Annual Petroleum Economics Conference 2019
Welcome to the Annual Petroleum Economics Conference 2019
Dear friends and colleagues
It is again my pleasure to invite you to the Annual Petroleum Economics Conference. Last year we saw a record attendance from a diversified group of companies and our goal is to increase participation even further this year. The conference will give you a unique opportunity to get the latest and greatest update from the industry and to network and meet new colleagues.
Markets has recovered from the oil price drop in 2015 but the volatility and uncertainty is still high. We will give you the fundamentals of the industry and the latest views on the market outlook going forward. The committee have organized a program with a broad range of topics all very important and relevant for the E&P professional. Among others, we will touch on topics such as the ESA ruling on exploration refund, Unitization challenges, Decision Analysis and Valuation Methodology for M&A. We will also have deep dives focusing on value creation through exploration activities and value drivers in renewables.
A new agenda item this year is a panel discussion with participants from some of the major supplier companies to the offshore industry. We will get their view on the current market situation and the requirements for a healthy supplier industry going forward.
Last, but not least, we will repeat the success from last year with a social event in the evening including both a beer tasting session with a local brewery and the traditional conference dinner.
On behalf of the organizing committee, a very warm welcome to the Annual Petroleum Economics Conference.
Reidar Haver, OMV
Chair of the Conference Committee
Tuesday 22. October
Registration and Coffee
The debate on petroleum tax subsidies – ESA ruling and way forward ?
Some Reflections on Uncertainty, Decisions, Data, Models, and People
Unitization of petroleum fields on the NCS, main challenges
Undressing the bride - untangling the sellers' veil in E&P asset transactions
M&A, capital markets and ESG perspectives on North Sea O&G
The Economic Analyst role in Equinor
End of day 1
Beer tasting with Jåttå Gårdsbryggeri
Wednesday 23. October
NCS Transactions and Trends
Oil Market Update
NCS Company Landscape
The oil and gas sector as a driving force for the Norwegian economy – but what about the future?
Stepping up the Exploration game
Asset pricing vs.equity market values
New Energy Solutions-main challenges and value drivers
Panel Debate: Is cost inflation in oil service fair?
Sven Børre Larsen, Head of Strategy, TGS
Sturla Magnus, Executive Vice President Process & Structures, Kværner
Torgeir Løland, VP Supply Chain, Equinor
Rikard Gaarder Knutsen
Rikard Gaarder Knutsen was appointed Deputy Minister in the Norwegian Ministry of Petroleum and Energy on 22 January 2019. He is a representative of the Norwegian Progress Party. Knutsen He was previously Deputy Minister in the Norwegian Ministry of Agriculture and Food. Earlier he also served as Political Adviser to the Minister of Agriculture and Food, the Minister for Transport and Communications, and to the Progress Party's parliamentary group. Knutsen is a mechanic by profession and is the group leader of the Progress Party in Røyken municipality. He has held a number of positions in the Progress Party in Buskerud County and in the Progress Party's youth organization.
Petter Osmundsen is Professor of Petroleum Economics at University of Stavanger, where he is heading the Section of Petroleum Economics in the Department of Industrial Economics and Risk Management. He has a Ph.D. from the Norwegian School of Economics (NHH). In 1992/93 he was a Research Fellow at the Massachusetts Institute of Technology. He has previously held positions as Associate Professor at NHH at the Department of Economics and Adjunct Professor at the Department of Finance and Management science, and he has been Senior Researcher at the NHH affiliate Institute for Research in Economics and Business Administration (SNF). His research topics are tax design, valuation, contract theory, and incentive design - applied to the petroleum sector.
Børsum joined Swedbank in 2013 and held the position as Chief Economist in Swedbank Norway until he in August 2018 took on the role as Chief Credit Strategist. He previously worked at the Norwegian Ministry of Finance (2005-2013), among other things on the investment strategy for the Government Pension Fund Global (Norway’s sovereign wealth fund). He also has experience from Norway’s central bank, Norges Bank and Accenture. He holds a degree in business from the Norwegian School of Economics and Business Administration (NHH), an MSc in Finance from London School of Economics, and a PhD in Economics from the University of Oslo. He also studied political science at Sciences-Po in Paris (2002).
