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Special CEO Feature


What trends do you see continuing into 2012?


“If you look at 2011, there were a lot of events that could not have been predicted – Fukushima for example. If you look at oil markets, we were down in the third quarter greater than 20%, but we’re back up again. I think this volatility will continue into 2012 probably extending into the first half. For the remainder of the year we should see a positive turn barring something else unexpected coming. But the long term outlook for the industry is positive and it’s there where we should focus, and make our beds on the basis of conviction that we will get out of this immediate volatility.”


Why have you come to The Oil Council Assembly today?


“This is my second Oil Council Assembly. It is definitely a prestigious event with lots of executives. It’s a great place for networking and a great place to listen to people who are experts in their fields share ideas and talk about their plans – that’s the value I get out of it. “


… Nawaf Marafi, Head, Oil and Gas, Kuwait Financial Centre (Markaz) ===============================================


Looking back on 2011, what lesson(s) will you take into your business planning for 2012?


“I think the industry is becoming increasingly comfortable with the fact that oil prices are remaining relatively robust, there is a confidence returning to the E&P players in turn if their investment strategies and rationales. Certainly the issue of competency in a post-Macondo environment is a critical factor for most companies and their boards to consider in terms of governance. But there are viable solutions out there.


We are working as a company with the insurance underwriters in London to ensure the customers we work with who are drilling wells receive lower insurance premiums because they’re using the risk management systems that we’ve invested in over the last 4-5 years. That’s a positive outcome from the increased awareness of what can happen to a well if it goes wrong.


In terms of the global investment rationale, we continue to see NOCs reaching outside their traditional boundaries looking for international investment, we see the small new starts and medium-sized independents continuing to globalize. In a world where there continues to be a dearth of critical knowledge to get the job done, it continues to be a very good year for Senergy.


Unfortunately in the course of the last year we’ve seen a considerable escalation of the costs of most things in the industry and that includes the intellectual talent of the people we all seek to use. Many of the oil companies have sought to pursue access to the capability at any price, and I don’t think that’s a healthy thing for the industry. Strangely, the industry continues to focus on the individual rather than access to the knowledge itself. The technical challenges of any basin are in themselves just that – a technical challenge, and that challenge can be addressed by accessing a wider spread of knowledge and capability through a company like ourselves, rather than simply going out and getting the best person available.


I would emphasise that the way Senergy continues to work with its customers is as a knowledge partner working alongside the internal capability of the client. There’s no doubt that two heads are better than one, and I like to think a hundred heads are better than two. Certainly having the breadth and depth of capability that we have which is consistent with a large independent oil and gas company is something we can bring to our smaller customers and give them a capability that allows them to punch way above their weight.


I continue to emphasise that the industry needs to do more to tell the great story of what it’s about and the great things it’s doing around the world. We must continue to erode the unfortunate circumstance where the media tends to lead industry communication. We’ve got to get out of a reactive method of telling our story into a proactive one. The industry continues to globalise, oil prices remain high, and the demand for our product continues to rise year on year. That’s an environment where the world has finally accepted the importance of the energy industry in terms of the global economy we all live and invest in. For me the future is looking very positive. Leadership from companies and differentiation of their product will be key to their success.”


… Ja e ms Mc ll m EO, Se Ca u , C =============================================== ner gy


Drillers and Dealers :::


::: December 2011 Edition


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