thor otto lohne cfo and executive vice president - … · thor otto lohne cfo and executive vice...
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www.gassco.no
Thor Otto Lohne CFO and Executive Vice President
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www.gassco.no
The successful Norwegian gas story
• A major source of gas to western Europe:
− 25% market share in the EU
− Gas export to Europe is on the same level as Russia
• 108.7 GSm3 of natural gas was exported from the NCS during 2013, corresponding to ~1200 TWh
• Norway has developed a unique and cost efficient gas infrastructure
Source: European TSO
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European gas supply
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www.gassco.no
• 8 000 km of large-diameter, high-
pressure pipelines, riser
platforms, large processing
facilities in Norway, receiving
terminals in four European
countries
• Connected to all major gas-
producing fields on the NCS –
approximately 50 fields
• Connected to major downstream
gas transmission systems in
Continental Europe and the UK
• Owned by Gassled JV, operated
by Gassco
The Norwegian gas infrastructure
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www.gassco.no
Complexity and uncertainty along several dimensions
Gas markets
• European security of supply
• The role of gas in the energy mix
• Unprecedented variations in regional gas prices
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Complexity and uncertainty along several dimensions
Norwegian Continental Shelf
• Participants
• Resources
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These aspects represent both risks and opportunities for the Norwegian gas export
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European security of supply The role of gas in the energy mix
Unprecedented variations in
regional gas prices
Resources
Participants
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www.gassco.no
“Chance favors the prepared mind” (Louis Pasteur)
Or in other words; “A mind is like a parachute. It doesn't work if it is not open” (Frank Zappa)
Understanding the past for building the future
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www.gassco.no
1971 – Ekofisk
Technology has been essential
1979 – Statfjord A
1985 – Statpipe
1996 – Troll A
2007 – Ormen Lange
2007 - Snøhvit
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www.gassco.no
…so has the policy making and commercial environment
Field depletion contracts
Buyer consortium
Long term agreements
Security of supply
Need to coordinate infrastructure
European Gas Market
Norwegian Gas Sales
Coordinated gas sales
Troll gas sales agreements
Liberalisation
GFU Case
Market opening continues
Liquid spot markets
Company based sales Regulated infrastructure
LNG as global price mechanism
Gas Negotiation Board (GFU)
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www.gassco.no
Prof. Poeshi; Nicola Tesla’s teacher (1879) said;
”Mr. Tesla will achive great things, but he will never make a motor run on alternating current. It would be equivalent to converting a steady
pulling force, like that of gravitaty, into a rotary effect. It is an impossible idea.”
The Tesla is here, what else is here?
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www.gassco.no
95 fields have started operation, 13 are under construction and 14 have ceased production since 1970
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• 13 fields
• 88 discoveries being evaluated
• Number of exploration wells was
record high in 2013 – with a
success rate of 44%
North Sea:
Barents Sea:
Norwegian Sea:
Several fields are under development
Johan Sverdrup;
• One of the largest discoveries on the NCS
• Oil to Mongstad
• Gas to Kårstø
• Planned to produce for 50 years
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www.gassco.no
“Science is the belief in the ignorance of experts“ (Richard Feynman) Or in other words; “If you end up with a boring miserable life because you listened to your mom, your dad, your teacher, your priest, or some guy on television telling you how to do your shit, then you deserve it.” (Frank Zappa)
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www.gassco.no
.. to the north
2016 - Polarled
2017 – Aasta Hansteen
202? – Barents Sea
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• One of Europe’s largest industrial projects the next years
• First crossing of Artic circle with a subsea pipeline
• Deepest field development and pipeline on NCS
• Increased processing- and export capacity at Nyhamna
• Investment decision 1Q 2013, start-up 2016
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Extending the gas value chain northwards
Polarled Pipeline Project
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www.gassco.no
BSGI: An industry-wide forum to explore gas infrastructure solutions for the Barents Sea
Observers
Barents Sea Gas Infrastructure (BSGI)
Project support
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• Six work groups have contributed to assess the full value chain economics of gas developments in the Barents Sea
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• Innovative use of industry expertise across the value chain to identify the best transport solutions
BSGI: An industry-wide forum to explore gas infrastructure solutions for the Barents Sea
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Key questions addressed in the study
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Complexity and uncertainty along several dimensions
European security of supply The role of gas in the energy mix
Unprecedented variations in
regional gas prices
Resources
Participants
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“Stupidity has a certain charm - ignorance does not” (Frank Zappa)