UK PROSPECT FAIR 2004 UKOOA PERSPECTIVE - PowerPoint PPT Presentation

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UK PROSPECT FAIR 2004 UKOOA PERSPECTIVE

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Title: UK PROSPECT FAIR 2004 UKOOA PERSPECTIVE


1
UK PROSPECT FAIR 2004UKOOA PERSPECTIVE
  • Paul DymondUKOOA Operations Director

2
WHAT UKOOA DOES
  • PROMOTING THE UK OIL GAS INDUSTRY
  • INDUSTRY LOBBY FOR OPERATORS AND THEIR JV
    PARTNERS
  • RAISING STANDARDS / SHARING BEST PRACTICE
    (COMMERCIAL TECHNICAL)

WHO DOES UKOOA REPRESENT
  • WHY UKOOA IS INTERESTED BEYOND ITS MEMBERSHIP
  • PROSPECTIVE MEMBERS
  • JV PARTNERS OF MEMBERS
  • PART OF WIDER UKCS BUSINESS

3
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4
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5
YOUR WINDOW ON THE INDUSTRY
UKOOA
UKOOA website Industry Guidelines Study
Results Position Statements Infrastructure
CoP ILX Gas Market Report Economics Report
Activity Survey
6
LEGAL INNOVATIONS
  • SUPPLY CHAIN (Supply Chain Code of Practice)
  • FPAL Pre-qualification lists process
  • Standard Contracts Efficient effective
  • Mutual Hold Harmless Deed Eliminates cross
    indemnity
  • LICENCE AGREEMENTS
  • Master Deed Simpler, speedier execution of
    agreements
  • Pre-emption Constraint Flags intent and
    shortens time
  • Standard Joint Operating Agreement Efficient
    effective

7
  • C CoP
  • To promote co-operative value generation through
    improved commercial behaviours.
  • Key elements
  • Agreed timetable fit-for-purpose solutions
  • Senior management involvement high level drive
    and perspective
  • Post-deal reviews - learning
  • (Champions for all companies to facilitate deals
    and review C CoP usage)
  • I COP
  • To maximise recovery through optimal use of
    infrastructure capital and to facilitate third
    party business.
  • Key elements
  • Data transparency Technical data for option
    screening via DEAL portal
  • Fair terms conditions publishing actual
    tariffs terms
  • Dispute resolution ARN for 6 month run-down to
    agreement or SoS referral.

ALL UKOOA MEMBERS HAVE SIGNED UP..HAVE YOU?
8
DECOMMISSIONING
  • PROBLEM
  • 15-19 bn unfunded liability
  • Conservative approach raises cost of
    securities to industry
  • Joint several creates duplication
  • IMPACT
  • Smaller investors in end-field recovery,
    cant take on liability
  • Cost of securities inhibiting asset trades
    development investment
  • Regulatory fiscal uncertainty is dominating
    end-life decisions
  • WORK GROUP
  • Framework for Standard Decommissioning
    Securities Agreement
  • Wider government engagement to fix problem
    fundamentals

9
CONCLUSIONS
  • UKOOA is a broad church and dedicated to
    extending UKCS business opportunities the
    health of the industry relevant to all
    players
  • UKCS oil/gas production may be into decline
    phase, but - we have a long way to go, 30-50
    yrs - Promotes are an important route to
    extending the life of the province - Get linked
    into industry initiatives
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