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OPEC th International Seminar Petroleum: An Engine for Global Development 3–4 June 2015 Hofburg Palace Vienna, Austria www.opecseminar.org Christophe de Margerie (1951–2014) He would think nothing of staying up into the early hours holding court and chatting, just to help broker a deal — and make new busi- ness colleagues and friends into the bargain. He was once quoted by the French newspaper, Le Monde, as saying: “Nothing replaces human warmth and handshaking. You don’t win a contract by telephone.” Commentary Before the accident, ‘Big Moustache’, as he was affectionately known, was doing what he did best — negotiating and problem-solving, this time with Total’s Russian partners. These were relations that de Margerie held dear to his heart, having invested so much time and effort in extensively developing and nurturing them over the past few years. He was considered a great friend of OPEC. Total has worked — and Reuters continues to work — with many of the Organization’s Member Countries. These invaluable ties were established and enhanced in large part as a We are constantly reminded of the fine line between life and death. result of his business acumen and perception. OPEC Secretary General, The tragic loss of Christophe de Margerie, the charismatic and ebul- Abdalla Salem El-Badri, who knew de Margerie from his time as Libya’s lient Chairman and Chief Executive Officer of French oil major, Total, in Secretary of the People’s Committee for Petroleum, said after hearing a freak accident in the Russian Federation in October will continue to of his death: “Having known Mr de Margerie over many years as an reverberate within international energy circles and beyond for a long extraordinary and charming professional, he will be sorely and sadly time to come. At two minutes to midnight on a chilly, misty evening at missed by all who had the honour of knowing and working with him.” Moscow’s Vnukovo airport on October 20, the 63-year-old French oil Outside his business interests, de Margerie was in great demand chief and three crew members were taking off in a private jet when as a guest speaker at international energy fora. His speeches were al- it collided with a snow-clearing machine and burst into flames. There ways entertaining — different — and often avant-garde. He was a famil- were no survivors on board. The loss to Total and the international iar face at OPEC events over the years, particularly the Organization’s sector is immense. International Oil Seminar. In fact, he was due to attend the Sixth OPEC This was a man who started from the bottom up at the French en- Seminar in Vienna in June 2015. He was also interviewed by OPEC’s ergy giant, taking a position in the company’s accounts unit back in Webcast team and appeared in articles in the flagship OPEC Bulletin. 1974 after graduating from the Ecole Superieure de Commerce busi- What is striking about his loss for the industry he dedicated so ness school in Paris. He spent the next 40 years learning his craft and many years to is that at a time when the international oil sector is see- helping build Total into not only France’s second-biggest listed com- ing so many of its experienced personnel retiring, leaving a worrying pany, but also one of the oil industry’s leading international pioneers. shortage of skilled professionals, losing someone of the calibre of de He was appointed Chief Executive Officer in February 2007, after run- Margerie is devastating. The knowledge and experience he gained and ning the company’s exploration and production division, and in May put to good use over his four decades in the industry, negotiating and 2010 took on the additional role of Chairman. striking deals in an extremely complex and ever-changing environment, As a result of countless petroleum agreements, reached in coun- cannot be measured, let alone recouped. Today, with the oil industry tries all over the globe, he is especially credited for bringing about the having to respond to so many new challenges, it needs personalities biggest expansion of Total’s oil reserves in 15 years. In fact, there was and figureheads like de Margerie who offer both experience and that only one year when there was no addition. ‘something else’, which are essential for overcoming the various ob- De Margerie, a proud French national, cut an imposing figure physi- stacles and moving the industry forward in an organized fashion. cally with his hefty stature and signature bushy white whiskers. But Of course, all this pales into insignificance when considering the the gentle giant was renowned for his unique blend of warmth, social loss of de Margerie the family man, the friendly socializer, and the ever- awareness and wit, mixed with shrewd, down-to-earth business skills, personable negotiator who will always be remembered for going that laced with diplomacy. extra mile, with a smile — just to get the job done. The