Aberdeen Branch Business Breakfast – The Changing Times of the Energy Sector
SUT's Annual Subsea Market Outlook
20 April, 2021
Date: 20th April 2021
Time: 07:30 – 09:30hrs BST
We are very pleased to announce our annual business breakfast will return again this year, albeit a slightly different (online) format.
The energy sector remains one of the most economically important sectors of the UK economy and is changing rapidly before our eyes to achieve the long-term objectives of net-zero. What are the immediate impacts and can we discern the potential medium and longer-term effects? We should see the light at the end of the tunnel not as a train coming towards us, but as a new future of opportunity for the subsea sector. Our three speakers will help show the way in our annual subsea market outlook:
Mike Beveridge, Simmons & Partners – A New Journey Begins
For the energy services industry, the last 12 months has been a year like no other. The Covid-19 pandemic led to an unprecedented collapse in oil demand and sudden, hugely complicated operational challenges. At the same time, increasingly negative sentiment towards the fossil fuel industry has shifted investor interest away from traditional oil services sectors and into energy transition and renewable energy themes.
Mike Beveridge, Co-head of International Energy and Power Infrastructure at Simmons Energy – a division of Piper Sandler, will take a look back at the last 12 months, and a look forward into the future, to discuss the overall energy macro, capital market sentiment, company valuation frameworks and M&A activity, trends and themes.
Henning Bjørvik, Rystad Energy – The subsea market – how to navigate a changing landscape
The subsea market is in a new trough just four years after the previous one. At the same time as the market starts to recover, we are facing a changing landscape. The downturn has accelerated the upstream industry’s shift towards lower-carbon business strategies, with operators making significant commitments in the renewables space and increasing the focus on reducing carbon intensity for oil and gas assets. But not only is the energy transition upon us, in the current environment of breakeven price, cost-effectiveness and short payback time, operators are taking a hard look at their portfolios and numerous projects have already gone back to the drawing board to be scaled down and phased.
Henning Bjørvik, Vice President of Energy Service Research and Rystad Energy will ask whether the end of subsea mega projects is fast approaching and will discuss market dynamics, the future subsea market, fiscal policies, strategic decisions and the key role of technology.
Martyn Tulloch, OGTC – A Net Zero North Sea – the challenges, the opportunity and the technology
The UK offshore energy sector has reached a pivotal moment, a watershed in our industrial history. A reimagined North Sea as an integrated net zero energy system will be essential if the UK is to meet its Paris Agreement commitments. This presentation will outline why the experience and expertise forged over the last 50 years must be used in partnership with transformational low-carbon technologies to meet the challenges and grasp the opportunities presented by the UK’s commitment to net zero.
Martyn Tulloch, Head of Energy System Integration at OGTC covers the three industrial sectors that offer huge growth potential – offshore renewables, hydrogen and CCUS.