In a world where the NOC share of the industry is growing – forecast by the IEA to be more than 60% in production terms by 2030 – our industry is finding new ways to act with and for resource holders in partnership: working within the grain of national agendas, addressing NOC needs in different ways, delivering services without ‘taking ownership’ of the reserves, and bringing the local supply chain and people along too.
The roles of the traditional players are changing. IOCs are increasingly moving out into the high technology space of unconventional, GTL, FLNG plays and into new and challenging geographies. Service companies are taking on greater risk and offer increasingly innovative commercial models.
These changes also include an evolving approach to partnering: IOCs are partnering with NOCs in new geographies and addressing local agendas in ever new and creative ways, service companies are looking to partner with NOCs and are also partnering with other service companies to expand what they can offer, and agreements are evolving with local oil and gas companies to align with the national agenda and enable capability growth.
Recognising the emerging capability challenge is key – that the limiting factor in our industry is not technology itself, but the capability, skill and experience to deploy technology to deliver projects on time and within budget.
The capability gap, coupled with the reality of our maturing sector, is a huge challenge for the industry but also an opportunity. To be successful requires a willingness to accept change, to manage risks in different ways, to adopt different commercial models and consider different ways of partnering between NOC, IOC and service companies.
Gavin Graham, Executive VP Business Development, Petrofac
Join distinguished speakers from IOC, NOC and industry experts sharing views on Partnership Models.
Admissions to this Industry Breakfast Session are limited to full conference delegates and available on a first-come-first-serve basis. Deadline to sign up for the industry breakfast session is 6 January 2014 after which registration to this session will be closed.
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