As we move into the future, a larger percentage of oil and natural gas will come from the oceans. Offshore petroleum production is a major technological triumph. New exploration, drilling, and production-related technologies have brought about world-record complex industrial projects. These are located in the United States, Brazil, Nigeria, Cabinda, and Angola. The same 3D seismic technology that has enabled oil and gas explorers to look into ever-deeper water at deeper geological targets has also enabled improvement in subsalt imaging in the Gulf of Mexico.
Advances in technology and pace-setting safety management systems have also contributed to an improved safety and environmental record. Cost reduction is a very important factor, particularly in the low oil price environment we are experiencing currently.
For the geophysical industry, ever-deeper water, deeper geophysical targets, the need to get the appropriate velocity field below salt and other complex frontier stratigraphy present far greater challenges to accurate acquisition of 3D seismic data than do normal depths and geology. The technological cutting edge that is reducing these obstacles to accurate surveys is proving to be the towing of longer cables on multi-streamer programmes.
This session will explore offshore prospects worldwide, the technological advancements, and production costs.
Project finance has become a pivotal part of the current oil and gas exploration projects. Project finance has remained at the heart of developing the oil and gas industry. Over the years, there have been innovative concepts that have overtaken the traditional project finance techniques. Developing economies have seen a surge in their project finance market. Oil and gas projects can be financed using traditional financial instruments as well as instruments that are more appropriate for the industry, such as project financing, private equity, joint venture, and in situations that involve sovereign states, oil loans, and multilateral lending through international organisations. Challenges and opportunities that can potentially have a great financial impact include:
- Large-scale projects
- Political risks
- Business risks with potential breakthroughs in the alternative energy
This session will explore project financing through traditional and innovative new methods with case studies and more emphasis on the Kuwait Oil Sector 2040 strategy.