Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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The MFDC offers the freedom for members to work together as though a single unit, to collaborate together in smaller groups or as a single specialist as required, to deliver the overall project goals. Using their global presence and business development network, the strategic members enable MFDC to access potential opportunities worldwide. ABTOG will spearhead the initiative by identifying, assessing potential projects against the assessment criteria and executing commercial agreements. Once opportunities are known, MFDC will engage with operators and field owners to identify the applicability of its solutions for the specific project and whether it meets the business objectives of both the owner and the Consortium. Projects which pass this initial screening undergo a rigorous, risk-based Suitability Assessment to identify the most appropriate solution, identify key uncertainties and challenges within the project. The MFDC gives operators access to a team of experts with experience of marginal fields projects and intimate knowledge of the solutions available, accelerating this project evaluation process, providing assurance and reducing the cost. In addition, the MFDC provides invaluable access to specialists able to work through particular projects challenges at this early stage. Examples of how the MFDC help to deliver projects and facilitate project sanction include: Where required, ABTOG and Braemar ACM will work with field owners to put together financing package and raising the necessary funding to deliver the project. Led by RMRI/ABTOG, the MFDC will prepare and manage the Field Development Plan alongside the operator As part of this process, MFDC identifies the roles of strategic members and additional suppliers who will execute all functions required throughout the lifecycle of the project. Having established relationships with experts who have a detailed understanding of the solutions and working practices in place, enables the MFDC to effectively engage specialists as required at critical stages of all projects.
MFDC identifies the critical value drivers for each stage of a project and engages specialists who possess expertise in each area, empowering them to advance that aspect of a project. MFDC consists of strategic members whose specialist and complementary capabilities will be crucial to all projects. Each company has a strong incentive to deliver the requirements of the projects and can make a material contribution to the MDFC. Marginal Field Delivery Consortium Marginal Field Delivery Consortium In addition to the strategic members, the MFDC engages with further specialists to deliver the remaining capabilities according to each project requirements, without these companies needing to become strategic members of the consortium. This collaboration enables MFDC to quickly access the range of capabilities required to deliver projects, operating with a unified approach.
Successfully delivering marginal field projects requires expertise across a broad spectrum of disciplines and dedication to cost efficiency. MFDC offers the skills, experience and capability, from project identification through operation to decommissioning, aligned with a single vision and common guiding principles. Key drivers are to ensure projects are delivered on schedule and within budget whilst optimising value through the production profile and recovery efficiency. As Dan Cole from consultancy McKinsey & Co. explained at this year’s OGUK Cost Efficiency briefing in Aberdeen, cost escalation in the UKCS has not been caused by more activity but by a combination of increased costs, which accounts for between 40-50% of the rise and greater inefficiency, between 30-40%. The traditional business model and working practices of large operators and engineering firms in the UK cannot deliver smaller projects, where costs are critical. As John Pearson, Group President Europe and CIS, AMEC Foster Wheeler, and Trevor Garlick, BP’s Regional President North Sea, noted at the OGUK annual conference in June, lack of standardisation and bespoke designs is unnecessarily increasing engineering costs, vast companies continue to man-mark one another, projects are stifled by the strictures of multiple corporate procedures and inability to make decisions limit progress. All of which lead to cost escalation and ultimately result in marginal field projects failing or, more likely, the risks of this occurring prevent them from being sanctioned. If we are to deliver MER, what the industry needs are flexible, nimble specialists such as the members of the MFDC, who embrace innovation, reduce duplication of effort and adapt, appropriately, to the demands of each project. Careful, coordinated project and risk management will ensure that cost escalation during project definition and execution is avoided. By doing so, the MFDC addresses the drivers of cost escalation to unlock marginal field opportunities and deliver the greatest returns. As the basin continues to mature, we will see more fields being developed by smaller operators who do not have large, in-house expertise but will need to work collaboratively with the supply chain. By establishing the consortium the MFDC is leading the way and offers these companies the capabilities they need to execute projects.
The Marginal Field Delivery Consortium (MFDC) is a collaboration between industry specialists committed to developing the hydrocarbon resources around the world which cannot be economically recovered using conventional methods. Target ProjectsMFDC offers the technology and services required to deliver marginal oil and gas projects, including early production solutions, small or stranded hydrocarbon accumulations, and life extension for mature fields. Founder member, ABTOG, has developed normally unattended, re-deployable solutions which transform the economics of marginal fields. Using proven and appropriate technology, these production facilities can lower development costs by up to 60% compared to conventional methods; reducing CAPEX through innovative design and OPEX through the application of the principles of normally unattended installations.
