EIC LIVE e-vent: Spotlight on Ageing Assets - Realising the Value

About this event

Lloyd’s Register and EIC ran a very successful panel session, Spotlight on Ageing Assets - Realising The Value. To hear the recording - please click here.

We have also summarised some key takeaways from the e-vent: 
1. Since last oil crisis, UKCS has seen production efficiency jump from 60% to 80%, through industry collaboration and MER-UK focus on costs.
2. This new oil crisis will need a different industry response. Why? Cost-out demands by operators will get less/no traction with suppliers, as the fat existing in 2014 is no longer there. 
3. Solution? It's time for the next wave of technology adoption.
4. With established oil players leaving UKCS, new PE-backed independents will enter with more risk- and technology-appetite.
5. COVID will provide a safety case "must have" requirement for digital and remote operation technologies.
6. Longer term, there is hope that UKCS will have a future in Energy Transition; infrastructure re-purposed for platform electrification, hydrogen and CCUS. 
7. What will the Energy Transition end game will look like, and no one knows the road map to get there.
8. Where will the money come from to make it happen. 
9. But "shared hope" is a good start.

Confirmed Panellists: 
Chair: Stuart Broadley, CEO, EIC
Steve Gilbert, SVP Operations, Lloyd's Register
Bill Cattanach, Head of Supply Chain, Oil & Gas Authoruty (OGA)
Rebecca Allison, Asset Integrity Solutions Centre Manager, Oil & Gas Technology Centre (OGTC)