Oil & Finance 2023 Lysebuveien 12 Norsk Petroleumsforening 1 Week to go!
Oil & Finance 2023_2023-06-07 00:00:00
1 Week to go!
Oil & Finance 2023
Oil & Finance Conference 2023
– Energy in uncharted territories –
The turbulence in energy markets continued through 2022 with the continued war of aggression against Ukraine and disruption of natural gas supplies to Europe. Imports of Natural Gas from Russia to the EU have been significantly reduced. This reduction has mainly been compensated for by a sharp increase in imports of LNG, particularly from the US. Europe will need alternative natural gas supplies for years to come. The challenges facing the energy markets are no longer focused only on energy transition. Security of supply and affordable energy for all is strongly on the agenda, in Europe as well as globally. What are the outlooks for oil and gas markets? High oil and gas prices have strengthened revenues for oil and gas companies, but will their main strategies still be to find, develop and produce hydrocarbons as cheaply and efficiently as possible when energy is expected to stay in uncharted territories?
In addition to updates on oil and gas markets, we will have presentations from companies relevant for the actual situation in the industry. Presentation and panel discussion with representative from RBL banks, financial advisers and other capital providers represented, covering the equity and debt markets, both on the public and private side, as well as alternative financing solutions. Focus on recent trends and shifts in the market and what to expect when it comes to funding availability going forward.
In a pleasant environment at Lysebu, the 2023 Oil & Finance Conference also offers you plenty of opportunity for networking.
On behalf of the program committee,
Morten E. Lindbæck, (Chair)
Wednesday 07. June
Lunch and Registration
Teodor Sveen-Nilsen, Equity analyst, Sparebank 1 Markets, updates on what has happened since last year’s conference
Lars Erik Aamot, Ministry of Petroleum and Energy gives an updated status on the NCS
Jack Sharples, Oxford Institute for Energy Studies, informs about the European Gas Supply: Recent Developments and Short-Term Outlook
Greg Roddick, Wood Mackenzie, presents NCS from an international perspective
Refreshments and Networking
Anders Wittemann, Chief analyst, Wittemann E&P Consulting, gives an informative update on NCS trends and opportunities
Cyryl Federowicz, CFO, PGNiG, will inform us about implementation of the gas strategy on the NCS
Nicolai Lyngø, CEO, Sval Energi, presents Growth and strategy, keys for success on NCS
Refreshments and Networking
Ida Ianssen Lundh, VP Business Development M&A, OKEA ASA , will update us on Key BD considerations for acquisition of tail end assets
Jeremy Low, Head of European Oil & Gas, Houlihan Lokey, reflects upon dealing with majors regarding asset deals and exits - what do we see?
Stig Klausen Engelhart, BAHR, presents an M&A Deal Study on the NCS with a focus on trends and solutions in Norwegian E&P transactions
Thursday 08. June
OIL & GAS FINANCING – KEY PERSPECTIVES
Ananya Modi, Rothschild & Co, Update on E&P financing - international perspectives
Thomas Bethel, Herbert Smith Freehills LLP & Atle Gabrielsen, Wiersholm, will give a status update of RBLs on the NCS and internationally
Fridrik Agustsson, Pareto Securities AS, Will inform us about Bond financing for upstream E&P
Coffee and Networking
Carole Nakhle, CEO, Crystol Energy, elaborate on Energy markets outlook: expanding production capacity
Katrine Jokstad Kvanvik, Senior Legal Counsel Harbour Energy Norge AS & Torkjel Grøndalen, Partner, Schjødt, inform us about CCS and CO2 storage capacity – impacts and opportunities for oil and gas producers on the NCS
Peter Hiorth, Specialist in Oil and gas law, Schjødt, will inform us about transaction structures and approvals under section 10 of the Petroleum Tax Act
Ingvild Brandal Gaasemyr, Ministry of Finance, comments on approvals under section 10 of the Petroleum Tax Act
End of conference
Anders Wittemann is an independent E&P strategy and business development consultant with Wittemann E&P Consulting (WEPC) since 2011. Before this Anders was manager of consulting services with Rystad Energy AS, a management consultant with McKinsey and a Petroleum Engineer with Shell International E&P. Anders has an MBA from INSEAD and an M.Eng in Petroleum Engineering from Imperial College and NTNU. Anders is an associated oil & gas industry expert with the M&A advisor INFIMA AS and since 2020 a board member of Resoptima AS, the provider of reservoir modelling software.
WEPC works with E&P clients in the North Sea region on an independent basis or in partnership with other consultants. WEPC also publishes its proprietary Norway BD Book to oil companies in Norway.
