Oil & Gas UK's Seminar to Focus on Maximizing Oil, Gas Recovery

Over one hundred delegates are expected at Oil & Gas UK's forthcoming Asset Trading seminar to be held on September 3, 2008 at Aberdeens Marcliffe Hotel and Spa, sponsored by Aker Solutions.

Starting with an introductory address from George McClung of Shell and Jacquelynn Craw of Talisman Energy, speakers at the seminar will explore the efficiency of legal and commercial processes currently used in asset sales on the UK continental shelf (UKCS) and consider the success of industry and government efforts to promote the transfer of oil and gas fields between companies.

Paul Dymond, Oil & Gas UK's Operations Director, said, "Increasingly, firms operating on the UKCS are using new business models which broaden the development opportunities on offer on the UKCS. The different perspectives of these companies give them a relative advantage over the incumbents and often result in increased investment in fields, which larger companies may not perceive as economically viable.

"With declining average discovery sizes and increasing challenges from existing fields, this trend is important for the future of the UKCS so it is imperative that the process of asset transfer is streamlined."

Delegates will hear from speakers with hands-on experience of ownership transfer. They will explain how the industry has developed initiatives such as Master Deed, Standard Agreements, DEAL and innovative trading processes, all of which aim to smooth the way for the transfer of assets to those companies that can extract most value from the reserves and hence maximise their recovery.

The seminar will also highlight how the industry has attempted to reduce both uncertainty around decommissioning and its dampening effect on the industrys appetite for asset transfer by producing the new decommissioning cost provision deed (DCPD). Through varied presentations and debate, the seminar will offer perspectives on the deeds success to date and its potential for enhancing future asset transactions.