| 12/12/2008 |
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Chris Bulley tells PROSPEX 2008: "North Sea exploration still attractive" |
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Press Release:
Long overdue rationalisation of small oil and gas explorers on the way but North Sea exploration still attractive
Chris Bulley, of UK upstream oil and gas consultants, Hannon Westwood, told an industry audience yesterday at Prospex 2008, in London, that 160 or so companies currently active in the North Sea is inherently unstable with as many as 90 of them having little or no production or cashflow.
Chris Bulley commented:
“This sector was not even stable before the oil price drop, but combined with the current financial market turmoil, the new climate should lead to a long overdue rationalisation amongst the smaller players.
“We have already seen the European utilities and sovereign wealth funds starting to invest heavily in the UKCS through asset acquisitions and it would be no surprise to see these acquisitions accelerate with both asset and corporate purchases starting to drive the market.
Click here for the full Press Release
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| 08/12/2008 |
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Hannon Westwood at PROSPEX 2008 |
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Visit Hannon Westwood on Stand 37 at PROSPEX 2008, 10–11th December at the Business Design Centre, Islington.
Please visit our stand to find out more about our new Applied Intelligence and Business Development Services. We will also be demonstrating the new version of our Atlas Intelligence Service and our new CD based UKCS Farm-in Report, which has just been published.
Hannon Westwood Executive Director Chris Bulley will be presenting an overview of Business Development in the North Sea: Drilling versus acquisitions and mergers, at 14.00 on Wednesday 10th December.
If you are unable to visit us at the exhibition but would like further details about any of our services, an information pack or a copy of the slides from the presentation, please contact me on 0141 534 7903 or karenalford@hannon westwood.com |
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| 03/12/2008 |
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The New Edition of the Hannon Westwood UKCS Farm-In Report is Now Available |
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The Winter 2008 Edition of the Hannon Westwood UKCS Farm-In Report is now available - click here for more information |
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| 03/12/2008 |
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The presentation by Jim Hannon to the North Sea Gas Operating Opportunities Workshop in Houston is now available for download |
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The presentation relates to a talk given by Hannon Westwood Managing Director Jim Hannon at the North Sea Gas Operating Opportunities Workshop on October 29th in Houston. The event was hosted by UK Trade and Investment and the Texas Alliance of Energy Producers at the Houston Petroleum Club. Jim spoke on The Gas Basin Versus the Rest of the North Sea - Recent Past, Current Performance and Future Opportunity
The slides are available on the UK in the USA, Foreign and Commonwealth Office website: click here to download |
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| 21/11/2008 |
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Jim Hannon to speak at the Oil & Gas UK Exploration Forum in Aberdeen November 25th |
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Hannon Westwood Managing Director Jim Hannon is to speak at the Oil & Gas UK organised Exploration Forum in Aberdeen on Tuesday November 25th. The talk will be on the subject of an Independent view of industry E&A forecasts in changing oil-price environment. Oil & Gas UK run several Forum meetings each year which allow members to be kept up-to-speed with activities and allow senior level representatives contribute to discussions on emerging issues is various areas. The Exploration Forum comprises Exploration Managers within Operator Companies.
Jim has been invited to present to the group following his successful and insightful talk at the same event in 2007.
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| 17/11/2008 |
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25TH UK OFFSHORE LICENSING ROUND ANNOUNCED - Hannon Westwood Comment |
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From Chris Bulley, Executive Director:
There are a large number of wells committed in this Round with 32 firm and 17 contingent well obligations. These wells were bid at a time when the oil price was about $100/bbl. It has since exceeded $140/bbl but is now in the $50-60/bbl range and there must be some concerns as to whether the funding and cashflow that underpinned the bids at $100/bbl are still available in the current climate. |
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Although we are still to complete our analysis of the Round, it is noticeable that the super-majors (BP, Shell and ExxonMobil) and large major, Chevron, have only been awarded one licence interest each, perhaps indicating that they see little of materiality left for them in the UKCS or that they were not willing to bid enhanced work programmes to compete with the newer more aggressive population of companies.
