How Does the Current Volatile Oil Prices Affect FPSO Projects in the Long Term
Join our upcoming webinar to hear from stakeholders on the effective measures to weather the storm in the midst of the oil price plummet
This FPSO Network webinar will discuss on the current oil downturn and how we can effectively weather through this crisis
"Global oil demand has been hit hard by the Novel Coronavirus (Covid-19) and the widespread shutdown of China’s economy”, stated by the International Energy Agency (IEA) in its latest report. The result is a staggering and all-time low price below $30 per barrel. What does this translate to the FPSO industry as a whole? Many FPSO projects are suspended until further notice in view of this uncertain, volatile and low oil price environment. FPSO owners and operators are looking to cut down their CAPEX by 30 – 50% citing the COVID-19 outbreak, oil price uncertainty and restrictions on international travels. Therefore, stakeholders in the global FPSO industry market must take effective measures in order to weather the storm in the midst of the oil price plummet.
In this free webinar, key discussion points include:
- Looking at the latest oil downturn and sharing comparisons to the current one to see what can be concluded from them
- Identifying best steps forward to progress with regulatory and environmental approvals and pursue cost reducing initiatives for FPSO projects as companies works toward project FID
- Driving phased development approach with short cycle-time to first oil and full CAPEX discretion to sustain a prolonged period of low oil prices
- Structuring effective project management approach to bring developments back in execution mode once market improves
- Evaluating project schedules and planned exploration activities continuously to reduce investments in light of current market volatility and uncertainty for company-wide cost-saving initiatives
Executive Vice President, Operations & Productions
David has significant onshore and offshore oil and gas developments experience including facilities engineering, construction, installation, project management, and production operations. His developments experience has ranged from onshore remote locations to offshore deepwater locations.He has international experience working with national energy companies, energy ministries, and governmental regulators. He has been responsible for managing subsurface asset, drilling and completion, and production operations teams.Mr. Hartell has presented papers at international conferences in the U.K., United States, Brazil, Malaysia, Indonesia, and Korea. He is a member of the Society of Petroleum Engineers.
Eric Van Dijk
Vice President – Project Development
Eric van Dijk is the VP of Project Development for MODEC International Inc. in Houston. He is responsible for the FPSO order intake and all related front-end activities, ranging from conceptual studies to FEEDs. Eric has worked more than 22 years in the FPSO industry, starting his career as a Process Engineer. He was the Process, Marine and Loss Prevention Department Manager in Houston for his previous employer, before transferring into Engineering Project Management.
Eric led the design of three FPSOs from the bid stages until start-up, before transitioning into project management. He also held the position of VP Business Development for the Americas. A native of the Netherlands, Eric graduated with a M.Sc. in Chemical Engineering from the University of Twente and completed his MBA program at Rice University’s Jones School of Business.
Head of Energy & Resources, Asia & Oceania
Shiv joined MUFG Bank’s newly established Energy & Resources Sector team on 2nd September 2019. He is responsible for coordinating the bank’s Energy Sector activity across Asia. Prior to this role Shiv was Head of Offshore Energy for ING Bank in Asia Pacific for 5 years. Shiv has been a banker for 19 years in total, in both Asia and Europe, with experience in project finance, leveraged finance and oil & gas coverage.