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London Upstream Forum 2014 - Presentations

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07 October 2014

London Upstream Forum 2014 - Presentations

Report summary

The following presentations from the London Upstream Forum, held on 30th September 2014 are now available to download. - Corporate restructuring positioning for the next cycle - Exploration Trends and Acreage Valuation - Exploring in Sub-Sahara is Easy; Producing is Hard - The future of the North Sea - Russia's Liquid Challenge

Table of contents

    • - Corporate restructuring positioning for the next cycle The oil industry is going through the most dramatic phase of restructuring for a generation or more, with companies focusing on capital discipline in an effort to win back investors. Traditional growth strategies such as grass-roots exploration are also being tested. Yet at the same time, there are great opportunities for counter-cyclical players to build growth platforms and position themselves for the next cycle.
    • - Exploration Trends and Acreage Valuation Wood Mackenzie's latest views on the health of the exploration industry and acreage valuation, featuring key trends and activity updates.
    • - Exploring in Sub-Sahara is Easy; Producing is Hard Exploration success has continued unabated in Sub Sahara Africa in recent years. But translating that success in to production has proven much harder; less than 2% of the volumes discovered in the past decade have been produced. Wood Mackenzie examines some of the reasons why.
    • - The future of the North Sea There are huge and different challenges in the UK and Norwegian North Sea. High costs and marginal projects are prevalent in both countries, and resulting capital discipline is going to have a big impact. Exploration in the UK is in crisis, and while things are rosier in Norway – commercialising discoveries there is tough.
    • - Russia's Liquid Challenge The Russian government is dependent on the revenue from oil taxation – which accounts for 35% of its budget. A 20 year hiatus in frontier exploration means that there are few fields left to be developed after 2018. As a result the Russian state has incentivised tight oil and offshore Arctic exploration to fill this gap in post 2020 production, with tax breaks and abundant resources attracting IOC's – but sanctions could result in a retrenchment to the less glamourous brownfields and EOR.

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