Reidar B. Bratvold
Reidar B Bratvold is a professor of decision and data analytics at the University of Stavanger and the Norwegian Institute of Technology. His research interests include decision analysis, data assimilation and analytics, portfolio analysis, real-option valuation, and behavioral challenges in decision making. Prior to academia, he spent 15 years in the industry in various technical and management roles. He is the author of the SPE book Making Good Decisions. Professor Bratvold has three times served as an SPE Distinguished Lecturer. He is the 2017 recipient of the SPE Management & Information Award and was the executive editor for the SPE Economics & Management journal. He is a Fellow of the Society of Decision Professionals and of the Norwegian Academy of Technological Sciences. He holds a PhD in petroleum engineering and an MSc in mathematics, both from Stanford University, an MSc in petroleum engineering from the University of Tulsa and has business and management science education from INSEAD and Stanford University.
Mette Karine Gravdahl Agerup
Law degree at Oslo University, Oslo - spesialized in petroleum law
1981 – 1986: Norwegian Maritime Directorate – petroleum safety and work environment
1986 – 1987: Norwegian Guarantee Institute
1987 – 1990: Ministry of Local Government and Regional Affairs – petroleum safety
1990 - Ministry of Petroleum and Energy:
1990 – 1995: Legal adviser in Explorations Division
1995 – 1996: Ministry of Trade and Industry: Assistant Director General, Legal Section
1996 - 2002: Ministry of Petroleum and Energy, Senior legal adviser and deputy head, Legal Section
2002 – 2003: Deputy Director General, Head of Legal Section
2003 – : Assistant Director General, deputy head of Legal Section
2010 – 2014: Lecturer of Petroleum Law, University of Oslo (part time)
Areas of work comprise, among others:
• Policy/legal issues concerning the Norwegian petroleum sector
• Negotiation of cross-border treaties (Norway-UK, Norway-Iceland, Norway-Russian Federation) – focus on unitisation and gas transportation issues
• Legal issues related to carbon capture and storage
• Follow-up on Norwegian/Russian energy dialogue
• Policy/legal issues concerning petroleum activities in the Arctic/High North/Arctic Council/OSPAR
• Norway’s foreign aid project Oil for Development: Advising/lecturing in certain developing countries on formulation of petroleum policy, legislation, administration and good governance and resource management
• Legal issues related to trade in energy related services (WTO, EFTA, bilaterally)
• Legal issues related to the EU/EEA and petroleum activities
Anders Hannevik, Vice President Commercial Aker BP
Anders joined Aker BP in 2015 and is currently heading the Commercial Department. He has a long career in the oil business for the supplier industry, consulting business and oil companies - including companies like Kvaerner, Neste, Fortum, PWC and Chevron. 10 years internationally in UK, US and Sudan mainly with commercial and business development. From 2007 – 2011 Anders was heading the negotiation of the sharing of the oil resources when Sudan was divided into Sudan and South Sudan.
Anders holds a M.Sc. degree in civil engineering from the Norwegian University of Science and Technology.
Daniel is the Norwegian Oil and Gas transactions leader in PwC. Daniel brings a breadth of transactional experience from E&P and oilfield services from his 15 years with PwC in Stavanger. He has worked as an advisor on a number of large capital market transactions in addition to contemplated and completed private transactions. He regularly works for E&P majors and independents advising in transactions, including due diligence, valuation and modelling services and advice.
Daniel’s main industry focus is within oil and gas, and technology companies serving the oil and gas industry where transactions involving small to medium sized technology companies developed by a group of entrepreneurs have been very common. He regularly works for private equity and venture capital investors in a transactional setting and has an extensive network.
Daniele’s expertise spans the entire oil & gas spectrum, including exploration, production, refining, marketing and oil field services.
During his years with J.P. Morgan, he has assisted major integrated oil companies, national oil companies, as well as independent oil & gas players on several landmark advisory and capital markets transactions.
Daniele joined J.P.Morgan immediately after graduating; since 2004 he has been part of the Oil & Gas team, where he currently works as a Managing Director.
Daniele Apa graduated magna cum laude in Mechanical Engineering (MEng) from Politecnico di Milano, Italy in 2004.
Ole Martin Johnsen
Ole Martin has been Senior Advisor in Economic Analysis in Exploration in Equinor since March 2018.
