• Tue. Jul 23rd, 2024

North East Connected

Hopping Across The North East From Hub To Hub

Amec Foster Wheeler President to highlight progress of Efficiency Task Force

18960Oil & Gas UK Co-Chairman John Pearson will praise the efforts of the UK’s oil & gas industry to become more efficient, but will reiterate more has to be done to improve efficiency in the face of the low oil price, when he speaks at the NOF Energy national conference in Gateshead on March 9. 

Recent figures from Oil & Gas UK have revealed the industry’s substantial progress in reducing costs and improving efficiency. In the past two years operating costs fell from $29.30/bbl in 2014 to $20.95/bbl in 2015 and are expected to fall further to around $17/bbl in 2016.  This will be a 42% reduction in operating costs.

It is the industry’s ambition to reduce operating costs further to $15/bbl, which is being driven by the efforts of companies across the supply chain and cross-industry initiatives through Oil & Gas UK’s Efficiency Task Force (ETF).

Mr Pearson, who is also group president Northern Europe and CIS for international asset support, engineering and project management company, Amec Foster Wheeler, will discuss the initiatives and opportunities for the supply chain at the conference being held in North East England.  

He will detail the efficiency savings the industry is making, and how it is delivering on its commitment to make efficiency savings in a challenging industry environment. 

Hosted and organised by business development organisation, NOF Energy, the national conference and exhibition, Energy: A Balanced Future, which is now in its sixth year, will see more than 400 delegates gather at Sage Gateshead to discuss the latest developments and challenges facing the industry.

Oil & Gas UK is taking the lead to help drive industry initiatives to achieve efficiency improvements and transformational change, and has formalised those initiatives under ETF.  The task force aims to drive efficiency improvements across the industry in order to create a sustainable industry in a lower oil price world.

John Pearson said: “The industry is continually striving to restore its competitiveness and substantial progress has been made. We’re on course to cut operational costs by 40% by the end of 2016.  However, in this new and unprecedented global economic environment further efforts are being made to ensure operational efficiency supports viability of the UKCS. 

“The role of the supply chain in this activity cannot be underestimated and the NOF Energy conference presents an excellent opportunity to engage with innovative companies bringing new ideas and technologies to the sector to improve offshore operations.”

George Rafferty, NOF Energy Chief Executive, said: “The energy industry is currently undergoing transformational change, which has been prompted by an increasingly challenging operating environment. The changes will require operators and contractors to examine and re-evaluate current practices in search of technology-led efficiency gains.

“It is vitally important that the supply chain as a whole endeavours to take a lead in developing new innovative technology-led solutions that can help the industry achieve efficiency gains. This is why the Efficiency Task Force is so crucial in providing an impetus for the change that needs to take place to ensure a sustainable future for the oil and gas industry and its supply chain.”

Mr Rafferty added: “This need for change, exacerbated by low oil prices makes this year’s conference all the more important for players in the industry; Energy: A Balanced Future provides an ideal platform for all companies, regardless of size to engage with each other, and generate collaborative relationships.” 

Alongside Mr Pearson, Energy: A Balanced Future features an impressive line-up of speakers from high-profile energy companies such as Jacobs, Apache North Sea, JDR Cables, Tidal Lagoon Power and IW Decom.

 The conference also incorporates an exhibition showcase area, where in excess of 60 energy-related companies will be demonstrating and discussing their skills, products and services to delegates; confirmed exhibitors include AJT Engineering, Tracerco, Macaw Engineering, DavyMarkham, Tees Components and McEvoy Engineering.

 Supported by platinum sponsor North East Local Enterprise Partnership, additional sponsors include Silver Sponsor Engica and Bronze Sponsors UK Trade & Investment and Brewin Dolphin, the event addresses the need for a balanced energy mix and covers oil, gas, nuclear, offshore renewables and shale gas.

To register as a delegate contact Sophie Palleschi on +44(0)191 3846464 or emailspalleschi@nofenergy.co.uk. For more information, please visit the conference website at http://www.energyabalancedfuture.com.

By admin