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Annual Report 2011 Annual report 2011 CONTENTS EVERYDAY LIFE IN A GLOBALISED WORLD PAGE 3 GASSCO ANNUAL REPORT 2011 DIRECTORS’ RepORT 2011 PAGE 7 CORPORATE GOVERNANCe PAGe 17 FINANCIAL STATEMENTS 2011 PAGE 23 NOTES PAGE 27 AUDITOr’s RepORT PAGE 39 2 Front cover: At Bygnes. Everyday life in a globalised world Frequent changes of scene and dramatic shifts, operating problems caused by cold weather and ice put 30 per cent of Norwegian gas exports on hold during with the main roles taken by new actors virtu- the first weekend of January.T hat was very bad news ally every day – such is the world stage. The for a freezing Europe. constant volatility in the main arena affects us Major oil discoveries sparked justified optimism on the all. We must grasp that we live in very dynamic NCS in 2011, but do not necessarily alter the realities times, and act accordingly. facing Norwegian gas production in the long term. Up to 2020, to be sure, the country has plenty to be pleased about. Gas from many smaller fields will be phased into Over the decade since Gassco was established, I have existing infrastructure, and development of the Luve used our annual report to look both backwards and and Linnorm fields in the Norwegian Sea is moving forwards. steadily closer. So is a new gas pipeline from these fields to the Nyhamna processing plant – a solution My starting point in 2007 was that operations on the where we have also been the architect on behalf of the Brian D Bjordal Norwegian continental shelf (NCS) faced developments licensees and the government. President and CEO which differed from those we had become accustomed to seeing. This was understandable enough, since No other industry in Norway can compare with the declining production, rising costs and climate petroleum sector in terms of scope, value creation and challenges were key issues. government revenues. Gas production will also remain at a high and stable level for the next decade. But By the end of 2008, the financial crisis had struck. forecasts predict a decline in this output over the longer Oil prices fell from USD 140 per barrel to USD 40 in term. After 2020, new producing fields and transport the space of six-seven months, and the downturn solutions will be needed to fill spare capacity in an threatened planned projects both within our infrastructure where some NOK 260 billion has been operatorship and elsewhere on the NCS. invested. Like many others, I was affected by uncertainty in To ensure long-term gas supplies, good decisions must 2009. The financial crisis had quietened down, but its be taken over the next few years. These must be based repercussions continued to shake the real economy. The on an integrated understanding of the opportunities gas market and supply position in Europe appeared very for further development of gas resources. That applies unpredictable, while continued exploration on the NCS particularly to the development potential in the far still failed to make the really big strikes. north. “A year of sharp reminders” was a natural heading The number of players on the NCS is constantly for my review of 2010. The tragedy on the Deepwater growing, and the ownership of the gas infrastructure Horizon drilling rig affected the whole industry, while has also acquired a different and less industrial >> “To ensure long-term gas supplies, good decisions must be taken over the next few years.” Everyday life in a globalised world character over the past year. Efforts to identify the are expected to meet two-thirds of this expansion. best solutions from an integrated perspective could But coal will nevertheless cover more of the world’s therefore be both demanding and highly interesting. energy needs than gas in 2035. This represents perhaps I am nevertheless convinced that a consensus exists the greatest future challenge. Forty-one per cent of on the goal – that the oil and gas sector will remain the world’s electricity is generated today by coal-fired Norway’s most important industry for many decades power stations, and burning coal accounts for 25 per to come. cent of carbon emissions from human activity. But coal is cheap and easy to produce, and supplies are We at Gassco want to contribute with other relevant virtually unlimited. When gas replaces it, greenhouse players to developing integrated projections for gas emissions go down. The advantages of gas must Norwegian gas. We have accordingly taken the accordingly be accepted in a climate-policy context. In a initiative on the NCS2020 study, which aims to world which cannot manage without fossil energy, gas build knowledge to underpin future decisions for combined with renewables could be very important for developing gas production on and transport systems reaching climate policy goals. from the NCS. Necessary planning and investment decisions take time, and 10 years is not a long period I noted initially that 10 years have passed since we in that perspective. Achieving good collaboration were established as a state-owned company. I