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Petroleum Review Also in this issue: Transitioning to a low Oil and gas prospects for Supply chain moves to carbon future 2017 and beyond improve bottom line The magazine for oil and gas professionals February 2017 Decommissioning conundrum Many investors regard decommissioning as a 'wild card' Magazine of the Hosted by: International Petroleum Week 21 - 23 February 2017 Speakers include: H.E. Dr Mohammed Mohammad Sanusi Barkindo Igor Sechin Bin Saleh Al-Sada Secretary General, Chief Executive Officer, Chairman of the Minister of Energy & Industry, OPEC Management Board, Deputy Chairman State of Qatar of the Board of Directors, Rosneft Saif Humaid Al Falasi FEI Gretchen Watkins Tim Dodson Group Chief Executive Officer, CEO, Executive Vice President, Emirates National Maersk Oil Exploration, Oil Company (ENOC) Statoil Dr. Hoesung Lee Robert S. Franklin Hendrik Gordenker Chair, President, Chairman, Intergovernmental Panel ExxonMobil Gas & Power JERA on Climate Change (IPCC) Marketing Company Patricia Espinosa Julia Ross Andy Brown Executive Secretary, Head of Corporate Finance Upstream Director, UNFCCC & Marketing, Shell Tullow Oil View the latest programme and speaker line-up at: www.ipweek.co.uk IP Week Dinner Guest of Honour and Speaker: 23 February 2017 PATRICK POUYANNÉ Chairman and CEO, Total In partnership with: IP Week Gold Sponsors: VOLUME 71 | NUMBER 840 Contents Editor Kim Jackson MEI Also in this issue: t: +44 (0)20 7467 7118 Transitioning to a low Oil and gas prospects for Supply chain moves to carbon future 2017 and beyond improve bottom line IN THIS ISSUE… e: [email protected] Front cover: The magazine for oil and gas professionals February 2017 Fairfield Energy Deputy Editor Hosted by: Brian Davis is focusing This month’s issue of Petroleum Review t: +44 (0)20 7467 7142 attention on begins with a look at how the international e: [email protected] the decommiss- oil and gas sector is looking to transition to Editorial Assistant ioning of a low carbon future. We assess how central Anna Cole-Bailey its North Sea banks are positioning themselves to regulate t: +44 (0)20 7467 7117 Dunlin field e:[email protected] the process, and highlight a call for fossil fuel companies to disclose potential greenhouse Editorial enquiries gas emissions from their reserves as t: +44 (0)20 7467 7118 Decommissioning investors look to more accurately determine e: [email protected] conundrum Source: Fairfield possible downside risks. We also review Many investors regard decommissioning General enquiries as a 'wild card' Magazine of the Energy some of the strategies, innovations and t: +44 (0)20 7467 7100 e: [email protected] technologies being adopted by key players in the drive to decarbonise. Advertising For advertising opportunities Ahead of his keynote presentation at please contact: Luigi Fontana IP Week on 21–23 February 2017, OPEC International Petroleum Week EI Business Development Manager Update & regulars Secretary General Mohammed Sanusi t: +44 (0)20 7467 7182 Barkindo provides his view of the role of e: [email protected] OPEC and fossil fuels in the future energy 21 - 23 February 2017 Magazine subscriptions 2 Perspective mix. Chris Baker MEI We also look at the impact of shifting t: +44 (0)20 7467 7114 3 Upstream e: [email protected] oil prices on the markets, and outline some of the reasons producers can begin to be Membership 5 Downstream For all membership enquiries please hopeful of better times ahead. That said, Speakers include: contact e: [email protected] 7 Industry decommissioning is seen to remain a ‘vexing’ or visit www.energyinst.org issue despite a partial recovery in the oil H.E. Dr Mohammed Mohammad Sanusi Barkindo Igor Sechin 10 Energy Institute price. Bin Saleh Al-Sada Secretary General, Chief Executive Officer, Chairman of the Meanwhile, make sure to visit our website Minister of Energy & Industry, OPEC Management Board, Deputy Chairman to view two online features looking at the State of Qatar of the Board of Directors, Rosneft role of gas in decarbonising Europe’s energy Abbreviations markets, and how sources of financing will The following are used throughout Petroleum Review: help electricity network companies evolve to Saif Humaid Al Falasi FEI Gretchen Watkins Tim Dodson embrace new and disruptive technologies. Group Chief Executive Officer, CEO, Executive Vice President, mn = million (106) t/d = tonnes/day 9 3 Kim Jackson, Editor Emirates National Maersk Oil Exploration, bn = billion (10 ) kW = kilowatts (10 ) 12 6 Features Oil Company (ENOC) Statoil tn = trillion (10 ) MW = megawatts (10 ) cf = cubic feet GW = gigawatts (109) cm = cubic metres kWh = kilowatt hour b/d = barrels/day km = kilometre Low carbon future Finance and investment boe = barrels of oil sq km = square Dr. Hoesung Lee Robert S. Franklin Hendrik Gordenker equivalent kilometres 12 Systemic risk or greenwashing? 