Still potential in the north sea
Maersk Oil is still investing in the North Sea, so on the home ground they will remain the major player.
However, the present market calls for a number of requirements and potentials, and any possibility for optimizing will be thoroughly scrutinized, states Martin Rune Pedersen, Managing Director of Maersk Oil Danish Business Unit, who is not rejecting the idea of possible purchasing.
PREVIOUSLY YOU HAVE INDICATED THAT YOU STILL FIND POSITIVE PERSPECTIVES IN THE NORTH SEA – IS THAT STILL THE CASE?
“The North Sea is one of the key areas of Maersk Oil.
It is a region of several marginal fields, but based on the remaining volumes of oil and gas in place and our 50 years of experience in the area we still see an interesting potential.
Last year our main investments have focused on the mega projects in the North Sea – Norwegian Johan Sverdrup and British Culzean. In the Danish sector we are now producing from our latest platform, Tyra South East-B, in which Danish Underground Consortium has invested DKK 4.5 billion.”
WHAT ARE YOUR AMBITIONS IN THE PRESENT MARKET?
“The oil industry has entered a challenging period, but we stick to our ambitions of creating value and within the coming ten years turning into one of the five major operators in the North Sea.
That requires us to maximize production from our present fields by constant improvements and optimizing of the operation, to optimize technology and to see to our planned development projects.
"HOW HAS THE PRESENT MARKET INFLUENCED YOUR COOPERATION WITH YOUR SUPPLIERS?
“We enjoy a close cooperation with our partners and suppliers. As a branch we have to join hands to find and provide solutions creating proper value.
In the present situation it is especially important for us to be open and to optimize laterally the supply chain in order to make our processes more efficient and to think along innovative lines in order to reduce the overall costs.
”Seen from your chair, which preconditions are decisive for a continued development of the Danish sector?
“Since 1972 we have been producing oil from the Danish sector of the North Sea, and there is still a considerable potential for recovering oil and gas in Denmark.
To realize this potential requires for us to maintain efficiency and keep costs down.
The mature fields and the aging infrastructure, where the oldest platform is 42 years old, requires us and our partners to invest billions of DKK every year in maintenance. In addition to that we have to invest in new technology.
There are challenges in the Danish North Sea. We have to meet them together, but under the right conditions we see a bright future for the North Sea.”
WHICH EXPECTATIONS DO YOU HAVE FOR DEVELOPMENT IN 2016?
“In the North Sea one of the focal areas for 2016 will be to optimize our production by enhancing efficiency and lower the costs in order to create maximum value from the 15 oil and gas fields and more than 50 installations we operate.
” WHICH STRATEGIC CONSIDERATIONS DO YOU NOURISH CONSIDERING THE NORTH SEA AND POSSIBLE PURCHASES?
“As a part of Maersk Oil’s long-term strategy we are obviously looking at the opportunities for growth and purchases.
Being a part of the Maersk Group provides us with the financial strength possible for us to invest in a challenged market.”
"Martin Rune Pedersen, Managin Director of Maersk Oil Danish Business Unit."