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Annual Report 2002 Report from the Intsok Board of Directors the Challenge for the Norwegian Supply and Service Industry

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Annual Report 2002 Report from the Intsok Board of Directors the Challenge for the Norwegian Supply and Service Industry Annual Report 2002 Report from the Intsok Board of Directors The challenge for the Norwegian supply and service industry In 2002 the petroleum industry represented 19.2 percent of the Norwegian The Angolan market GDP.The average daily oil production was 3,0 million barrels. A recent study emerges, and the Norwegian cluster is present. on the employment in the petroleum industry shows that 54,000 people (Picture Girassol: were directly engaged in the industry while some 150,000 were indirectly Ø. Hagen, Statoil) employed in the sector. Contents These achievements are the results of former policy decisions where the 04 Market outlook overall objectives were to establish domestic oil companies and develop a robust supply and service industry.Though a major transformation of the 06 Achievements in the international markeds private sector the capability of the offshore supply and service industry has developed in to a world class oil and gas cluster. With the support of 10 Socio-cultural understanding and business practices international oil companies major investments were made into technology 12 Major events transfer, research & development, education and training. 16 Key clients The globalisation of the industry continues, resulting in mergers and develop- ment of large corporate bodies with world-wide presence. During the last 17 Financial result year Norway experienced that major companies within the supply chains of 17 Appointment of board members transportation and drilling equipment were acquired by foreign companies. 17 Organisation The global offshore market, including investments and recurrent costs was estimated at 100 billion USD in 2001. Including the market share on the Outlook 18 Norwegian Continental Shelf (NCS) the Norwegian supply and service 19 Intsok secretariat industry has approximately 10 percent of world offshore market. 20 Intsok partners The challenge for the Norwegian supply and service industry in the next few years is to maintain a strong position in the maturing North Sea and at the same time capture significant market share overseas. Inovation of new cost effective technologies and commercialisation of products and services will have to be given highest attention. Gulbrand Wangen Managing Director Dr. Ing Intsok 2 3 Market outlook The best way of describing the market outlook percent to 34 percent by 2030. The dependence in the short term is uncertainty.The war in Iraq on gas imports will increase in the EU, US, China will have short term impacts on the oil price. and India. LNG-trade will grow significantly. The recent problems in Nigeria and Venezuela One notable trend is that there will be a significant have added to the uncertainty.The world economy shift in the geographical source of energy supplies is still weak, also adding to the uncertainty. over the next three decades. Almost all of this Russian production, on the other hand, continues increase will come from non-OECD countries. to grow. A very high level of investment will be required While uncertainty characterises the short term, to expand the infrastructure for energy production, longer-term trends indicate continued growth in conversion and delivery, especially in developing energy demands.The latest assessment from the countries. For example, the capital investments International Energy Agency, IEA, in Paris shows an required to meet the requirements for power annual average growth in the global demand for generation alone will be some 4200 billion USD energy of 1.7 percent through 2030. Fossil fuels will over the next 30 years, according to IEA. remain dominant, accounting for more than 90 percent of the increase in energy use to 2030. Global oil demand will rise from 75 million barrels Natural gas demand will grow fastest, but even in per day in 2000 to 120 million barrels per day in 2030 oil will be the largest individual fuel source. 2030.The transport sector will account for nearly three quarters of this increase in demand. More oil Energy demand will reserves must be identified to keep pace with rising increase, particularly in oil demand. Most of the growth in demand will still The exploration and production developing countries. be met by Opec producers, particularly those in industry faces a dramatic growth Their share of world the Middle East. Iraq, when opened, will attract challenge demand will increase significant international capital. More oil will become from 30 percent today available from Russia and the Caspian. Deep-water Global oil* production medium scenario, Million b/day 150 to over 40 percent in offshore discoveries will be important, but the 2030. China is leading companies will also need technology to keep 120 Technology challenge the growth in demand. increasing oil recoveries from old fields through +80 mmb/d efficient use of seismic and smart wells. 