Oil & Finance 2014
Oil & Finance 2014: Mixed signals
The Norwegian E&P sector has been revitalised over the last years on the back of several and large discoveries. This has contributed to increased interest in areas such as the Barents Sea and a record number of companies participating in the APA 2013. Due to many successes the exploration and investment level is expected to remain at record high levels in 2014. Further, access to financing sources both equity and debt has improved compared to recent years. However, the investment appetite for the E&P space lags other sectors and majors are forced to postpone projects due to cash restrictions resulting among other from a high cost level and technically challenging developments. The programme for the 2014 Oil & Finance Conference will explore these topics in detail and also give relevant industry perspectives on E&P companies’ challenges on financing their activities.
Day 1 of the conference will focus on the Global Macro perspective and challenges for the Norwegian petroleum sector. The conference will be opened by Theodor Sveen Nilsen, Equity Research in Swedbank with a recap of what has happened since the conference last year. Among the presenters is WoodMackenzie who will provide perspectives on Macro economy and its impact on the energy sector.
The second session focuses on industry perspectives with relevant case studies. The session will start with a presentation of developments in the transaction market by Anders Witterman, an independent consultant to the E&P industry. Torstein Sannes of Lundin Petroleum will give his perspectives on the cost level on the NCS and provide a comparison to other regions. Ole Helgesen, journalist in Upstream will apply Yme as a learning case for what can go wrong in a field development project.
Day 2 will start with a presentation by Knut Vidjeland, Fondsfinans, looking at E&P companies from a credit research analyst perspective. Rune Solberg, Partner at Advokatfirmaet Thommesen, will address the implications for JV partners and creditors resulting from E&P companies in financial distress.
Anders Mørland will take us through Dong’s decade of growth on the NCS which got a jump start with the Ormen Lange acquisition. Arentzen de Besche will go through challenges and advantages of the NOG’s standard documentation for M&A transactions.
In the second session focus will be on financing topic. Global Head of Energy in DnB will make a presentation of financial growth on the NCS. DnB has become a significant lender to the E&P industry both in the exploration loan and credit facility market.
The final presentation is case study by Andrew Moorfield from Scotia on how Enquest recently secured financing for its operations.
[The final program has not been completed and additional lectures will be added shortly.]
The Oil & Finance Conference is a unique opportunity to learn from acknowledged experts in the oil and finance field on current industry trends and challenges. It is also a great networking opportunity, which has gathered over 100 professionals each year. In the evening there will be ample opportunity to talk with colleagues from the oil and finance industry during a beer tasting at Lysebu and subsequent dinner. This year the traditional wine tasting has been replaced with a beer tasting which will be hosted by Thomas Sjue from Austman and sponsored by Core Energy.
Welcome!
On behalf of the programme committee
Morten E. Lindbäck (chair)
Program
Wednesday 12. March
Registration
Lunch
Moderator day 1
Opening remarks
Developments in the Transaction Market
DEVELOPMENT ON THE NCS
Main Challenges for the Norwegian Petroleum Sector
Coffe & mingling
INDUSTRY PERSPECTIVE
3 cases
Case 1
Case study: Enquest financing
Case 2
“Wintershall Norge: Accelerated growth through M&A and exploration success
Case 3
High cost level on the NCS - Cost level comparison
Summarizing day one
Beer tasting
Dinner
Thursday 13. March
INDUSTRY ISSUES
Coffee & networking
Moderator day 2
E&P companies from a Credit Research Perspective
DONG Norge: A decade of growth
“NOG’s standard documentation for M&A transactions – advantages and challenges”
European M&A with focus on NCS
Coffee & networking
FINANCIAL ISSUES
Financing growth on the NCS, Berit Henriksen, Global Head Energy, DNB
NCS E&P companies in financial distress - implications for JV partners and creditors",
Lunch
Practical information
Venue:
Lysebu
Lysebuveien 12, Oslo.
Telephone: 0047-21 51 10 00
Fax: 0047-22 51 10 01
www.lysebu.no
Organiser:
Norwegian Petroleum Society (NPF)
Final date of pre-registration:
7th March 2014
Conference fee:
NPF personal members: NOK 10.900,- plus 25% vat
Non-npf-members: NOK 11.900,- plus 25% vat
The fee includes also: Beer tasting, conference dinner, lunches and coffee/tea/refreshments.
Payment:
Payment can be done upon registration by credit card (American Express, Master Card, Visa) If not paid by credit card you will receive an invoice from Norwegian Petroleum Society (NPF). Please assure that billing info on company is correct.
Cancellations:
Cancellations must be received in writing by 4th March 2014 and will be subject to a NOK 1000,- (plus 25% vat) cancellation fee unless a substitute delegate is offered. After 4th March, 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.
Conference paper:
Presentations from the conference will be available on Internet after end of conference. Delegates will be informed when available by e-mail.
Programme changes:
It is sometimes necessary to change timing and content of the programme. The conference organiser will not be liable for any such unavoidable changes.
Accommodation:
NPF has reserved a number of rooms at Lysebu for NOK 1575,- per single room per night (incl. vat) including breakfast, to be paid direct to the hotel. Please make reservations directly with the hotel by calling +47 21 51 10 20 or by mailing booking@lysebu.com referring to NPF/Oil&Finance conference.
Lysebu
Lysebuveien 12, Oslo.
Booking: +47 47-21 51 10 20
Telefax: +47 47-22 51 10 01
booking@lysebu.com
www.lysebu.no
Registration:
“Sign up” link above.
For more information please contact:
Project manager Mariam Jalal