The Keys to Unlocking Future UK Production
Dave Moseley, Westwood Global Energy
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Westwood SPE Dinner Presentation November 2019
Abstract:
Production from the UK is expected to decline from 2020 for the first time in seven years. Based on existing assets, fields under development and those considered commercial for development, current production forecasts fall 700,000 boepd short of the OGA’s target of one million boepd in 2035. In this presentation Westwood Energy will discuss the three main areas and the associated challenges and opportunities in reducing this decline.
Maximising Economic Recovery – the bulk of remaining value lies within existing assets. How has the ownership of these assets changed in the last decade and what impact can the new players deliver?
New developments – where are the future developments coming from? There are over 400 undeveloped discoveries with 6.5 billion boe in resources but what are the technical and corporate challenges required to get these projects progressed.
Exploration and Appraisal drilling – what contribution to filling the missing production gap can it make? There has been an increase in exploration risk and volume, with appetite for new material resources, and Westwood reviews the impact on reserves replacement to date.
There are challenges, but the UK is at a pivotal time with a favourable fiscal regime, moderate stabilisation of oil price and a regulator empowered to deliver its strategy – so can we unlock the opportunities to succeed?
Biography: Dave joined Hannon Westwood in 2010 and moved with the company as it transitioned to Westwood Global Energy in 2015. In his current role as senior analyst he looks after much of the E&A analysis and report output for Westwood’s NW Europe upstream Atlas product and has regular commentary in various industry publications. He has a Masters in Geoscience from Keele University.