90 New fields There are sufficient The oil from the Caspian is technologies will play a critical role in ensuring to the previous 5-year period. needed.This requires high invest- 60 Increased energy resources to In mature provinces the role of smaller niche recovery - IRR access to affordable and abundant energy. ments in the infrastructure. meet the world's players will grow in importance to handle tail-end Key regions in the subsea area over the next (Picture: Statoil) 30 Existing fields and Middel East demand beyond 2030, production and smaller field developments. fields - depletion The world’s total expenditures on offshore oil 5 years are Western Europe (including Norway) provided that technology UK continental shelf is already seeing the first and gas projects in the period 2003–2007 are with 27 percent,West Africa (25 percent) and 1900 1900 1940 1960 1980 2000 2020 is available to develop indications of the new trend. estimated at 100–110 billion USD per year. the US Gulf of Mexico (20 percent). Expenditure * Petroleum Assessment 2000 (Reston,VA, July 2000). these resources. Global in the floating production sector is again oil reserves are Technological advancements will bring more According to analyst Douglas-Westwood, subsea dominated by West Africa (35 percent), the US adequate, though efficient production from non-conventional sources developments and floating production systems are Gulf of Mexico (19 percent) and Latin America non-conventional oil will of oil, and converting gas to liquids will become among the fastest growing areas in offshore oil (19 percent). probably account for a growing portion of supply. more and more relevant. and gas. Levels of expenditure in these areas Natural gas and coal reserves are abundant. Natural over the next 5 years are expected to increase 4 gas will have a growing market share, from 23 The development and deployment of new by 40 percent and 390 percent respectively, relative 5 Achievements in the international markets International sales by Norwegian oil and gas Australia a 5-year framework agreement was signed MAINTENANCE, MODIFICATIONS AND suppliers and service companies have with Woodside for the delivery of engineering OPERATIONS (MMO) The contracts in the demonstrated a positive trend in recent years. services, subsea facilities and services.The contract ”The secret of success is MMO area tend to be awarded either to large Sales in 2001 were estimated at USD 4.5 billion, primarily covers Australia, but Woodside may also companies with an international network of offices an 18 percent increase on the 1999 figure. use the services in other regions. to focus on elements that or to local companies that maintain confidence and The Norwegian oil and gas cluster consists of you are good at.” trust with the clients. competitive international supply chains within 13 The Norwegian subsea industry has a leading areas. Achievements within selected areas: position internationally with a 70-80 percent Kjell Eggen, Aker Verdal ABB’s acquisition of Umoe Haugesund is an market share.The skills, experience and technology example of an international company bringing the SUBSEA In 2002 the Norwegian subsea cluster which have been developed on the Norwegian MMO capability of a local company abroad. Over The oil and gas processing won major contracts in Angola, Nigeria and continental shelf over many years are now being the two-three past years the company has The subsea cluster won Sendje Ceiba facilities of was Australia, including Shell’s development of the deployed abroad. PLATFORMS Maintaining a strong position in positioned itself in most regions of the world major contracts in Angola. fabricated by ABB Offshore (Picture above: ABB) Systems. (Picture: ABB) Bonga field, southwest of the Niger delta. Located the North Sea is still important for through the ABB network. 2002 marked a break- in more than 1000 m of water Bonga is Nigeria’s FMC Kongsberg Subsea, ABB Offshore Systems and companies in this area. Last year, however, through, with maintenance contracts in Brazil, and Brazilian drillfloor. first deepwater development. Aker Kvaerner are all competitors in the subsea Norwegian based companies won contracts in good positioning by the company in Egypt, (Picture under: Odfjell Drilling) area while Stolt Offshore and Prosafe in coopera- Canada, Brazil and the Middle East. Kazakhstan, Iran and several countries in West Fifth generation rig In Angola the companies won contracts at Dalia tion with selected partners are positioning Africa. Eirik Raude was chartered for and Girassol for TotalFinaElf. Both projects are themselves for subsea installation and intervention. In Brazil, a joint venture between Aker Kvaerner, assignment in Canada. located in Block 17 in 700-1400 m of water. In Siemens Oil and Gas and the Mauá-Jurong These achievements are the result of a firm (Picture bottom: Ocean Rig) fabrication yard won a contract on 2 utility modules business strategy with focus on regions with VALUE CHAIN for Albacora (Petrobras).This contract is an growing prospects in MMO. example on package suppliers teaming up in order TYPE OF to be competitive in international markets.
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