• More than 20 years of experience in the oil and gas industry in Norway and internationally
• CEO of Sval Energi since late 2020
• Broad background including leadership roles in strategy, business development, asset management and operations in Equinor, Petoro and PWC
• Previous experience includes head of corporate strategy and Head of CEO office at Equinor
• Master of science in Industrial Economics and Technology Management
Ida Ianssen Lundh
Ida Ianssen Lundh currently works as VP Business Development in OKEA ASA, previously VP Drilling & Wells in OKEA ASA. She has also worked for Det norske oljeselskap, Norske Shell and Shell Global Solutions. With over 10 years of experience from the oil and gas industry, she holds extensive national and international experience and insight within company – and project management, technology and M&A. She is currently a board member of Scana ASA, and holds a master’s degree within petroleum engineering from NTNU/Colorado School of Mines.
Peter Hiorth works in the Energy Group of law firm Schjødt. He is a specialist in oil and gas law, including taxation.
Peter Hiorth has 40 years' experience from Norwegian and international oil industry and has advised on several of the most important transactions on the Norwegian continental shelf. He has served in a number of joint industry work groups on oil and gas taxation, including Tax Committee chairman of the Norwegian Oil and Gas Association.
Before joining Schjødt as a partner in 1999 Peter Hiorth held senior positions in the Norwegian government and international oil companies, including
• Deputy Director General in the Ministry of Finance
• Tax Manager in Exxon Norway
• General Manager in Fina Exploration Norway
Candidate in Jurisprudence, University of Oslo, 1980
Master of Law (LL.M.), Harvard Law School, 1983
International Tax Program, Harvard Law School, 1983
Ananya is currently a Director in the Debt Advisory team at Rothschild & Co. He joined Rothschild & Co in 2015, prior to which he was at RBS.
Ananya is part of the Corporate Debt Advisory team at Rothschild & Co with a focus on the energy sector. He advises a range of listed and private clients on their optimal capital structure, planning their borrowing exercise and on subsequently executing this.
Thomas is an energy finance partner with particular expertise in upstream oil and gas financings. He is one of the most experienced lawyers in the English law upstream oil and gas financing market. Over more than 15 years he has worked on well over 50 financings and refinancings in the sector, across Europe, Africa, the Middle East, Asia and North America. His experience also extends to complex project financings and restructurings in the energy sector.
Thomas' experience includes advising on the lender-side of deals involving all the major oil and gas banks in the market. He also regularly acts for borrowers, giving him a balanced understanding of the expectations of all parties. His approach is commercial and pragmatic, with a focus on finding solutions to structuring issues and points of negotiation to allow deals to proceed to closing efficiently.
Thomas has recently worked on a number of acquisitions in the upstream sector, for banks and private equity funds, and on a number of deals involving non-bank lenders.
Early in his career Thomas undertook a secondment to the commercial team of a leading oil and gas bank, giving him valuable commercial insight which he has carried forward and developed through his career. As a senior associate he was seconded to the firm's Middle East practice, working on a variety of project financings, Islamic financings and restructurings.
Thomas holds an M.A. in law from the University of Cambridge and is listed as a ‘Leading Individual’ in Legal 500 UK, recommended for Trade Finance, Bank Lending and Acquisition Finance.
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, (NHH)
• MBA in Corporate Finance, Norwegian School of Economics (NHH)
Atle is a partner at the banking and finance group of Advokatfirmaet Wiersholm AS and regularly assists Norwegian and international banks and financial institutions with various forms of financing, including financing to the E&P industry, such as RBL lending, investment grade corporate financing, hybrid forms of financing and acquisition financing.
Atle graduated from the University of Bergen in 2001 and has worked as a commercial lawyer since.
Cyryl Federowicz has 20 years of experience in the oil and gas industry. He joined PGNiG in 2003 where he worked in several positions including managing director, responsible for finance. He participated in the IPO (2005) and major debt restructuring (2005). From 2007 CFO of PGNiG Upstream Norway. Over the past decade he managed finance department with responsibility for financing, tax, modelling and accounting. He participated in numerous M&A projects on the Norwegian Continental Shelf that resulted in establishing one of the top ten companies on the NCS. Cyryl is responsible for financing of upstream operations, including several RBL projects.
Cyryl has Global Energy MBA from Warwick Business School.
Stig Klausen Engelhart
Stig has extensive experience from transactions (M&A) within the energy sector. With a background in oil and gas, Stig has advised in a number of key transactions and activities both in the oil and gas market and the renewable energy space.
