| News |
| 04/05/2010 |
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Press Release: North Sea Oil alive and kicking |
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Hannon Westwood announces its 2009 UKCS North Sea Drilling Results ‘Analytical Report’.
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Highlights:
41 wells drilled in 2009, (compared with 77 in 2008) of which 28 were successful in appraising or finding additional technical reserves -68% success rate compared with 47% in 2008
the success rate in 2009 was more than double the long term UK average
1224 mmboe of appraised and new technical reserves found in 2009 compares with UK production of 836mmboe = 146% technical replacement rate
recovery in the oil price and reduction in rig rates is leading to a pick up in drilling in the 1st quarter of 2010
Please click here for more information.
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| 27/01/2010 |
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AAPG talk by Jim Hannon on 4th February 2010 in Aberdeen – “The North Sea: a race against time” |
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For the past six years, our firm has been building very comprehensive oil & gas resource data on field production, discoveries and un-drilled prospects; mainly to build our own detailed view of what reserves remain on the UKCS – albeit “in theory”. The answer always seems to be around 25 billion boe give or take a few billion and, more recently, we have played out theoretical drilling programmes to imagine the dynamics of this system, the timescales, the cash flow and the investments needed; plus the subsequent tax takes and jobs created.
But this dynamic isn’t everlasting, and the next step is to overlay the shutdown of pipeline and export routes and watch the upside potential being eroded, with the subsequent loss of national resource, loss of huge investment, loss of jobs and loss of tax take. In this talk, we will attempt this overlay; and we will model some simple shut-down sequences and start to quantify the scale of loss, and throw some light on the key areas (geographic or play or company size or sector). But much more work is needed to be done in our view, and in more detail, to develop a management tool or a continuous management reporting system to steer industry investment and cooperation and government fiscal stimuli - there are roles for both – and the benefits to the nation are enormous. We in HW are now getting involved in this work and developing the thinking and the software to provide insightful steers to optimise what we can of the oil & gas take.
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| 27/01/2010 |
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Jim Hannon to talk to OGUK on 2nd February 2010 in Aberdeen –
“The Potential of the UKCS 26th Round: prospects and discoveries”
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The talk details the oil & gas prospect and discovery potential on offer in the 26th Licence Round and then goes on to run scoping economics on each population to outline the extent of the commercial opportunity and the potential impact on new potential project NPV and investment levels. The talk comments on the potential levels of activity expected in the Round and the impact on 26th Round oil and gas project potential using today’s oil and gas prices. |
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| 02/12/2009 |
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NOW AVAILABLE - Hannon Westwood Special Report: 26th Round Screening Study |
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In advance of the opening of the next UKCS Round, anticipated in January 2010, Hannon Westwood has released its 26th Round Screening Study. Over the last decade, Hannon Westwood has been developing several databases in order to understand the resource remaining on the UKCS. As the area of unlicensed acreage increases through further voluntary and statutory relinquishments, the volume of reserves and resources available for licensing in the 26th Round will also increase. This additional potential will be captured in a supplement to the study.
Please click here for more information.
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