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New technology in mature fields – Reflections

New technology in mature fields – Reflections. IEA Gas & Oil Technology, London, 13.6.2016 Roy Rusaa, Vice President Technology, Petoro AS. NCS – Large remaining reserve potential. Producing fields. Prognosis for petroleum production - NCS, Source NPD.

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New technology in mature fields – Reflections

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  1. New technology in mature fields – Reflections IEA Gas & Oil Technology, London, 13.6.2016 Roy Rusaa, Vice President Technology, Petoro AS

  2. NCS – Large remaining reserve potential Producingfields New technology in mature fields – Reflections Prognosis for petroleum production - NCS, Source NPD

  3. It is about attractiveness and competitiveness Global players’ assessment of opportunities Explore the potential Improve the economics through cost efficiency measures and new technologies New technology in mature fields – Reflections

  4. 120 mill bbls extra oil next ten years by continuing doubling of wells per year Five large, mature fields in the SDFI portfolio Source Petoro New technology in mature fields – Reflections

  5. Wellcost and delivery time reduced by 50% from 2014 to 2015 Average well cost and delivery time per well Ten fixed installations on five fields Average well cost (mill NOK) and delivery time (days) Average cost (mill NOK) Average days New technology in mature fields – Reflections

  6. Performance improvement in 2015 driven by push for immediate results • Improved cash flow • Quarterly results Early wins Strong cost increase • Simplification • Best practice • Planning • Performance measurement • Renegotiating rates New technology in mature fields – Reflections

  7. Need for more – and potential for more Increased competitiveness • Radical goals • 2-5 year horizon • Improved cash flow • Quarterly results Transformation Early wins Strong cost increase • Simplification • Best practice • Planning • Performance measurement • Renegotiating rates New technology in mature fields – Reflections

  8. If you want to go fast, go aloneIf you want to go far, go together Increased competitiveness • Radical goals • 2-5 year horizon • Improved cash flow • Quarterly results Transformation Early wins • Industrialize solutions and work processes • Co-operation culture • Business models • New technology • Industry co-operation – openness and trust Strong cost increase • Simplification • Best practice • Planning • Performance measurement • Renegotiating rates New technology in mature fields – Reflections

  9. Four factors affect if new technology adds value Business drive Management push ”Sourcing” of technology New technology in mature fields – Reflections Change management

  10. Strong business drivers • Increase competitiveness of new business opportunities • Increase confidence in reserve potential • Reduce unit cost New technology in mature fields – Reflections

  11. The technology and competence suppliers are committed, but… • Business case • Know your customer • Know your product New technology in mature fields – Reflections

  12. Dilemma- Balancing short and long term goals • Need radical goals • Need KPIs that drives innovation and avoids suboptimization • Need to reflect need for innovation in procurement strategy and contract incentives • Standardization to drive change – not only cost reduction New technology in mature fields – Reflections

  13. OG21 – A cross industry initiative appointed by the ministry of Petroleum and Energy to advise on R&D Allocation letter • DEMO2000 • Demonstration and piloting • PETROMAKS2 Research and development New technology in mature fields – Reflections Basic and appliedresearch Pilots and tech. demonstration Market

  14. Everything is easier said than done • Minimizing capex strongly influences concept selection in present environment • Need to paint the "Why Change"- story? • The customer is the customer, but not necessarily right New technology in mature fields – Reflections

  15. Just bad luck that no oil companies or main suppliers are perceived to be among the most innovative? Source: Innovation in 2015 The Boston Consulting Group’s tenth annual global survey of the state of innovation 15 New technology in mature fields – Reflections

  16. Let's do it… New technology in mature fields – Reflections

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