28 Reasons to be cheerful Chair, President, Chairman, t/y = tonnes/year Maria Kielmas Maarten van Wesemael JERA Intergovernmental Panel ExxonMobil Gas & Power No single letter abbreviations are used. on Climate Change (IPCC) Marketing Company Abbreviations go together 14 What’s at risk? 30 The decommissioning conundrum eg 100mn cf/y = 100 million cubic feet per year. Stephen Russell Nick Cottam Andy Brown Patricia Espinosa Julia Ross 16 Big Oil plans for a low carbon future Supply chain management Executive Secretary, Head of Corporate Finance Upstream Director, UNFCCC & Marketing, Shell Printed by Geerings Print Ltd Brian Davis 32 Oil price slump boosts logistics Tullow Oil Magazine of the innovation 18 On the radar Nnamdi Anyadike Nova Garabetian EI Technical 61 New Cavendish Chief Executive: IP Week interview View the latest programme and speaker line-up at: www.ipweek.co.uk Street, London Louise Kingham OBE FEI 34 Diesel filterability issues W1G 7AR, UK 20 OPEC and the future Ian Mylrea Mohammed Sanusi Barkindo Terms of control: Petroleum Review is circulated free of charge to all paid-up members of the Energy Institute. To libraries, organisations and Market prospects IP Week Dinner Guest of Honour and Speaker: persons not in membership, it is available on a See also online… single subscription of £310 for 11 issues in the UK 22 Anticipating sea change and £480 for overseas subscribers. Single issue £30 Future of gas in decarbonising PATRICK POUYANNÉ (UK), £45 (overseas). Agency Commission – 10%. 23 February 2017 Adrian Del Maestro and Craig Stevens ISSN 0020-3076. European energy markets Energy Institute Registered Charity No.1097899, Professor Jonathan Stern Chairman and CEO, Total 61 New Cavendish Street, London W1G 7AR, UK. 25 Lower pressure on the Gulf © Energy Institute 2017. The Energy Institute as a Visit bit.ly/2k4Vte4 Karim Nassif body is not responsible either for the statements made or opinions expressed in these pages. Unless specifically stated, the magazine is not a partner The role of capital in facing with, agent of, or in any other way affiliated with In partnership with: IP Week Gold Sponsors: any of the advertisers in the publication; nor does disruption it endorse any of the products of such advertisers Matt Rennie or external inserts included with the magazine. Those readers wishing to attend future events Visit bit.ly/2jDfzze advertised are advised to check with the contacts in the organisation listed closer to the date, in case of late changes or cancellations. To view the full conditions of this disclaimer, visit http://tinyurl.com/pdq4w7d Perspective PERSPECTIVE As much about oil as solar othing symbolised the planet will be among those who in which objective facts are less shifting tectonic plates will drive the development of the influential in shaping public N in energy technology alternatives we now need for our opinion than appeals to emotion more in 2016 than CEO Elon Musk future low carbon existence. and personal belief’. unveiling Tesla’s solar roof tiles This reference to global politics on the former set of TV show Reach, influence and relevance might seem a million miles away Desperate Housewives. This context puts a premium on an from our day jobs, but we have The cost of manufacturing one organisation that has international seen empirical evidence distorted watt of solar PV cell capacity fell reach and influence in the policy and proven expertise called into from a staggering $77 in 1977 to making arena and expertise and question closer to our own field. an equally staggering 36 cents in knowledge that spans the entirety Witness the alarmism that has 2014 (according to Bloomberg New of the energy system – what the surrounded technologies such as Louise Kingham OBE Energy Finance). Indeed, costs are IEA describes as the ‘trade-offs, co- onshore wind, shale gas, deepsea FEI, Chief Executive, forecast to fall even further, benefits and competing priorities oil production, as well as attempts Energy Institute between 40% to 70% by 2040 (IEA that need to be untangled across to discredit climate science. World Energy Outlook, 2016). the energy sector’. This is why I believe we are Factor in a similarly rapid drop The Energy Institute intends to vital, as individuals and, through in the cost of storage and it is easy position itself as that organisation, the Energy Institute, as a to see why smart innovators are with a new strategic programme professional and learned group piling into the territory, putting over the next three years aimed at right across the energy sector. In integrated, zero carbon lifestyle growing internationally, engaging this age of 140 character solutions into a price bracket actively in the policy debate and communication via Twitter, we accessible to mainstream supporting the low carbon must have pride and confidence in consumers. transition. ourselves, of what we know, what But tectonic plates move slowly; More specifically, by 2020 we we do and how we do it. this is no overnight transition. The will aim to have expanded our The public deserves an energy IEA’s World Energy Outlook is clear international reach into four debate that is evidence based, not – even in a post-Paris world aiming regions we are currently headline grabbing.
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