PESGB October 2019
Plus much more inside
Exciting PROSPEX ahead in 2019
The summer is now in the past and the holidays – which I hope you enjoyed – seem for me a distant, but happy memory. In our industry, the autumn typically is characterised by companies examining and updating their corporate strategies for the year ahead. Technical and Operating Committee meetings will take place between licence operators and their joint venture partners to consider and agree work programmes and their associated budgets for 2020 and beyond. The price of oil continues to provide a challenge to the industry’s appetite for investment into new and existing projects. The start of 2019 saw oil prices increase by around 40% from $54 per barrel to $75 per barrel in April. Since then, despite fluctuations through the summer months, the price of oil has softened to around $60 per barrel by early September, which is still some 14% above prices achieved at the start of 2019. Forecasts made by some analysts suggest that Brent crude will be trading at around an average of $65 in 2020.
As an industry we have to continue to balance E&P investment decisions against an unpredictable and volatile commodity price – but it was always thus! However, business continues as usual as is evidenced by the ongoing UKCS 32nd Offshore Licensing Round which opened back in July and closes next month.
As the TCM and OCM season comes to a close, the PESGB, through its PROSPEX Conference, provides the industry with the opportunity for companies to promote and market investment business opportunities to their peers. As on previous occasions, this year PROSPEX will take place at the Business Design Centre in Islington between 11th and 12th December. For those members who have not yet had the opportunity to attend, PROSPEX makes use of an exhibition area where booths exist for companies to promote and display the geotechnical details of their respective projects to delegates. In addition, there is a rich and varied programme which includes key note and technical presentations on a range of topics which takes place over the two days through a series of regional sessions.
PROSPEX 2018 was a great success with some 72 exhibiting companies attracting the attendance of more than 800 delegates. As with all its events, the PESGB aims to provide value for money to its members and sponsors. Registration is now open and members can attend the two day event at a cost of £186 each, which includes lunch and refreshments. Similarly, competitively priced booths are available to exhibitors. In previous years, PROSPEX has attracted attendance not just from the North Sea arena but also from international delegates. If you are interested in attending, PROSPEX offers great networking opportunities to those companies that wish to attract new investment partners as well as to those companies looking for new business development opportunities.
Lastly, I would like to thank those candidates who are standing in the current PESGB Council elections. By now, you will have received email notification that voting is open and closes on the 11 November, so I urge you to cast your vote promptly. The results of the election will be published in the December edition of the PESGB Magazine.
I look forward to seeing some of you at PROSPEX, if not before at the October and November PESGB evening lectures, details of which can be found in this issue of the Magazine.