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Measurement, Reporting and Verification

Measurement, Reporting and Verification. CoP 16, December 2010. Who is Nexen?. Norway. Total 2010 production guidance before royalties: 230-280 mboe/d. Canada. North Sea. Gulf of Mexico. Yemen. Offshore Nigeria. Other International. Visible near-term growth

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Measurement, Reporting and Verification

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  1. Measurement, Reporting and Verification CoP 16, December 2010

  2. Who is Nexen? Norway Total 2010 production guidance before royalties: 230-280 mboe/d Canada North Sea Gulf of Mexico Yemen Offshore Nigeria Other International • Visible near-term growth • Diverse portfolio of assets • High-impact exploration program • Innovative oil sands strategy • Substantial opportunity inventory • Value added marketing business *

  3. Voluntary reporting preceded mandatory • Voluntary • Corporate governance – Stewardship and Sustainability • Association activity – working and cooperating with peers • Government Industry - Voluntary Registry and Challenge • Investors, Analysts and Shareholders • Carbon Disclosure project - Selective disclosure concerns • Mandatory • Resource Owner and/or Regulator • National data collection • Commercially sensitive data

  4. Data Collection and Management • Manual systems bases on spread sheets • Use of analogue systems and data • 3rd party review – tracking and verification weaknesses • End users key to system design and vendor selection • Electronic data base – Enterprise wide integration • Links to SAP Maintenance module and Production Accounting • Forecasting • Tracking compliance: obligations and assurance

  5. GHG reporting/verification for compliance • Governments and their advisors promulgating regulations requiring reporting equivalent to that for financials • In part this may be driven by those wanting extensive carbon markets • Regulators seem to be increasingly requiring reporting of relatively small, disperse emission sources (which can be large in aggregat • estimation methodologies for these sources have been developed (e.g., API Compendium) • uncertainties in these emission estimates may be high for individual sources but may not be large overall • in response to these high uncertainties regulators tend to be moving to more prescriptive measurement based methodologies

  6. GHG reporting/verification for compliance • jurisdictions are not harmonized: the result is different reporting requirements in different jurisdictions • internal emission estimation and reporting systems may not meet everyone's requirements leading to increased reporting effort • additional metering, analysis and calibration requirements can significantly increase the cost of reporting and lead to premature closure of marginal assets • there are verification challenges due to the number of sources considered

  7. Transparency • In a world where some companies are required to collect, third-party verify and publically report GHG-related data, and where that data is used as the basis for life cycle analysis and low carbon fuel standards, the lack of transparency likely disadvantages the most transparent reporters • Can MRV level the playing field?

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