Stig has previously served as in-house advisor to Aker BP and as Chief Legal Officer of Aker Energy, where he formed part of the Executive Management Team. Stig has extensive M&A experience nationally and internationally, and has had a leading role in many of the largest transactions on the NCS. Stig also has substantial experience from negotiating other complex and high-value contracts, such as the negotiation of unitization agreements for the coordination of ownership of oil and gas fields crossing license borders and the negotiation of petroleum agreements with foreign governments.
Katrine Jokstad Kvanvik
Katrine J. Kvanvik currently works as a Senior Legal Counsel in Harbour Energy Norge AS, the Norwegian subsidiary of the UK’s largest oil and gas company and operator of the Viking CCS project. She has extensive experience in handling a variety of legal issues related to the petroleum industry and energy business stakeholders. Prior to joining Harbour, Kvanvik worked in the oil and gas departments in law firms Schjødt, Michelet and Arntzen de Besche. She holds an LLM degree in Oil & Gas Law from the University of Aberdeen and a Master of Law from the University of Bergen.
Torkjel Kleppo Grøndalen
Torkjel is a partner in the energy group at Schjødt. He has twenty years of experience in the energy sector and has been involved in several different CCS projects over the last fifteen years.
Dr Carole Nakhle
Dr Carole Nakhle is the founder and Chief Executive Officer of Crystol Energy, an advisory, research and training firm in the UK.
She is an internationally recognised authority on the interplay between economics, energy, governance and geopolitics. With a unique breadth of experience gained from working across a wide spectrum of stakeholders, Dr Nakhle worked with major energy companies (Eni, Statoil) at the executive level, governments and policy makers (including Special Parliamentary Advisor in the UK), international organisations (Commonwealth Secretariat, IMF, United Nations and World Bank), as well as academic institutions and specialized think tanks on a global scale. She sits on the Governing Board of the Natural Resource Governance Institute (NRGI) and is Lead Energy Expert with the Geopolitical Intelligence Services in Liechtenstein.
Dr Nakhle has lectured at leading academic institutions, including: the Blavatnik School of Government at Oxford University, Dundee University and University of Surrey in the UK, The Graduate Institute in Geneva, Saint Joseph University in Lebanon, The National Defense University in the USA and Nato Strategic Direction South Hub in Italy.
She has published extensively and is an avid commentator on energy in the international media and at major conferences and industry gatherings. She is the author of two widely acclaimed books: Petroleum Taxation: Sharing the Wealth published in 2008 and re-printed in 2012 and used as primary reference in leading universities and industry training courses; and Out of the Energy Labyrinth (2007), co-authored with Lord David Howell, former Secretary of State for Energy in the UK.
An avid supporter of gender balance, in 2007, she founded the not-for-profit organisation ‘Access for Women in Energy’, and has supported the development of similar initiatives in Ghana, Tunisia and the UAE. She also provides mentoring support to young people around the world.
In 2022, Dr Nakhle featured in the ‘Top 22 Outstanding Women CEOs of 2022’ published by the New York based magazine The Women Leaders. A year earlier, she was selected ‘CEO of the Year’ in the UK, by CEO Monthly Magazine. In 2020, she was awarded the prestigious Fellowship of the Energy Institute and featured on the Energy Council’s list of Top Female Executives in the global energy industry. In 2017, she received the Honorary Professional Recognition Award from the Tunisian Minister of Energy, Mines & Renewable Energy.
Jeremy leads Houlihan Lokey’s European Oil & Gas investment banking advisory and capital raising business. Jeremy started his career in Finance with Shell in the North Sea in the mid-1990’s before moving into Investment Banking where he has been advising clients for the past 25+ years. Jeremy brings established long-standing relationships across the energy and oil and gas industries, including with the Majors, NOCs, E&Ps and Investors.
Recent transactions include advising Equinor on the sale of an interest in the Statfjord Area in Norway and advising Equinor on the recent acquisition of Suncor UK. Over the past 7 years, Jeremy has advised on transactions worth over US$25 billion. Prior to joining Houlihan Lokey, Jeremy was Co-Head of Investment Banking at BMO Capital Markets in London.
Fridrik R. Agustsson
Fridrik has been with Pareto since 2019 and is a part of the E&P investment banking team. He has been involved in a wide range of IPOs, private placements, M&A and bond issues raising in excess of USD 3bn. Holds a MSc and a BSc from Norwegian School of Economics, with an exchange semester at EDHEC Business School.”
Greg has over 15 years of experience in the energy industry, focused on corporate analysis, fiscal modelling and economic evaluation of oil and gas projects.
He has been part of Wood Mackenzie’s North Sea upstream coverage, with a particular focus on Norway, since 2021. Greg has contributed to analysis and reports on key issues such as recent windfall taxes, Norway’s tax package and M&A evaluations.
