The UK oil and gas industry will continue to make a vital contribution to the nation's security of energy supply for decades to come with estimated remaining reserves of up to 25 billion barrels. However, the UK oil and gas industry is not immune from the impacts of the current global recession and banking crisis.
Given the Government's recent policy of encouraging the growth of the UK supply chain and to support the introduction of new, smaller oil companies to invest in UK oil and gas production, there is now a broad array of firms that are equipped in different ways to operate within the current economic climate.
The second of Oil & Gas UK's 2009 seminars will highlight the range of business models now found in the sector and consider how those structures could affect the robustness of firms' operations in difficult economic circumstances.
At this highly interactive, one-day event, delegates holding financial, commercial and managerial positions within the oil and gas upstream sector will hear about the business models practised by entrepreneurial companies such as Tullow Oil plc and TAQA Bratani Limited. They will also learn from the experiences of more established producers and contractors who have operated on the UKCS for decades and whose business models have evolved over time in response to the changing economic climate, such as AMEC, Petro-Canada and BP.
The seminar will help delegates understand the position of financial institutions in this global recession. Speakers from banks, energy investment companies and business advisory services will first offer their views on how exploration, production and service companies can present themselves to maximise interest from potential growth partners, whether via debt or equity markets; they will also engage in discussion on this topic.
Finally, a senior representative from DECC, will explore the success of PILOT programmes to improve the business environment such as the fallow, stewardship and changing gear initiatives.
The seminar presents an excellent opportunity for representatives of the industry to debate and network on what is at this time a very important topic and crucial to the future of the North Sea.