Following the precedent set in the 24th Round, when the award of several Blocks was held back, due to environmental constraints, in order to let the bulk of awards be announced, DECC has now held back 46 Blocks and part-Blocks scattered throughout most areas of the UKCS for further environmental assessment. This is close to 20% of the total awarded so far.
Prior to the 25th Round announcement, there were 161 companies with interests on the UKCS. 100 companies were successful in the 25th Round but this still leaves about 40% of active companies without an award. There also appear to fewer new entrants than in recent previous Rounds, possibly indicating that until the anticipated rationalisation in the junior oil & gas sector accelerates and releases more manpower, there are few E&A teams seeking to set up new start companies.
Not all unlicensed acreage within the mature play fairways has been awarded and, interestingly, the Platinum Block in the 10th Round, 21/5b, remains unlicensed despite it once being more than double covered with mapped prospects!
From our report on 25th Round applications:
"131 companies have applied for acreage, a record number, of which 15 are applicants that have not previously applied in a UKCS Licence Round, a lower proportion than in any of the previous four Rounds" though some of the apparently unlucky 31 companies may be in the "subject to further assessment" so the final total may be less than 31 companies.
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| 03/11/2008 |
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Hannon Westwood to launch Planned Well Service at the PILOT Share Fair on 11th November in Aberdeen |
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Hannon Westwood will be exhibiting at PILOT Share Fair on 11th November at the Aberdeen Exhibition and Conference Centre. Please visit us at our stand for a demonstration of our new Planned Well Service.
For more information regarding the Planned Well Service for oil and gas industry service companies, please click here |
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| 23/10/2008 |
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Jim Hannon to speak at North Sea Gas Operating Opportunities Workshop October 29th in Houston |
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Hannon Westwood Managing Director Jim Hannon is to give a talk at the North Sea Gas Operating Opportunities Workshop on October 29th in Houston. The event is being hosted by UK Trade and Investment and the Texas Alliance of Energy Producers at the Houston Petroleum Club. Jim will be speaking on The Gas Basin Versus the Rest of the North Sea: Recent Past, Current Performance and Future Opportunity.
Hannon Westwood will be in Houston 27 - 30th October. Please get in touch if you would like to arrange a meeting. |
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| 14/10/2008 |
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Hannon Westwood to Visit Calgary October 20th - 24th |
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Hannon Westwood Chairman Charles Westwood, Executive Director Chris Bulley and Senior Manager Simon Robertshaw will be in Calgary from October 20th to 24th. The purpose of the visit is to provide a series of presentations to Canadian oil companies interested in the UKCS.
If there is interest/potential interest in the UKCS then the team would be pleased to meet with companies and can offer an overview presentation of our view on the current UKCS market and activity, or a discussion on how we might be able to assist with their plans for the UKCS. |
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| 03/10/2008 |
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Jim Hannon interview at SmallCapNews on the future of the North Sea oil and gas industry
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Jim Hannon has got some mixed news about the future of the North Sea oil and gas industry. On the upside, there are more resources still hidden beneath the seafloor than most people would ever believe. On the downside, without a huge injection of outside capital and a move to consolidate among small-cap explorers, it could all be down there for a very long time.
Click here for full article. |
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| 24/09/2008 |
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Hannon Westwood expects a busy UKCS drilling schedule in 2008 and 2009 backed up by a healthy farm-in market |
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Looking forward, UKCS consultants Hannon Westwood currently see around 184 planned E&A wells on the UKCS hoping to secure a slot within the next 24 months. Inevitably some wells will not be drilled for different reasons: change in view of the technical case, partner drag, lack of access to a rig, but perhaps the greatest reason will be lack of available drilling funds. |
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 Read More... |
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| 10/06/2008 |
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West of Shetlands drilling delivers 50% of new UK reserves in 2007 |
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In a recent report on 2007 UKCS Drilling Results, Hannon Westwood estimates that the West of Shetlands contributed the greatest volume of exploration and appraisal (E&A) reserve additions in 2007, at 942 million barrels of oil equivalent (boe) out of a UKCS total of 1.9 billion boe. |
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Read More... |
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| 21/05/2008 |
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2006-7 Farm-In Wells – Number and Success Rates:
In a recent report, Hannon Westwood have reviewed Farm-in deals struck during 2006 and 2007 involving commitments to drill wells. |
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The review combines public information with Hannon Westwood’s unique Well Intelligence data.