Speaking at the opening of OGUK’s annual conference, CEO Deidre Michie issued a challenge to the UK offshore oil and gas industry to become ‘sustainable in a $60 world’, a price at which 10% of all current production in the UKCS fails to breaks even. Cost escalation of almost 20% per annum over the last decade and the subsequent fall in oil prices have increased the minimum economic field size, meaning that even greater numbers of fields are now considered to be sub-economic or ‘marginal’ using conventional development methods. With over 1.7 billion boe locked in hydrocarbon fields containing less than 30 million boe in the UKCS alone, where the average size of discovery is now below 25 million boe and continuing to decline, it is imperative that a solution is found to economically develop these resources and by doing so help to secure the future of the oil and gas industry in general and that of the UK in particular. To succeed, the industry will need to overhaul its approach to small field projects, not only the production solutions but the entire lifecycle including finance, field development, EPC, project management, operation and decommissioning. The key message of the OGUK conference was the demand to lower costs accompanied by the need for collaboration. Although there is a lot of talk about how the industry will collaborate together and good intentions to do so, in practice, commercial imperatives often take precedence or the challenges of negotiating terms stifle progress. However, one group of companies operating in the UKCS is leading the way.
Not seen interest in Enegi like this for nearly 2 years 20% in 2 days what's going on
UK’s BG Group has acquired three non-operated stakes offshore Newfoundland 30th September 2015 http://goo.gl/EZOPnN The blocks are located 200 km from St. John’s, Newfoundland offshore Canada. BG now holds a 25 percent interest in Block EL1123, and a ten percent interest in Blocks EL1125 .. Enegi Oil Inc has working interests in Newfoundland through an onshore petroleum lease, PL2002-01(A) and one offshore exploration license EL1070. A working interest in Ireland is held through an onshore petroleum licensing option, ON11/1. Enegi’s interest in the UKCS currently consists of Block 22/12b containing the Phoenix Discovery.
Enegi may not be the largest oiler on AIM, but it plans to shake up the way the North Sea is developed.
:)
At the end of June 2014 the price of oil began a decline that very few, if any, had predicted. Brent Crude fell from around $115 per barrel to $46 in a selloff that lasted a little under 6 months. The share prices of companies specialising in the exploration and production of oil were destroyed during the plunge in oil prices and many have been left at historically low valuations. Here lies the potential opportunity for investors. As the famous investor Warren Buffett once said; “Be fearful when others are greedy and be greedy when others are fearful.” Although oil prices continue to be volatile, those prepared to explore the fundamentals and take a view on the long term prospects of a company could be handsomely rewarded. A contrarian approach such as this may be difficult for some investors to stomach and such a view is highly dependent on an individuals time horizon and risk appetite, a solid understanding of these factors is desirable in the investment decision making process. This guide outlines the key factors for consideration when making your own investment in the sector, contents include:
A guide to selecting an investment in the oil and gas sector
share price too low
ABTOG has a number of targets for its technology, including already producing late-field-life projects where the aim is to recover more reserves and defer decommissioning costs; pre-production, early-field-life projects where the aim is to reduce investment risk in the early stages of a project through incremental development; and small field developments where initial assessment indicates ABTOG’s solutions can unlock the value of fields that were previously considered to be stranded. “It is imperative that solutions to achieve the cost reductions be configured from existing and proven technology,” said Alan Minty, chairman of Enegi. “Thus, the value in the current economic climate is very significant. Through the utilization of ABTOG’s solutions, cost reductions of up to 60% can be generated, which can create new projects or extend project life.” There are hundreds of marginal fields around the world. ABTOG’s solutions are thought to be suitable for a large proportion of those, although the investment required for some small fields will never be justified when the risks are assessed. At least someone is dipping their toe in the water to find out.
As the oil price crisis continues to bite, one interesting side effect is that offshore fields that were previously considered uneconomic to exploit—marginal fields—are becoming ever larger. Paradoxically, these fields are therefore becoming more appealing as development opportunities. If cost-effective solutions can be found to tap these fields, the rewards will be all the greater when the oil price starts to rise again. Although analysis by operators, suppliers and government bodies suggests that the industry should plan for the oil price to remain at current levels for the next three to four years at least, there are opportunities out there if projects can be developed at lower costs. In a bid to exploit these opportunities, the Marginal Field Initiative being developed by ABT Oil and Gas (ABTOG), a joint venture between Enegi Oil and RMRI Ltd., is taking the plunge. Global engineering and design consultancy Arup is the latest company to join the Marginal Field Delivery Consortium, a group that includes Kongsberg Maritime, Apollo, RMRI, Braemar ACM, AGR and Frames.
https://www.energyvoice.com/oilandgas/83966/enegi-and-arup-team-up-for-marginal-field-consortium/
http://www.investing.com/news/commodities-news/crude-oil-falls-after-u.s.-inventories-show-buildup-363855 Since ENEG's SP does seem to trail the price of oil, expect this to pick up ... especially since ENEG's plays won't be affected by any more sanctions on Russia or ISIS attacks on Russian oil pipeline infrastructure or refining or production facilities
whenever there's trouble in the Middle East, oil prices rise. Looking at the graphs for this, the SP has tumbled with the price of oil so, one would expect that ... either due to sanctions against Russia or because there are reprisal attacks by ISIS on Russian oil installations or Iraqi or Syrian oil productions being affected by the growing tension and unrest in the region, oil prices should rise so the SP here should rise ... as it should with other oil companies ... should be interesting to see. On top of all that, global markets bounced overnight so shares as a whole should rise today and we should see more volume on the whole. The DOW, FTSE, S&P and Nikkei all rose during the last trading sessions ...
not bad
we'll see how it goes ...
taxiway
very soon