How Exploration is adapting to the Low Price Environment - The Sequel

WS12

Monday 11 June 2018

Title: How Exploration is adapting to the Low Price Environment - The Sequel
Room: F
Convenors: J. Helgesen (Equinor) 
T. Dahl (Equinor)


Workshop Objective

The objective of this workshop series is to identify practices and ways, including collaborative actions, to boost exploration and appraisal activities globally. Since 2014, most oil companies have cut into their discretionary exploration budget, resulting in a drastic drop in geophysical and drilling activities, as well as human resources. A first workshop of this kind was held during the EAGE Conference in Paris in 2017.

The 2018 workshop in Copenhagen will focus on experiences since last workshop, cross-border collaboration in the North Sea and how to regain the health of the seismic industry. The workshop will be chaired by Jan Helgesen (VP Geophysical Operations, Statoil) and Terje Dahl (Chief Geophysicist Exploration, Statoil).

 

09:00-12:15: Morning Session

The morning session will cover topics planned and discussed at the WS12 workshop in Paris last year:

09:00 Introduction by the Chairmen
09:15 Report from the Cancún Workshop
C. Longis (Total)
09:45 Examples of cost sharing between oil companies on Seismic Acquisition
10:15 Bench mark of Exploration and Production Activities among Oil Companies from 2014-2017
S. Landon* (Wood Machenzie), D. Parkinson (Wood Mackenzie) 
10:45 Coffee break
11:00

North Sea Cross-border Exploration and Collaborations - Opportunities and Barriers
Panel discussion in which each panelist will first give a 10 minutes presentation before the discussion starts. There will be room for comments and questions from the audience.

Panelists:

  • T. Stordal (Norwegian Petroleum Directorate)
  • N. Richardson (Oil and Gas Authority UK)
  • C. Drage (PGS)
  • J. Ramberg (Equinor)
  • G. Mikkelsen (Total Norway)

12:15-13:15 Lunch 

13:15-16:00 Afternoon session

Following the dramatic oil price drop in 2014, the marine seismic market has been characterized by over-capacity, low and unsustainable prices, and less appetite among oil companies to pay an uplift for technology. Seismic contractors are struggling to survive, and the sustainability of the current business model is being questioned. WesternGeco has decided to exit the acquisition business.

Seismic contractors have in the past been competing fiercely on development of technology and equipment, but the returns on investments have recently been questioned. The afternoon session will address the path towards a more sustainable seismic industry and how contractors and oil companies can collaborate in a better way to develop the technology that is needed for a sound and value-creating exploration business.

13:15 Introduction by the Chairmen
13:25 Keynote presentation: Collaboration - Is it the only way out?
M. Nessim (WesternGeco/ IAGC)
14:00

Panel discussion in which each panelist first give a 5-10 minutes presentation before the discussion starts. There will be room for comments and questions from the audience.

Panelists:

  • M. Nessim (President, WesternGeco & Chairman of the board, IAGC)
  • E. Rudin (EVP Marine Business Line, CGG)
  • P.A. Reksnes (EVP Operations and Technology, PGS)
  • J. Peak (VP Subsurface Technical Centre, BP)
  • P. Montagnier (VP Geoscience Discipline, Total)
16:00 End of the workshop