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Petromin marine and offshore Jan-Feb Issue

the northernmost

the northernmost development on the Norwegian Continental Shelf. Astri Hovem, CEO, DNV GL – Oil & Gas. “We see the majors driving a much quicker turnaround on mega-projects compared with a few years ago.” Greater Agility for Shorter Cycles Standardization has also assisted some new projects to get off the ground, and will remain a focus in 2018: 87% of respondents will increase (48%) or maintain (39%) spending on standardizing operations in 2018. Eirik Wærness, senior vice president and chief economist, Statoil, explained Investment Revival Reflects Confidence Rebound in an interview for DNV GL’s report that after three years of significant cutbacks in investment, the industry has accumulated many potential projects, Reviving investment reflects the survey’s finding that after three tough years of cost cutting, redundancies, and overhauling business models, the industry’s mood has lifted markedly (figure 3). most of which have lower break-even points than before. “These projects have been run through the mill several times in terms of cost reductions,” he said. “Some of them will certainly come to investment soon.” The findings from DNV GL’s survey highlight an increasing focus on new projects being nimble; 60% of respondents report that their organization favours investments in more agile, shorter-term projects – up from 52% a year ago. “New projects are likely to have a quicker return on investment,” said Liv 22 January to February 2018

Confidence levels have doubled from 32% in 2017 to 63% this year, as measured by the share of respondents expressing confidence in the industry’s prospects in 2018. This is faster than the rise in oil prices whereas, previously, the rates of change in oil prices and confidence were closely correlated. When it comes to individual companies, two-thirds (66%) of respondents are to Maria Moræus Hanssen, CEO and chairman of the management board, DEA Deutsche Erdoel AG. In an interview for the DNV GL report, she said: “The first is oil and gas prices. Short-term prices seem to drive a lot of sentiment about longer-term perspectives for the industry. Second, costs have come down - both running costs and investment costs.” positive about prospects for their own organizations in 2018 compared with 43% a year previously. “The big change in industry confidence is not because of a belief that the oil price is going to rise to previous levels,” Oil Prices and Cost Reductions Underpin Rising Optimism said Graham Bennett, vice president, DNV GL - Oil & Gas. “Instead, it is because industry participants now have their Two key drivers of restored confidence stand out, according cost levels under control and can make a reasonable margin, even at USD55 or USD65 oil.” January to February 2018 23

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