Εισήγηση της κ. Τερέζας Φωκιανού, τ. Διευθύντρια ΔΕΠ – ΔΕΠΕΚΕ, στο Ενεργειακό Συνέδριο του ελληνικού παραρτήματος του Ρεπουμπλικανικού Κόμματος των ΗΠΑ (01.11.2019)
GLOBAL DEEPWATER PLAYERS – EAST MED THE NEXT DAY
With the fewer remaining easy to acccess oil fields, the oil industry has moved into new areas to find growth in more remote and deeper areas.
The on going development of sigificant deep water hydrocarbon discoveries create major opportunities for oil & gas producers as well as equipment and service suppliers along the chain value.
Investors attempting to explore and develop opportunities in water depth levels up to 3.500m and distances from the coast up to 650 km.
Projects that some years ago were too costly and risky begun to seem more prominently in corporate investment plans. This confidence was boosted by the increasing availability and relatively low cost FPSO ( Floating Production Storage and Offloading) and FLNG ( Floating Liquefied Natural Gas) facilities.
Unit costs have dropped alongside lower raw material costs and service costs (day rates ,vessel and charter rates), drilling and well completion costs account for at least half of the capital expenditures and day rates for deepwater offshore rigs fell by more than 60% over the period 2014-2017.
The implication of this reduction of the overall cost of new offshore projects for the ultra deep water is aiming to bring the breakeven price down to $35/b Gains related to new technology, digitalization, standardization simplification and improve efficiency, including closer and earlier collaboration between oil companies , new contracting practices with distribution of risks and reward, opens up incentives for accelerated innovation.
Deep water discoveries in S.E Mediterranean have offering exciting opportunities to IOC’s to access and develop the Energy Potential of this highly prospective region.
The Mediterranean expected to turn into an important gas hub for export not only to Europe but also to other Mediterranean markets, developing the infrastructure of the region.
Research and innovation will be a catalyst for the development of the entire region.
Higher LNG demand is contributing to infrastructure development including, liquefaction facilities , shipping terminals and pipelines.
The digitalization of FPSO’s is an essential mean of reducing operational costs in offshore fields.
The major discovery by Exxon Mobil off Cyprus and the potential of LNG exports could alter irrevocably the geopolitics of Cyprus and the entire region.
The company is likely to pursue rapid realization of LNG exports by technical, commercial and political means.
While optimism penetrates the East Med, continuing geopolitical risk may cause delays. Turkey will continue threatening and take boarder actions to enforce its arguments by expanding its drilling activities in East Med to include Cyprus EEZ, west, north, or east, of the island. It is hoped that such action do not deter commercial activities. Turkey as an important player in the region and its best interest is to adopt a cooperation in the end.
On the other hand the’’ East Med Natural Gas Cooperation’’ comprising Israel, Egypt and Cyprus, will contribute to prepare the ground for a more stable future for the East Med. US interest for the region, provide additional encouragement, boosted by it’s recently promise to broaden its strategy and increase its presence in the East Med.
Tereza Fokianou
President & CEO
Flow Energy and Environmental operations S.A