Greg originally joined Wood Mackenzie’s Corporate Analysis team in 2012, delivering analysis and insight on the portfolios and strategies of international E&P and integrated oil and gas companies. In 2019, he moved into our Fiscal and Valuation team as a petroleum economist.
Before joining Wood Mackenzie, Greg worked as a commercial analyst for an independent E&P, working on major deepwater projects in Africa, business development and exploration evaluation.
Greg graduated with a BSc (Hons) in Geophysics from the University of Edinburgh.
Dr Jack Sharples
Dr Jack Sharples is a Senior Research Fellow on the Gas Research Programme at the Oxford Institute for Energy Studies (OIES). He is an expert in the supply-side dynamics of the European gas market, in particular regarding Russian gas supplies to Europe. He is the co-author of the OIES Quarterly Gas Market Review and a regular contributor to the OIES podcast series on European gas developments.
He holds a PhD in the Political Economy of Russian Gas from the University of Glasgow (2013). Prior to joining OIES in 2018, he was a Lecturer in International Energy Politics at the European University in St Petersburg and Visiting Lecturer at the Venice International University.
Lars Erik Aamot
Lars Erik Aamot has more than 20 years of experience from the oil and gas industry, mainly from different roles in the Norwegian Ministry of Petroleum and Energy. Since 2009 he has been the Director General for Oil and Gas in the Ministry. He obtained his Cand Oecon degree from University of Oslo, Norway in 1996. He joined the Ministry of Petroleum and Energy working with issues related to Norwegian petroleum and environmental policies. In 2000 he joined Statkraft as Senior Economist. In 2001 Norsk Hydro AS as a Senior Investment Analyst working with business development and follow-up of its activities in US, Libya and Russia. He returned to the Ministry as Deputy Director with responsibility of Economic Analysis in 2002. Between 2004 and 2007 he was the Counselor for Energy at the Norwegian embassy in Washington DC.
Ingvild Brandal Gaasemyr
Ingvild Brandal Gaasemyr is a legal advisor in the Tax Law Department in the Ministry of Finance. She has extensive experience from the Tax Law Department/Ministry of Finance and has worked in various subject areas and for several governments. Cand. Jur. 2004 from the University of Bergen with the subjects petroleum law and company law from the University of Oslo.
Norwegian Petroleum Society (NPF)
Members of Conference Committee:
- Morten E. Lindbæck, Ministry of Petroleum and Energy (Chair of Committee)
- Erlend Bakken, Advokatfirmaet Schjødt
- Tore Orm Sitje, Arctic Securities
- Jarand Lønne, SpareBank 1 Markets
- Marit Moen Vik-Langlie, OKEA
- Ole Kristian Busterud, DNB Bank
- Joachim Bjerke, BAHR
Lysebu, Lysebuveien 12, 0712 Oslo, Norway
Telephone: +47 21 51 10 00
- NPF personal members NOK 11,400 plus 25% VAT
- Non-NPF-members NOK 12,900 plus 25% VAT
The fee includes:
- Conference Dinner
- Access to the presentations after end of conference.
Membership of the Norwegian Petroleum Society (NPF):
We offer conference participants to purchase membership of NPF together with registration and payment of the conference. 1 year membership for conference participants is NOK 1,000. Reduced membership fees apply for young professionals under the age of 34, students and seniors.
Payment: 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 information there will be added a fee of NOK 150 to the total amount. All international payments must be approved before the conference starts.
Special Offer: Bring a colleague under 30 years of age for half price!
Participant no 2. or more under the age of 30 years from the same employer receives a 50% discount.
Accommodation: Lysebu Hotel is now fully booked. Please contact project manger, email@example.com for help with room reservation.
Lysebu, Lysebuveien 12, 0712 Oslo. NOK 1,740 per night (incl. VAT) including breakfast. Accommodation to be paid directly to the hotel upon departure. NPF is not responsible for no-shows.
Cancellations: Cancellations must be received in writing by 28th of February 2023 and will be subject to a NOK 2,000 cancellation fee 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.
Events beyond the control of the NPF- for example, but not limited to, extreme weather conditions, acts of war, terrorism, transportation shut-down (striks or accidents), government regulation or advisory including travel warnings, serious illness or epidemics that makes it impossible to fulfill the obligations of conducting the conference, entitle NPF to cancel the event without liability.
Presentations from the conference will be available after end of conference. Delegates will be informed when available via e-mail.
It is sometimes necessary to change timing of the programme. The conference organizer will not be liable for any such unavoidable changes.
For further information please contact:
Norwegian Petroleum Society
tel. +47 452 48 348