The Need for a Clean Shelf in Norway
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1 Maximising value from the NCS through teamwork and technology Pareto 1 September 2004 Sveinung Sletten Vice president external affairs
2 Value analysis SDFI portfolio, NPV 7%, mrd kr Verdi SDFI SDØE value Government Kontantstrøm cash til Staten flow 2003 Verdiskaping Value creation fra from SDØE SDFI (fixed (faste prices) priser) Verdiskaping Value creation fra from SDØE SDFI (updated (løpende prices) priser) Values established by Wood MacKenzie for the Ministry of Petroleum and Energy as part of the external value analysis of SDFI for 2003.
3 Number of employees 60 recruited from 34 companies Average age 43 years Average experience 18 years Composition of staff women men Total 25% 75% Mngmt.team 22% 78% Board of dir. 43% 57%
4 Petoro s position offshore Norway Barents Sea Harstad production licenses 18 partnerships/companies related to transport & terminals 34 fields in production 3 fields under development Norwegian Sea 65 Norwegian Sea 62 Tampen 60 Oseberg Tampen Oseberg Southernmost NCS Troll Troll Ber g en Stav an g er Trondheim K r istian su n d Oslo The NorwegianContinental Shelf Large portfolio Strong position in gas Long term perspective Partner 60 employees 1 Rørledninger og landanlegg
5 Petoro s position offshore Norway Oil reserves 12 % Hydro Petoro Statoil 16 % 27 % 90 production licenses 18 partnerships/companies related to transport & terminals 34 fields in production 3 fields under development Gas reserves 12 % 22 % Hydro Statoil Petoro 41 % The NorwegianContinental Shelf Large portfolio Strong position in gas Long term perspective Partner 60 employees 1 Rørledninger og landanlegg
6 Strategic platform Vision Petoro the best partner Main objective Maximise the economic value of the State s s oil and gas portfolio Safeguarding human life and the environment Boldness and innovation Business orientation Integrity Values Cooperation Principal tasks License management in the joint ventures Monitoring marketing/sales Financial management Roles License management Proactive partner
7 Value creation through focus Licence management role Licence management role Secure expected value and create additional value Proactive partner Create additional value Criteria Value and strategic importance Petoro s power of influence Time criticality Strategy provides focus Follow up in joint ventures Active Selective Business manager Monitoring of marketing/sales Financial management Petoro operations Coordination in core areas Early application of technology Value creation in the gas chain Long term access to reserves
8 SvaleStar NorpipeOil Jotun Heimdal Ormen Lange transport 25_11_16 Frøy KollsnesSUM Gullfaks Norne Draugen Kvitebjørn Grane Oseberg Sør Ekofisk Vigdis Kristin OTS Snøhvit Visund Tordis inkl. Borg Tune Vestprosess Statfjord Nord Statfjord Øst Haltenpipe Oseberg Øst Huldra Etanor DA Gjøa 30_9_19 Sygna Veslefrikk Heidrun GTS Byggve, Skirne Troll Oljerør 1&2 Mongstad terminal Grane Oljerør Varg Njord Gulltopp Heimdal Øst Brage Ormen Lange Heidrun Exploration Snorre Oseberg 100 % 80 % 60 % 40 % 20 % Troll I Gasled Åsgard Troll II 0 % Kilde: Petoro NPV the SDFI portfolio Follow up in joint ventures Active Selective Business manager
9 Value creation through focus Licence management role Licence management role Secure expected value and create additional value Proactive partner Create additional value Criteria Value and strategic importance Petoro s power of influence Time criticality Strategy provides focus Follow up in joint ventures Active Selective Business manager Monitoring of marketing/sales Financial management Petoro operations Coordination in core areas Early application of technology Value creation in the gas chain Long term access to reserves
10 Key messages There is a huge value creation potential on the Norwegian continental shelf (NCS) Technology will continue to boost the bottom line People and new work processes are essential The takeup process of new technologies must be accelerated
11 Conditions for value creation in place Large resource base Modern infrastructure Undiscovered 26% 29% Sold & delivered 45% Remaining and contingent High competence
12 Offshore Modern infrastructure High-capacity digital networks Onshore 4D seismic Operation centers Smart wells Grane Soil Virtual data models Instrumented fields Real-time optimizers
13 Significant value creation opportunities Large resource base Modern infrastructure Undiscovered 26% 29% Sold & delivered 45% Remaining and contingent High competence
14 High competence, Cooperation and Courage Exploration & reservoir management Drilling Field Development Operation
15 Key messages There is a huge value creation potential on the Norwegian continental shelf (NCS) Technology will continue to boost the bottom line People and new work processes are essential The takeup process of new technologies must be accelerated
16 Technology has added significant value Oil recovery rate Lifting cost Oil recovery rate (%) Lifting costs (2002 NOK per bbl oe) Source: NPD, 2003 Source: Statoil, 2003
17 and will continue to boost bottom line Oil recovery rate Lifting cost Oil recovery rate (%) Lifting costs (NOK per bbl oe)
18 and will continue to boost bottom line Oil recovery rate Lifting cost Oil recovery rate (%) bill. NOK Lifting costs (NOK per bbl oe) 70 Field of the Future on 50 the NCS Petoro, spring
19 Petoro will push Field of the Future Work for early implementation of Field of the Future technologies 45 bill. NOK Put subject on licensees agendas (licensee pull) 105 bill. NOK Cooperate with industry
20 Key messages There is a huge value creation potential on the Norwegian continental shelf (NCS) Technology will continue to boost the bottom line People and new work processes are essential The takeup process of new technologies must be accelerated
21
22 Collaboration: The act of shared creation
23 Centers of excellence: It s not about the bike!
24 Key messages There is a huge value creation potential on the Norwegian continental shelf (NCS) Technology will continue to boost the bottom line People and new work processes are essential The takeup process of new technologies must be accelerated
25 The implementation process has to be accelerated Operation cost will increase significantly over the next 5-10 years Implementation processes historically have been slow and time consuming NOK per bbl oe Unit operation cost Take-up process Benchmark best practices Prototyping Commercialization Piloting Adoption Source: McKinsey
26 Management push and licensee pull together is essential Licensee pull Management push Field of the Future Industry cooperation Change management
27 To be good at going faster will soon be a major corporate competency Source: Gartner 10 reason to Get real
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