Chris Bulley, a partner in Hannon Westwood, commented:
“The trend of 2006-7 drilled farm-in wells shows a marked shift towards lower risk appraisal wells as opposed to exploration wells. So far, in 2008, 12 wells have been committed through farm-in deals. The farm-in market is an important generator of well activity and looks set to remain an important vehicle for companies to achieve growth, as shown by the 50%+ success rate of drilled farm-in wells seen in 2006-7.”
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Read More... |
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| 14/05/2008 |
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Jim Hannon Speaks at DEVEX in Aberdeen:
UKCS FUNDING SHORTFALL PRESENTS LARGE SCALE INVESTMENT OPPORTUNITY |
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Speaking at the DEVEX 2008 Conference in Aberdeen today, Jim Hannon, Managing Director of consultants Hannon Westwood said that a combination of significant discovered and yet to be discovered oil and gas reserves and a funding shortfall presents a large scale investment opportunity for fresh capital to enter the North Sea.
Hannon Westwood sees plenty of exploration, appraisal and development activity fuelled by a vibrant farm-in / farm-out market over the next few years.
Jim Hannon said:
“It’s not so much a case of asking whether the North Sea is mature, but whether there are sufficient funds around to pursue a growing business.” |
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Read More... |
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| 09/05/2008 |
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Hannon Westwood Release ’Atlas’ the new delivery platform for providing Intelligence Services |
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This week, Hannon Westwood have launched Atlas, the new delivery platform for the company’s Intelligence Services, featuring unrivalled search functionality and an integrated intuitive GIS map interface which also serves as a portal to search its huge library of Intelligence reports.
The concept and delivery of integrated GIS intelligence enables clients to access on-demand targeted information on wells, blocks and oil and gas resources. It represents a real breakthrough in the delivery of meaningful intelligence.
Click here for more information |
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| 18/04/2008 |
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UKCS CONTINUES TO OFFER CONSIDERABLE INVESTMENT OPPORTUNITY
Farm-In Report outlines 180+ planned wells and 70 farm-in investment opportunities |
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UK Continental Shelf (UKCS) oil and gas consultancy Hannon Westwood today released a report on future UKCS activity and forecasted investment opportunity. The spring 2008 ‘UKCS FARM-IN REPORT’ offers unique predictive insight into farm-in opportunities available in over 180 planned UKCS Exploration and Appraisal wells. The report provides geo-scientists and business managers with crucial look-ahead well and technical detail in order to build a farm-in strategy and budget for 2008 and beyond.
Hannon Westwood anticipates there will be 70 exploration prospects through to 2010 offering short, medium and long-term farm-in investment, requiring a gross investment of over $1 billion per year over the next two or more years.
For more details or to purchase a copy of the report click here |
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| 10/01/2008 |
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HANNON WESTWOOD STUDY REVEALS 17 BILLION BARREL POTENTIAL
2008 UKCS 25th Licence Round expected to fuel record level of UKCS E&A drilling
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Hannon Westwood today released its ‘25th ROUND SCREENING STUDY’ on the potential resource opportunity in acreage of the 25th Licence Round. The study details both exploration and discovery opportunities lying in the acreage to be offered in the 25th Round.
Expected to launch in late January 2008, the Round will offer the largest number of Blocks for any UKCS Licensing Round, and has the potential to add 648 mmboe through discoveries and 16.6 billion boe thorough prospects to the UKCS asset pool. |
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Read More... |
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