OPEC Bulletin would like to offer its sincere condolences to Christophe de Margerie’s wife and three children, his family, friends and colleagues. Oil & Money Conference, London Conference, & Money Oil Northern Marine Management Ltd Management Marine Northern Contents 4 6 26 Forum 4 Naimi addresses UN Climate Summit in New York Oil & Money 2014 6 Concerned — but no need to panic Dialogue 10 OPEC, Russia committed to enhancing energy cooperation Focus on Africa 14 Nigeria pinning hopes on developing deepwater operations: Bonga North West showcases dynamic local talent 20 Oil Quests: African states looking to capitalize on their petroleum resources Spotlight 26 Angola opens world-class maritime training facility Newsline 30 Saudi Arabia to build solar stations in five regions by end of next year 32 Algeria looking to boost natural gas output by 40 per cent 33 UAE economy strong, exports expected to rise by six per cent in 2014 34 Venezuela importing light crude to blend with Orinoco extra-heavy oil Publishers OPEC Membership and aims OPEC OPEC is a permanent, intergovernmental Organization, Organization of the Petroleum Exporting Countries established in Baghdad, on September 10–14, 1960, Helferstorferstraße 17 by IR Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. 1010 Vienna Its objective — to coordinate and unify petroleum Austria policies among its Member Countries, in order to Telephone: +43 1 211 12/0 secure a steady income to the producing countries; an OPEC bulletin OPEC Telefax: +43 1 216 4320 efficient, economic and regular supply of petroleum Contact: The Editor-in-Chief, OPEC Bulletin to consuming nations; and a fair return on capital to Fax: +43 1 211 12/5081 those investing in the petroleum industry. Today, the E-mail: [email protected] Organization comprises 12 Members: Qatar joined Cover Website: www.opec.org in 1961; Libya (1962); United Arab Emirates (Abu This month’s cover shows the giant Floating Dhabi, 1967); Algeria (1969); Nigeria (1971); Angola Production Storage and Offloading vessel working in Nigeria’s deepwater Bonga field Website: www.opec.org (2007). Ecuador joined OPEC in 1973, suspended its (see feature on page 14). Visit the OPEC website for the latest news and infor- Membership in 1992, and rejoined in 2007. Gabon Image courtesy Shell. mation about the Organization and back issues of the joined in 1975 and left in 1995. Indonesia joined in OPEC Bulletin which are also available free of charge 1962 and suspended its Membership on December Vol XLV, No 8, October 2014, ISSN 0474—6279 in PDF format. 31, 2008. credit OFID Reuters Shutterstock 30 37 32 42 Appointments 35 Former Iraqi Vice President appointed new Oil Minister New Managing Director of Qatar Petroleum appointed Obituary 37 Global oil sector mourns death of Total CEO Christophe de Margerie Secretary General’s Diary 38 Visitors to the OPEC Secretary General Secretariat Visits 39 Other visitors to the OPEC Secretariat Briefings 40 Students at the OPEC Secretariat OPEC Fund News 42 OFID marks Ecuador’s return with cultural art exhibition 44 The shared logic of three Ecuadorian artists 46 OFID brings Member Country representatives for tour of OPEC Noticeboard 48 Vacancies 49 Market Review 51 OPEC Publications 57 Secretariat officials Contributions Editorial staff Secretary General The OPEC Bulletin welcomes original contributions on Editor-in-Chief Abdalla Salem El-Badri the technical, financial and environmental aspects Hasan A Hafidh Hamid of all stages of the energy industry, research reports Editor Director, Research Division Jerry Haylins and project descriptions with supporting illustrations Dr Omar S Abdul-Hamid Associate Editors Head, Energy Studies Department and photographs. James Griffin, Alvino-Mario Fantini, Oswaldo Tapia Maureen MacNeill, Scott Laury Head, Petroleum Studies Department Editorial policy Production The OPEC Bulletin is published by the OPEC Diana Lavnick Dr Hojatollah Ghanimi Fard Secretariat (Public Relations and Information Design & layout General Legal Counsel Carola Bayer and Tara Starnegg Department). The contents do not necessarily reflect Asma Muttawa Photographs (unless otherwise credited) the official views of OPEC nor its Member Countries. Head, Data Services Department Diana Golpashin and Wolfgang Hammer Names and boundaries on any maps should not be Distribution Dr Adedapo Odulaja regarded as authoritative. The OPEC Secretariat shall Mahid Al-Saigh Head, PR & Information Department not be held liable for any losses or damages as a re- Hasan A Hafidh Hamid sult of reliance on and/or use of the information con- Head, Finance & Human Resources Department tained in the OPEC Bulletin. Editorial material may Jose Luis Mora be freely reproduced (unless copyrighted), crediting Officer-in-Charge, Admin & IT Services Department the OPEC Bulletin as the source. A copy to the Editor Indexed and abstracted in PAIS International Badreddine Benzida would be appreciated.