had the between players on the NCS is a crucial condition for honour of becoming our first employee back in 2001. safeguarding the industry’s long-term profitability. At the end of 2011, I have the honour of leading a very competent organisation with 353 employees. I am very Some would doubtless ask whether the world really proud of what we have achieved and the results we needs more Norwegian gas. Pessimists point to have delivered over this decade. We have taken over unclear signals from the EU on the place of gas in the day-to-day operation of five receiving terminals in four future energy picture, combined with a substantial different countries, we have become the operator for commitment to renewable energy in big member Langeled – one of the world’s longest underwater gas states. It is also a fact that Russian gas is strengthening pipelines – and we have been responsible for extensive its market position through the new North Stream I and upgrading of the big processing plants which represent II export systems. In addition, shale gas production may important cornerstones in the transport network for make the USA independent of imports and perhaps Norwegian gas. These are just some of the milestones even a future gas exporter. which could be mentioned. Perhaps most importantly of all, we have delivered huge volumes of gas to Europe For my part, I prefer to be an optimist. The starting without loss of human life and with very high reliability. point must be the global perspective, where the basic formulae are that energy = gross domestic product However, yesterday’s results can never beat tomorrow’s and GDP = prosperity. In addition, the International performances. History helps us to understand who we Energy Agency (IEA) notes in its latest outlook that are, but it never repeats itself. Or, as Charles Darwin world energy requirements will increase by a third up actually said: “It is not the strongest of the species that to 2035 as a result of economic growth in China, India survives, nor the most intelligent that survives. It is the and Asian developing countries. Gas and renewables one that is the most adaptable to change”. 4 At Kårstø. At Kollsnes. 6 Directors’ report 2011 Introduction associated control routines ensure efficient and Gassco is a limited company owned by the Norwegian acceptable operation in accordance with applicable state, which operates the integrated gas transport legislation and specified goals. system from the NCS to European countries. This system comprises pipelines, gas processing facilities, Corporate social responsibility (CSR) is an integrated platforms and receiving terminals in continental Europe part of the company’s organisational culture, strategy, and the UK. operational activities and ethical conduct towards the world at large. The company’s ethical guidelines The company’s head office is at Bygnes in Karmøy local conform with the UN’s Global Compact and the OECD’s authority. It also has branches in Germany, Belgium, guidelines for multinational companies. Gassco France and the UK (from 1 October 2011), which are exercises its CSR in part through support for clubs and responsible for day-to-day operation of the receiving organisations in the region where its head office is terminals. located and in other local communities in which the company pursues activities. Culture and sport are Framework conditions for Gassco, including the Gassco’s selected areas for collaboration, and particular relationship between it and the owners of the gas emphasis is given to supporting activities and transport system, are determined by the government. measures for children and young people. Gassco’s The company’s primary roles can furthermore be de- tendering process clarifies whether the supplier has fined as the exercise of special and general operator established its own policy and guidelines for CSR, and responsibilities. The special operatorship refers to the whether it has been involved in incidents related to performance of duties allocated to Gassco pursuant to corruption, child labour or breaches of human rights or the Norwegian Petroleum Activities Act and associated the rights of employees to unionise. Information on such regulations. It relates to system operation, capacity matters is obtained from the suppliers themselves, from management and infrastructure development. The internet searches and from Achilles. Possible conditions general operatorship refers to the technical operation uncovered will be significant in qualifying the supplier of processing plants, pipelines, platforms and receiving for participation in the tendering process. terminals pursuant to the Norwegian Petroleum Activities Act’s provisions on operator responsibility. These Organisation duties are regulated in the operator agreement with the Gassco had 353 permanent employees at 31 December Gassled joint venture, which owns the vast majority of the 2011, including 146 at the receiving terminals in infrastructure for transporting gas from the NCS.
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