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UTC Preview “Since you can’t just cost-cut your way the direction of assets with capex ? ex- to make projects as pro? table as possible to greatness, new technology and new ibility more than to assets with long lead “even in such a scenario.” She empha- business models are needed to times.” sizes cooperation with suppliers, “so that create the ‘new and improved’ Another speaker at UTC, both supplier and operator can deliver

E&P 2.0 that we so desperately Margareth Øvrum, who is the cost-ef? cient developments throughout need to stay competitive at a executive vice president for the value chain.” lower oil price.” technology, projects and drill- But perhaps there is some light further ing for Statoil, stresses Statoil’s down the oil price tunnel, says Keisuke

Show more discipline commitment to using subsea Sadamori, director of energy markets

Haldorsen, who is also 2015 wells in the future when this and security at the International Energy president of SPE International, is the best and the most cost- Agency (IEA) in Paris and a keynote

Dr. Helge Hove will give the opening speech at ef? cient solution. says. speaker at UTC.

Haldorsen

UTC. He calls on the industry Earlier this year, Statoil “The market is in the middle of a cor- to be more disciplined, “especially in the awarded three contracts for feasibility rection that has yet to run its course,” he good, but also in the bad times,” pointing studies related to the implementation of explains. “Today’s low oil price environ- out that “in this way, the industry helps subsea processing factories. ment was brought about by the relentless itself to less ‘boom and bust’.” Pointing out that future resources are rise of North American supply, faltering

He sees the future with deepwater further from land, at greater depths and demand growth and OPEC’s decision in – and subsea -- oil production meet- in colder and harsher environments, she November 2014 to defend market share ing an increasing proportion of global says, ”Subsea processing technology and as opposed to price.” oil demand. “Brazil, West Africa, East the subsea factory will be vital to realize When asked how long it might be until

Africa, the Gulf of Mexico (US and Statoil’s business opportunities in these the industry will see any upturn, he

Mexico), Europe and the Arctic will ramp locations, and we are working on stan- replies, “Oil prices are likely to remain up...” dardized module sizes and interfaces.” in a lower range until there are concrete

However, he cautions, “Deepwater signs of supply tightness. The balances in

Competitiveness is key developments do... have a DNA that can our 2015 Medium Term Oil Market Report be troublesome — the long lead-time Øvrum calls on “the entire industry” to indicate that lower oil prices will trans- between discovery and ? rst oil. If the work hard on its competitiveness. The late into reduced supply growth later this ‘new normal’ for oil prices is rapid ups best response to the challenge of today’s year, resulting in a rebalancing that could and downs, companies may be drawn in low oil price environment, she says, is support an uptick in prices.”

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