this as a new normal situation.
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Joining forces – cutting costs

By optimising subsea architecture and executing the projects together, Technip and FMC Technologies aim to deliver subsea solutions at a cost that is around 30 per cent cheaper than they can manage working separately. This could make the difference between whether or not a discovery is developed.
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Let experts be experts

The drilling rate on Ivar Aasen broke records from the get-go. Since then, things have only gotten better. This efficiency can translate into an additional NOK 1-2 billion for Det norske and its partners. The key - cooperation.
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Radical change and innovation are required

The pace of drilling has doubled and well costs have been slashed in half on important fields in the last two years, but this is not enough. There are new opportunities, but they require a transformation of the industry through changes in cooperation culture, new business models and new technology. "We can do it, if we want it bad enough,” says Roy Ruså.
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Efficient drilling – big savings but not enough

Drilling and well efficiency in Statoil has increased by 30-40 per cent the last two years, and there is still more to be done. Geir Tungesvik is almost hoping that oil prices don't rise too steeply.
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This is what we can learn from the UK shelf

The development on the UK Shelf is 10 years ahead of the NCS. Based on this experience, McKinsey thinks we can expect more sell-downs in large, mature fields, more new oil companies, new operator models, and continued increased lifetimes.
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Important to ensure future value creation

Measured in terms of production, Petoro has the second largest licence portfolio on the Norwegian Shelf, through the State Direct Financial Interest (SDFI). With current oil and gas prices, this means around NOK 300 million in revenues every single day. Petoro aims to maximise the value of this portfolio.
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Ready for the next generation

"The rumours of my death have been greatly exaggerated!" This Mark Twain quote illustrates much of today's political debate on the oil industry as "history". Fortunately, many see an industry with opportunities, despite many challenges. Chronicle by Ole Evensen, responsible for global upstream oil and gas strategy, IBM.
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