Norwegian Embassy Reports on Asia Offshore Exploration and Production

MarineLink.com
Tuesday, April 16, 2013

Rising energy demand from Asia Pacific countries is a key factor driving the growth in regional offshore oil and gas exploration and production (E&P) activities. In response to this, The Royal Norwegian Embassy in Singapore, Innovation Norway in alliance with DNV and Norwegian Business Association (Singapore) is staging the Asia Offshore Technology Conference in Singapore.

The conference will examine and draw practical conclusions about ‘The Challenges of Offshore E&P in Asia Pacific’. A specially commissioned report into the critical trends of the sector in the region will be unveiled at the half day event.

The report, by consultants Douglas Westwood, was commissioned by leading Norwegian Classification Society Det Norske Veritas (DNV), Innovation Norway and the Norwegian Embassy, and Mr. John Westwood, Group Chairman of London-based energy research consultancy Douglas-Westwood, will announce the findings of the report.

Based on interviews with 44 leading players in Asia Pacific’s offshore E&P business, the report sets out the challenges facing the sector in terms of economics, regulations, operations and technology, and how these might impact on activity. The survey spans the drilling, engineering, procurement, construction, installation, and operational phases of offshore oil andgas fields.

Three main trends formed the report’s backdrop:
• Expectations that Asia-Pacific (APAC) will to continue to lead global energy demand growth
• Deepwater will play a key role in the region’s oil and gas production
• Cost increases pose a major threat to the growth of E&P activity

The report suggests that over the next five years nearly 7,000 regional offshore wells are expected to be drilled, costing circa US $74 billion. Regional deepwater oil, currently 7% of offshore production, is expected to reach 17% by 2020.

Management and operational procedures, plus requirements for more and higher technical specifications for drilling equipment (e.g. BOPs) were cited by 71% of interviewees as an important challenge. Most respondents agreed that increasing regulatory constraints could pose significant challenges for operators in the region.

Incidents such as Macondo have increased the awareness of the need for stringent safety requirements and environmental security, and the need for new and better technical solutions.

As a highlight of the conference, representatives from the regulatory bodies of Indonesia, Timor Leste and Norway, will address these issues in a special panel debate.

The largest operational challenge for 90% of survey respondents was a lack of qualified human resources, making it the most pressing and prevalent challenge in the industry today.

On commercial issues, the report determines how significant the global financial crisis is to the regional sector. The extent to which Asia Pacific’s rig fleet can meet the challenge of technology is also addressed.

Other issues discussed in the report and highlighted at the conference include increased costs, technical challenges faced by the industry as a result of the move to deeper water environments, repercussions of the BP-Macondo incident in the Gulf of Mexico, and the need to develop high pressure, high temperature reservoirs.

The region’s areas of greatest potential are named, and also preferred hardware and technology to meet the region’s unique operating conditions. The sufficiency of supply chain capacity to meet demand growth is also assessed.

Mr. Tormod C. Endresen, Norwegian Ambassador to Singapore, and Mr. Lim Kok Kiang, Executive Director of Singapore’s Economic Development Board (EDB) are the guests of honor at today’s event.

Mr. Endresen said, “This survey allows us to understand more about the outlook and challenges of the offshore industry. The report points out that deepwater oil has an important role to play in catering to the global increase in energy demand. Safe deep sea drilling requires advanced technology and know-how, and that is why I see a considerable scope for industrial partnerships in this industry. Norway has longstanding experience in deep sea drilling and stands ready to engage with our partners in Southeast Asia.”
 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Research Vessel Concept a First for Voith

The new fisheries research vessel of the Shanghai Ocean University will be a first for Voith in several respects.   It is the first fisheries research vessel

Ocean Safety’s New Liferaft Facility Opens

Ocean Safety, a specialist in the worldwide supply, distribution, service and hire of marine safety equipment, has opened a new liferaft hire division.   Ocean

ISS Inks Service Pact with Technip

Inchcape Shipping Services (ISS) and Techniphave signed a contract to provide marine agency services and logistics for the Rashid C project in the Middle East. Currently

Energy

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

Japan's MHI Bags Indian Oil's LNG Storage Tank Contract

Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal

Gazprom, Gasunie Sign Framework Agreement - LNG

At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework

Offshore Energy

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

ISS Inks Service Pact with Technip

Inchcape Shipping Services (ISS) and Techniphave signed a contract to provide marine agency services and logistics for the Rashid C project in the Middle East. Currently

Indonesia Expects Total to Decide on Mahakam within days

French oil firm Total  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2018 sec (5 req/sec)