He holds a MSc degree in Petroleum Technology from NTNU and a Master of Management degree in Finance from (BI). After joining Equinor (Hydro) in 1998 Ole Martin have gained a varied multi-discipline experience from both domestic and international projects covering exploration, field development and business development.
Hild Eirin Strømme
Hild Eirin Strømme is a financial analyst in the Corporate Controlling and Performance team at Aker BP ASA. Previously, she worked four years as an IT-consultant at Capgemini in the area of data and analytics (Business Intelligence). She holds a double master’s degree in Business Analysis and Management Performance (NHH) and International Management (CEMS-programme). She is excited about technology, and how it can make our life easier though more efficient processes and more automation of repetitive and manual tasks. At the conference she will speak about how to do just this, and how to free up time for more (financial) analysis and actual insight.
Anders Wittemann is an independent E&P strategy and business development consultant with Wittemann E&P Consulting (WEPC) since 2011 and as oil industry expert with M&A advisor INFIMA, with focus on the North Sea region. Anders has previous background from management consulting including McKinsey & Co and Petroleum Engineering with Shell working in UK and Oman. Anders has an MBA from INSEAD and an M.Eng in Petroleum Engineering from Imperial College and NTNU.
Bjarne has more than 20 years’ experience from commodity markets. He has worked with analysis, market modelling, structured deals as well as trading of commodities for large commodity trading companies like Enron Nordic Energy, Cargill in Geneva with primary focus on energy derivatives. He later worked for Point Carbon in Oslo analyzing the European EU-ETS emission market involving European energy politics as well fossil fuel markets. Bjarne has a Master of Science degree in mathematics from the University of Oslo. Since 2008 he has held the position as Chief Analyst Commodities in SEB covering energy, metals, agricultural products as well as precious metals. His primary focus over the past five years is however on coverage and analysis of the oil market.
Prior to joining Rystad Energy 4 years ago, he has worked for companies like BP, Talisman and Equinor and smaller E&P start-ups. This includes activities in Norway and internationally, onshore and offshore, covering all life cycles from exploration to mature producing fields and disciplines like reservoir engineering, production technology and drilling operations. Tore has also worked within the areas of corporate strategy, commercial and business development.
Tore holds a M.Sc. degree in Petroleum Technology from the Norwegian University of Science and Technology.
Karl Eirik Schjøtt-Pedersen
Karl Eirik Schjøtt-Pedersen is the Director General of the Norwegian oil and gas association. He is responsible for the overall direction, strategic development and organizational development for the association. The Norwegian oil and gas association has about 107 member companies and represents Norway’s largest industry.
2015 Director General of the Norwegian oil and gas association
2009 - 2013 Minister without portfolio at the Prime minister’s office
2006 - 2009 State secretary and chief of staff at the Prime minister’s office
2000 - 2001. Minister of finance
1996 - 1997. Minister of fisheries
2005 - 2006. Chair of the financial committee
2001 - 2005. Member of the regional and municipal committee
1997 - 2000. Deputy chair of the communication and infrastructure committee
1997 - 2000. Member of the Parliamentary delegation to the Nordic county assembly
1993 - 1996. Chair of the financial committee
1990 - 1993. Deputy chair of the financial committee
1989 - 1990. Member of the financial committee
1985 - 1989. Member of the regional, municipal and environmental committee
1985 - 2009. Member of Parliament (Labour)
2013 - 2015. Master of Business administration MBA (Copenhagen Business School)
1980 - 1985. Master of Arts - government relations, economics and law (University of Oslo)
SVP Exploration and Asset Initiation with 20 years work experience mainly in Exploration and Subsurface. Expertise as exploration manager access, project leadership, and technical work within G&G.
MS in sedimentology from the University of Bergen, then moved to Stavanger and started working for BP. Had one year in Stavanger before moving to Houston and worked 7 years for BP there in basins across the world. Worked both in production and exploration during these years, and have a strong background in geology and project management. Moved back to Oslo, Norway and did a PhD at University of Oslo. Started working for Det norske in 2011, and have worked there ever since through several M&A. Mainly worked in Exploration in Det norske/Aker BP, but worked as a business manager in the NOAKA area prior to SVP EXP job from August 1st 2018.
