Leading figures from three dynamic independent oil and gas companies will present their strategies and views of the challenges ahead at Oil & Gas UK’s forthcoming breakfast briefing, sponsored by Endeavour Energy, on Tuesday 19 June at the Aberdeen Exhibition and Conference Centre.
Tom Reynolds, chief executive officer of Bridge Energy, will outline how his company expects to deliver growth over the next few years through an increase in production from developments, resource growth through exploration, and acquisition. Access to experienced personnel, capital and a level playing field for decommissioning security, however, remain key challenges for the firm.
Funding strategy in a capital intensive industry and mature province will be the focus of the presentation by Ian Sharp, chief operating officer at Fairfield Energy. He will explain how the independents must explore alternative options for securing capital as the equities market and banks are no longer ready sources. In attracting new funding, Fairfield has identified a number of critical issues that could become barriers to future investment.
Mr Sharp said: “Fairfield is at an exciting point in its history, however, for the North Sea to be attractive to the independents and their investors, pressure on the pace of change in the North Sea must be maintained, covering issues such as the rate at which deals are done, improving access to infrastructure and moving to post-tax decommissioning securitisation.”
Paul Jennings, commercial director at Nautical Petroleum, will then discuss the importance of access to resources, including technical advances, expertise and funding. He noted: “As a small company it is important to ensure you are able to meet commitments and adversity. Identifying partners to strengthen our resource base has been key for Nautical as we consolidate our core areas and expand to new arenas.”
Oil & Gas UK’s operations director Paul Dymond will chair the briefing and host the panel session that follows the presentations.
He said: “Our industry is characterised by the diversity of companies operating within it. The aim of this current series of breakfast briefings is to showcase the similarities and differences of interest and perspective driving the technical and commercial endeavours of these companies. Previous events focused on the perspectives of integrated majors and large North American independents.
“The speakers on 19 June represent the North Sea independents, niche players who have been seizing new opportunities presented on the UK continental shelf (UKCS), specifically in exploration, heavy oil and late-life assets. They play an important role in ensuring growth of the UK offshore oil and gas industry and its contribution to the UK economy. Each company has a different approach but faces similar challenges. Access to capital, in particular, is essential for these businesses.”
Source: Oil & Gas UK, June 13, 2012