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PROTECTIVE MARKING (as appropriate) MER UK Forum May 2016 PROTECTIVE MARKING (as appropriate) MER UK Forum OGA Update Andy Samuel Chief Executive May 2016 Presentation title - edit in Header and Footer PROTECTIVE MARKING Government(as support appropriate) since last Forum Prime Minister’s visit to Aberdeen in January 2016 • Involvement Prime Minister and First Minister • UK Inter-Ministerial Group established • OGA contingency planning team in place • Immediate action and bridge to the future • Help retain and redeploy people and skills Globally competitive fiscal regime Aberdeen City Region Deal Supplementary charge down 30% to 10% £250m £180m Petroleum revenue tax down 50% to 0% Westminster and New Oil & Gas New basin-wide investment allowance Holyrood funding Technology Centre Clarifying tax treatment of decom costs OGTC Board established and search Two £20m packages for geophysical surveys underway for Chief Executive Strong engagement and support PROTECTIVE MARKING OGA progress(as appropriate) since last Forum Revitalising exploration MER UK Strategy OGA Corporate Plan January 2016 published Engagements with banks and investors Low oil price contingency team Protecting critical infrastructure 30+ successful continued facilitation interventions eg, discoveries, field extensions and 14th Onshore Round improved operations Licenses offered • 2015 seismic data released • 2016 programme begins summer • Seismic competition awards Asset stewardship Commercial • World-class visualisation facility scorecard meetings behaviours • More flexible licensing regime Delivering on our priorities and plans PROTECTIVE MARKING Alignment(as appropriate)of priorities Immediate priorities Key deliverables 2016 outcomes 1 • Complete WOS, Fulmar & Develop regional infrastructure studies (RD&I) • Regional plans in place for key areas plans • Deliver SVT, TGT & Brent By Pass of the UKCS solutions (OGA) 2 • Significant increase in confidence of Increase exploration • Deliver 2016 frontier seismic E&A potential and value drilling programme (OGA) • On track to double drilling by end 2020 (ie, 50 wells) 3 • Improve well, asset integrity & subsea • 3-year technology programme defined Develop existing solutions (OGA/TLB) and funding aligned with OGTC discoveries • Technology strategy , plan and funding • Plan to maximise recovery of proposal (OGA) discovered resources of 4.3bn barrels 4 Reduce costs and • Engage workforce with cost and • Achieve average $15/boe unit efficiency programmes coupled with operating costs improve efficiency cultural change (ETF) • Achieve 80% production efficiency 5 • Improve viability of transferring assets • Enhanced competiveness and value Enable asset (OGA) with top two barriers to transfers transfers • Late Life and decommissioning removed or risks mitigated in sector strategy and plan developed (OGA) strategies and plans by end 2016 MER UK Boards integrating plans and working together PROTECTIVE MARKING (as appropriate) Asset Stewardship Ray Riddoch (Nexen) Gunther Newcombe (OGA) May 2016 Presentation title - edit in Header and Footer PROTECTIVE MARKING 1 Asset Stewardship(as appropriate) Summary To enhance & improve asset stewardship by maximizing value by improving safety & efficiency and Purpose reducing cost • Improving asset management and integrity, Increasing production and reducing costs Priorities • Delivering projects within schedule and budget • Delivering EOR reserves Industry lead Ray Riddoch (Nexen) Support lead Gunther Newcombe (OGA) Bruce Price (BP) Matt Nicol (Centrica) Selma Hunter (Doosan Babcock) Brian Cowell (EDF) Neil Gordon (Subsea UK) Andrew Ferguson (Petrofac) w Members Steve Gardyn (Talisman Sinopec) Mike Tholen (OGUK) James Crawford (Wood Group) Eric Henderson (Maersk) Tim Martin (Ramboll) Hans-Juergen Bister (INEOS) • MERUK boards, especially RDI, TB, SC & E and Cost & efficiency Key relationships • HSE, STEP Change & OGUK Funding and • OGA support funded from OGA Levy resources • Members support manpower and incidental costs from own budgets • Last board meeting 6th May, third meeting since start up in December 2015 Progress update • Discussed and approved framework for EOR and Asset Stewardship Strategy • Brainstormed key cost improvement initiatives with current focus on project optimization • Good linkage to industry work groups such as asset integrity, production efficiency & subsea Risks / • Asset stewardship covers a broad spectrum from exploration through to decommissioning • Close coordination required with established work groups: PETF, Subsea Stewardship and EOR interdependencies • Strong linkage with core work boards to ensure linkage and avoid duplication and confusion PROTECTIVE MARKING 2 Cost & Production(as appropriate) Efficiency Production Lifting Costs 4.5 