The Centenary Interview at IP Week was conducted with Dr Tony Hayward HonFEI, Executive Director and CEO, Genel Energy. Below are some of the highlights of the discussion between Dr Hayward, Eithne Treanor, the moderator at the event and conference delegates.
- Terms in Morocco are amongst some of the most generous in the world when it comes to the oil and gas industry.
- It’s good that the Nigerian industry is becoming more dominated by local players.
- Lots of oil and gas still to be found in many parts of Africa.
- South Sudan has a big resource base but it is only partly explored and even less developed. For any foreign investment to occur, it needs a secure and stable operating environment.
- China is importing 7 million bpd of oil and mainly from the Middle East.
- Turkey is a very large energy consuming market and a very large gas consuming market. It has a bit of coal but very little else in the way of natural resources. It mainly deals with Iraq for imports as it is the cheapest source it can find to meet the demands from its market.
- Scottish independence will have no impact on the oil market whatsoever. The industry is very good at working with governments/whoever is in power.
- Argentina has not been an easy place to operate in the last few years, however it is a good place to invest as it has big resources.
- The UAE doesn’t need the price of oil to be over US$ 100 /bbl, unlike Russia.
- All efforts in the USA are currently being put in to the production of liquids.
- Over the last decade the emergence of the US has been similar to that of OPEC when it first was formed.
- The continent has seen a big change in its oil and gas flows but the industry is still criticised for not investing enough in technology.
- Whilst OPEC is happy with a price of US$ 100 plus, for a barrel of oil, the oilsands need a price of US$85 or over to make it a viable investment.
- When it comes to the USA, places like Denver with big trucks and long distances to travel, have a long way to go when it comes to fuel efficiency.
- We need to get the US to export more oil, but will there be too much and will it depress the oil price?
- The oil and gas industry has always been characterised by incremental improvement in technology.
- The flow of trade used to go East to West but it is now going West to East.
- Due to the depths of this winter the industry is looking very tight and as we come out of the winter we will only become reasonably well balanced.
- Independent companies are big identifiers of innovation and do take risks.
- When it comes to recruitment, the industry is doing a much better job at promoting itself than ever before. Yet, when it comes to those who do work within the industry, people are mobile within their own company but not between companies.
- The oil and gas industry is very exciting and is on the leading edge of many things.
- There needs to be more divergence between the price of oil and gas. Hopefully technology will allow this, possibly GTL.
- LNG is over promising and under delivering.
Read the article online at: https://www.oilfieldtechnology.com/exploration/21022014/ip_week_centenary_interview180/