Minibio Teodor Sveen-Nilsen
• Equity analyst covering E&P and oil market
• Top ranked E&P analyst in Norway
• Master in economics from Norwegian School of Management (BI)
• Chartered European Financial analyst (AFA)
• MBA in Corporate Finance, Norwegian School of Economics (NHH)
Born in Stavanger 1968
Bachelor from BI (Norwegian Business School)
Started in Equinor in 1991, with roles within Finance and Control in the following areas;
1991-1993 Consultant, Exploration Southern North Sea (Norway)
1993-1996 Sr. Consultant / Head of Accounting (Vietnam – BP/Statoil Alliance)
1996-2000 Controller International E&P
2000-2001 Management Accountant, Kazakhstan (OKIOC)
2001-2005 Controller CFO Planning and Analysis
2005-2007 Head of International Planning and Control
2007-2013 Vice President CFO Performance Management
2013-2015 Vice President Natural Gas (NG) Operations and Contracts
2015-current Vice President New Energy Solutions (NES) Finance and Control
Director in Boards for; Dudgeon, Hywind Scotland and Arkona (not exhaustive list)
Torgeir Løland joined Equinor in 1997 and has varied experience from project management, procurement, strategy and business development.
Torgeir Løland is currently heading up the drilling, well and geoservice procurement unit within Equinor.
With teams based in Stavanger, Bergen, Trondheim and Austin the unit manage all procurement activities related to mobile and fixed drilling units, light well intervention vessels, underwater inspection drones, well services, interventions, steel, seismic, research & development as well as services related to unconventional drilling.
Løland is a trained officer from the Norwegian Naval Academy
Sven Børre Larsen
Prior to becoming Head of Strategy in TGS earlier this year, Mr. Larsen was CFO of the same company. From 2010 to 2015 he was CFO of Prosafe and before that he was CFO of Prosafe Production. Earlier in his career he worked as a Financial Analyst in Fearnley Secutites, Danske Bank and First Securities.
Executive vice president Process & Structures, Kværner AS
Sturla Magnus joined Kvaerner in March 2017. He comes from the position as regional business stream director in Skanska Norway. From 2011 to 2014 Mr Magnus was project director and branch manager for the Kashagan Hook-up project; responsible for Kvaerner activities and personnel in Kazakhstan. Mr Magnus has more than 20 years of experience from construction projects and management in the international oil & gas-, and the construction industry in Skanska, Aker Solutions, Kvaerner, Aker Marine Contractors and AF Gruppen. He holds a M.Sc in engineering from the Norwegian University of Life Sciences.
Clarion Hotel Energy,
Ishockeyveien 2, 4021 Stavanger, Norway
NPF personal members NOK 6,600 plus 25% VAT
Non-NPF-members NOK 8,600 plus 25 % VAT
Payment can be done upon registration by credit card (Master Card/Visa/AmEx) or by invoice. If the invoice needs to be changed due to wrong or missing information there will added a fee of NOK 100 to the total amount. All international payments must be approved before the conference starts.
The conference fee includes:
- Conference papers
Dinner is not included in the conference fee and must be chosen separately when registering. Fee is NOK 990,- plus 25% VAT.
Membership of the Norwegian Petroleum Society (NPF)
We offer conference participants to purchase membership of NPF together with registration and payment for the conference:
- 1 year membership for conference participants – with affiliation to NPF Oslo / Polyteknisk Forening (PF Olje) (NOK 1,600)
- 1 year membership for conference participants – other local charters (NOK 1,000)
Clarion Hotel Energy, Ishockeyveien 2, 4021 Stavanger, Norway
Price per night (incl. breakfast): NOK 1,195 for single room/ NOK 1,295 for double room. Hotel is not included in the conference fee and must be paid upon check-out.
Cancellations must be received in writing by 8th October 2019, and will be subject to a cancellation fee NOK 2.000 unless a substitute delegate is offered. After this date, the full registration fee will apply, however, substitutions will still be accepted. Substitutions for registered delegates may be made at any time, but we would appreciate prior notification.
In case of cancellation of the conference by the Norwegian Petroleum Society, (NPF), the participant will be refunded the conference fee and/or the exhibition fee. Other expenses the participants may have are not refunded, and is not the responsibility of NPF.
It is sometimes necessary to change timing of the programme. The conference organiser will not be liable for any such unavoidable changes.
For further information please contact:
Norwegian Petroleum Society
tel. +47 455 07 475