ABERDEEN, Scotland — Even before Craig May, alongtime Chevron executive, moved to this NorthSea port city two summers ago, he knew that the oilwealth in Britain's waters was on the steepeningslope of a decadeslong decline.
Along with other Big Oil players that make Aberdeentheir North Sea hub, Chevron had let its agingoffshore operations become inefficient. There was still plenty of oil and gas out there. But therising expenses, May said, no longer justified the diminishing revenue from the undersea wells.
“We recognized we weren't structured the right way,” said May, who now leads the company'sexploration and production in northern Europe. “Cost always matters.”
And that was when oil was selling for more than $100 a barrel.
當時,石油的價格還在每桶100美元以上。
Now, with oil's price per barrel down about 40 percent from a year ago, and with someoperators shutting down aging platforms, May and Chevron are in a race against irrelevancy fortheir North Sea operations.
The Organization of the Petroleum Exporting Countries, which meets on Friday in Vienna, isunlikely to provide any sort of relief to the North Sea industry by cutting production to propup prices. Instead, OPEC — which does not include Britain or any other North Sea producer —hopes that a spell of low prices will discourage new investment in high-cost regions like theNorth Sea, reducing their output.
石油輸出國組織(Organization of the Petroleum Exporting Countries,簡稱歐佩克)將于本周五在維也納碰頭。它不太可能通過削減產量的方式來支撐油價,給北海業務提供喘息的機會。相反,歐佩克——其中不包括英國或其他北海產油國——希望,持續的低油價能夠阻止新的投資進入北海這樣的高成本地區,從而讓它們的產出減少。
Even before the price of oil began collapsing last summer, May was taking steps to trimChevron's North Sea costs and planning new technologies — including a $3 million integratedoperations center in Aberdeen — to wrest renewed efficiencies from 20- and 30-year-oldoffshore oil and gas rigs.
There is much more at stake than one company's profitability. The efforts are a test of thecontinued viability of an energy region that, if nurtured, could continue to give Europe a hedgeagainst its reliance on oil and gas from Russia and the OPEC nations.
Just as crucially, the techniques that Chevron is experimenting with in the North Sea could leadthe way for other oil companies around the world to coax continued life from aging offshoreenergy operations — wherever they are — and learn from some industry mistakes.
In a sense, British waters are a microcosm of the global industry. Costs, especially for offshoreoperations, have risen across the globe, eating into profits and reducing incentives for newexploration.
Despite the global push toward renewable energy and onshore drilling of oil and gas fromshale in the United States and elsewhere, the world is likely to require a long-term, adequatesupply of undersea oil — if it can be extracted economically. Chevron, for one, has postponed abig Scottish deepwater project called Rosebank, where the North Sea gives way to the NorthAtlantic just northwest of the Shetland Islands, judging it not feasible under current industryeconomics.
As other large oil companies in the region have, Chevron has turned to layoffs and other cost-cutting moves. While total industry job cuts in the North Sea region have so far been in the lowthousands, the management consulting firm Ernst & Young forecasts that as many as35,000 of the 375,000 jobs related to the oil industry in Britain could be lost over the nextfour years.
“The issue in the North Sea is existential around the cash cost of operation at the currentlevel of oil prices,” Simon Henry, Royal Dutch Shell's chief financial officer, said recently whilediscussing the company's quarterly results.
The region is a vast web of interconnected fields and pipelines and other infrastructure, withdifferent owners, that transport the oil and gas. If one company closes a node in thisnetwork, others might be forced to shut down portions of their own operations.
Chevron, for example, lost production for several months from a field called Erskine because itsoil flowed through a field operated by the BG Group. That field had been closed since Octoberfor an upgrade but recently came back online.
“It takes only one field that has exposure to a piece of infrastructure to put the whole systemin jeopardy,” said Derek Leith, an energy consultant at Ernst & Young in Aberdeen.
Once fields start to shut down, the companies cannot simply abandon them. International lawsrequire the companies to safely and cleanly dismantle the platforms and underwater equipment,a process with considerable costs.
The industry is projected to spend about 15 billion pounds ($23 billion) in the next decade onNorth Sea decommissioning — spending the industry can hope to partly defer the longer it cansqueeze life from existing operations.
Apache, a midsize oil company based in Houston, is considered something of a model. In 2003,Apache acquired a portion of the Forties field, a vast North Sea plot 140 miles northeast ofAberdeen that was discovered in 1970 and once produced about a half-million barrels a day. Bythe time Apache bought its portion from BP, output had dwindled to 41,000 barrels a day.
But Apache has raised production 20 percent, to about 50,000 barrels a day, by investing innew wells and installing more electrical generators to reduce downtime, according to James L.House, the company's North Sea manager until this month.
不過,在本月之前一直擔任阿帕奇北海業務經理的詹姆斯·L·豪斯(James L House)稱,通過投資新油井,以及增加發電機來減少停工期,公司將產量提高了20%,達每天約5萬桶。
“We all have access to the same level of technology and hire people with similar educationalbackgrounds,” he said. “It is how decisions are made and how they are executed.”
At Chevron, May says he is encouraged by his company's efforts to reclaim the North Sea.Chevron is continuing with development of a new field called Alder. And the giant Rosebankproject could yet go ahead, May said.