mer uk past, present and future · mer uk past, present and future dr andy samuel chief executive ....
Post on 10-Jul-2020
2 Views
Preview:
TRANSCRIPT
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
Click to edit Master title style
Click to edit Master subtitle style © OGA 2017 This presentation is for illustrative purposes only. The OGA makes no representations or warranties, express or implied, regarding the quality, completeness or accuracy of the information contained herein. All and any such
responsibility and liability is expressly disclaimed. The OGA does not provide endorsements or investment recommendations. Oil and Gas Authority is a limited company registered in England and Wales with registered number
09666504 and VAT registered number 249433979. Our registered office is at 21 Bloomsbury Street, London, United Kingdom, WC1B 3HF
MER UK Past, Present and Future
Dr Andy Samuel
Chief Executive
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
Today’s agenda
Reflections
on recent years
The prize ahead
What still needs to be
done? Graphic3
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
2014: Crisis is looming
Oil price Government response
Wood
Review
HMT Driving
Investment
plan
Production
(million boepd)
Production
efficiency
Industry outcomes
Unit operating
costs
31 1.4
Scotland’s
Independent
Expert
Commission
65% $30
E&A wells
Government response
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
First MER UK
Forum
£1.3bn fiscal package
£20m for seismic
OGA low oil
price team
2015: Emergency response
Government and OGA response
Industry outcomes
26
E&A wells
1.6
Unit operating
costs
2014
2015
OGA published
Call to Action
Production
(million boepd)
Oil price
$21 Production
efficiency
71%
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
2014
2015
2016: Fightback
Government response
E&A wells
High success rate
Production
efficiency
$16
2016
Further £1.2 bn package of measures
PRT reduced to 0%, SCT reduced to 10%,
further £20m for seismic, £180m for OGTC
Production
(million boepd)
Oil price
Industry outcomes
Unit operating
costs
1.7 22 73%
Protect existing barrels mmboe
356 New barrels added mmboe
725
1080 257 Tripartite
barrels mmboe
Costs
mitigated £m
145 success stories to end
April 2017 recorded across the
OGA, in partnership with industry
and government
2016: OGA action
1.7 Value of
investments £bn
Time saved
to industry (fast-tracked
consents)
1914 Days
Promotion
Stewardship
Data
Guidance
Strategies
Benchmarking Stewardship
Expectations
Tiered
reviews
Data
survey
Licence rounds
29th offshore 14th onshore Supplementary
Competition Meetings Financial
penalty Sanctions TPA
Exploration Asset Stewardship Decom
Technology EOR IM
Supply Chain
MER UK
Projects
Unsanctioned
discoveries Geological & Seismic
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
2017: so far
2014
2016
2015
2017
Assets
changing
hands
Industry predictions
E&A wells Production
efficiency
Unit
operating costs
Production
(million boepd)
Fields
Pipeline Terminal
Operator
Interest
The OGA does not provide endorsements or investment recommendations. Some transactions
are still subject to OGA and other regulatory consideration, their inclusion on this slide is not an indication of the outcome of that consideration.
Oil price
Discovery
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
2017: MER UK focus
Breakdown of successes
Area plans
Need to be industry owned – OGA can initiate
Integrate area scopes
Value creating
MER UK Strategy
Central obligation
Take the steps necessary to secure that the maximum
value of economically recoverable petroleum is
recovered from the strata beneath UK waters
Case register
Number of cases
Successes
to date
8
12
4
Formal
intervention
Enhanced
facilitation
Facilitation
11 Emerging
issues
29
Current register
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
2017: MER UK focus
Case register
Area plans MER UK Strategy
Central obligation
Take the steps necessary to secure that the maximum
value of economically recoverable petroleum is
recovered from the strata beneath UK waters
Need to be industry owned – OGA can initiate
Integrate area scopes
Value creating
Number of cases By type
Successes
to date
8
12
4
Formal
intervention
Enhanced
facilitation
Facilitation
11 Emerging
issues
29
Current register
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
30th Round Focus on mature/producing areas of the UKCS
Extensive portfolio of prospects and
undeveloped discoveries – technology support
31st Round 2018 Frontier Round with free seismic
Focus on less explored areas
2015/16 legacy and reprocessed legacy lines
2015/16 2D broadband acquisition
30th Licensing Round Areas
UKCS Designated Area
Oil Field
Gas Field
Gas Condensate Field
2D line locations are subject to data availability and quality. The final datasets may vary from this
illustration. 30th Licensing Round areas are proposed and subject to further consultation and approvals.
2017/18: Upcoming rounds
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
Realise full hydrocarbon
potential of the UKCS
World class
competitiveness
Expand service sector
range, market coverage,
double exports
Increase the prize
by half again over
the next 20 years
Shaping the future
Vision 2035
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
Well on the way and still a lot to play for
2016 Production – 0.6
2016 Production 0.6
0.725 Tripartite
0.4 Protected
Further 1.4
Pre-Wood 2016+
Baseline
OGA / Current
OBR
Survey +
risked YTF
Further
Potential
Vision 2035: MER UK Progress
All volumes 2016 to 2050
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
Producing Sanctioned Unsanctioned (risked) Small pools (risked) YTF (risked)
$b
n
Gas
Condensate
Oil
Under
evaluation Actual
Forecast
Activity survey
Activity survey
Current profiles
OGA / OBR
Total unrisked profile
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
• Operator technology plans
• Tiered stewardship reviews
• Technology leadership board
Pace
Transparency
Area plans
• Collaborative behaviours tool
• Remaining flexible but robust
• MER UK Plans
Sustain
competitive
cost base
Partnership
• OGA supply chain action plans
• Supply chain task force
Industry’s responsibility OGA’s support
Technology
behaviours
Company
commercial
behaviours
Supply chain
behaviours
Swift
deployment
Many need to lead the change
Critical behaviours for MER UK
Thank you
Regulate: R312 G50 B155
Promote: R0 G101 B162
Influence: R0 G174 B239
Asset stewardship: R154 G149 B0
Technology/data: R239 G130 B0
Right conditions: R166 G25 B46
People/process: R99 G102 B106
Decom: R0 G184 B176
Exploration: R72 G168 B66
OGA colour family R-G-B
Use the colour picker or
type in the RGB values to
select colour.
top related