4.0 3.5 3.0 2.5 2016 UKCS 2.0 Target $15/boe 1.5 29.3 21.0 17.0 Production Production mmboe/d 1.0 1.6 mmboe/day Lifting Cost $/boe Cost Lifting 0.5 1970 2015 1970 2016 Production Production Efficiency 2015 UKCS Average $21/boe Lifting Cost $/boe Cost Lifting Majors Others Significant improvements in increasing production & managing costs PROTECTIVE MARKING 3 Improving (asAsset appropriate) Stewardship Information Management Reservoir Exploration & Major Projects & Late Life Licencing Management Appraisal Developments Base Management Decommission Technology Develop Stewardship Expectations Framework Interviews Strategy Survey Reviews Benchmark Coach Survey 2016 2017 MERUK Asset Stewardship Board working closely with OGA PROTECTIVE MARKING 4 Key Issues(as appropriate)Discussion Exploration Wells Exploration & Appraisal Appraisal Wells • High well costs, misalignment & lack of funding • Government funding has helped longer term Number of Wells of Number • Promote UKCS exploration & share information • Reduce costs, improve marketing, attract investment 2016 2017 Producing fields Discoveries & Production 1000 Ongoing developments Currently locked fields • 350+ undeveloped discoveries & improve recovery 100 • Develop regional hub strategies & optimize 10 • Apply technology to unlock value Reserves Reserves mmboe • Share project learnings & maintain base activity 50 5.0 Late Life & Decommissioning bn bn £30bn • Avoid premature and costly decommissioning 25 2.5 • Improve Operator & Infrastructure owner alignment £2bn pa Annual £ Spend Annual • Encourage new late-life entrants & asset transfer Cumulative Spend £ Spend Cumulative 0 0 • Develop a low cost mature basin operation Continue to manage performance, change behaviours & improve alignment PROTECTIVE MARKING (as appropriate) Cost Efficiency May 2016 PROTECTIVE MARKING (as appropriate) Cost Efficiency Board Summary Highlights since December Inventory Rationalisation Project Subsea Technology • System Launched in April Identifying efficiencies that 2016 could be applied to subsea • Six companies developments adopting a • In excess of 200,000 items simplified approach and available for industry trading standardisation Immediate opportunity to fast 30 companies involved track efficiencies Engaging with industry through workshops to realise Provides quick access to opportunities in current and items when needed future projects Reduces lead times, spend Up to 30 per cent savings possible and warehouse costs Plan forward - Highlights Procurement Logistics Need to quantify wastage and establish how it can be Seek to understand how collaboration can reduce costs. removed from the tendering process. Terms of Reference being finalised, participants Operators and Contractor reviewing ITT & Tender identified to progress the optimisation plan. processes. First meeting to be arranged for May - report to Meetings to be arranged starting in May and report to Participants and Industry by September ’16. Industry by October 2016. Workforce Engagement Maintenance Work with other MER UK Boards Need to involve all levels of oil and gas Regimes need to be simplified and community in ETF identified. wastage reduced without cutting the Key Board interactions: maintenance work being carried out. Communications plan for Workforce Supply Chain underway. Maintenance optimisation guidelines first draft complete. Asset Stewardship Development in progress – to go live in To be published in July 2016. Summer 2016. A catalyst and vehicle for pan-industry improvement in efficiency by encouraging cooperation and focusing on value adding initiatives to create a sustainable sector Discussion: What else can we do to improve behaviours? A study by Oil & Gas UK and Deloitte shows Operator Collaboration Index (CI) score has moved from 5.9 to 6.7 between summer of 2015 and March 2016 – what can we do to enact further positive change? Delivering the behavioural change this sector needs to compete in a lower oil price world, a step-change in our culture. Other projects include: The Industry Behaviours Charter The Rapid Efficiency Exchange CI Efficiency Network Workforce Engagement Efficiency Roadshows 15 PROTECTIVE MARKING (as appropriate) Technology May 2016 PROTECTIVE MARKING Technology(as Leadership appropriate) Board (TLB) Work with industry, government and stakeholders to adopt, adapt or develop oil & gas technologies, securing Purpose investments, to deliver high value MER UK benefits and strengthen industry competitiveness through deployment 1. Small Pools: Unlock economic recovery of 2 to 3bnboe discovered resources 2. Well cost reduction: Reduce total well cost by 50% to enable further development of resources Priority Themes 3. Asset Integrity: Enhance asset integrity inspections to improve late
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