Aside from low commodity prices what do you believe is the greatest challenge to our industry’s future growth?
Since a couple of years, our clients are having to transform as the market is adapting. The focus is on lower field development and operations costs, quicker project life cycle, shorter schedule, reduced risk profile, all of which will improve their projects economics. As a company, TechnipFMC continues to evolve to remain competitive and meet our clients’ needs. As a consequence, all the value chain has been impacted, meaning cost reductions are a mandatory target for all industry players (operators, contractors, vendors, sub-contractors…) in all sectors (E&P, Midstream and Downstream) and all segments (Oil, Gas, Petrochemicals). However, the economics of a project rely on establishing the correct balance between Capital Expenditures, Operational Expenditures and schedule but focusing on one of these criteria should not be to the detriment of the others. In the meantime, our industry is also facing more robust requirements in terms of health, safety and environmental aspects. Bearing in mind that new projects are more and more challenging: ultra-deep water, Arctic conditions, extra-heavy oils… the future does not belong to those who will manage to jump a single hurdle but to companies who will be able to combine technological improvements and cost reduction through proper project execution and without any compromise. The challenge has never been so difficult but TechnipFMC is ready to undertake it and, relying on its human and industrial assets, is confident to succeed.
Where do you see the greatest opportunity in today’s global oil and gas markets and how are you positioned to capture this opportunity?
Opportunities for TechnipFMC are for instance improving returns with integrated projects from concept to delivery and beyond. We can mention here optimized subsea architecture, reduced contractual risks, mitigated project risks, reduced time to first oil, improved robustness of overall planning, optimized offshore installation campaigns, improved performance over the life of field, joint SPS and SURF R&D and technology application… TechnipFMC can provide state-of-the-art technical solutions associated with overall project cost optimization. The Coral FLNG EPCIC project (Mozambique), recently awarded to TechnipFMC, is an example of our unique capabilities in both FLNG and Subsea, where we proposed to our client an optimum combination, demonstrating the strength of our integrated offerings. There are projects in Senegal with similar kind of development that include subsea, offshore and LNG technology, three mains pillars of TechnipFMC’s experience demonstrated through successful project execution. Other kinds of opportunity are the highly technical projects bringing step-changes to our industry and opening new frontiers, such as Yamal LNG currently executed by TechnipFMC in Western Siberia.
If you could wave a magic wand over our industry, what would you change and why?
Well, being a wizard is the dream of everyone. If I was given the chance to have a magic wand, I am not sure that I would use it for our industry as I feel that there are other needs that come before. Anyhow, to answer the question, I would use it to totally rebalance the oil and gas reserves around the world so that everyone could have access to easy and inexpensive energy, one of the vital needs of mankind. So my answer is not really based on an industrial standpoint, but it recognizes that the primary goal of our industry is to indirectly serve people.
What differentiates your company from similar companies working in MSGBC Basin?
TechnipFMC brings many differentiators amongst which the following can be highlighted: a fully integrated company encompassing Subsea, Offshore, Onshore and Surface activities and covering all types of project phases: from conceptual to EPCIC, through Consultancy and Project Management Services, including equipment and material delivery, and installation, maintenance and support to operations. TechnipFMC can cover any kind of requirement that a client is looking for, anywhere in the world. Considering the MSGBC basin, another differentiator is TechnipFMC’s long track-record in Western Africa.
What takeaways would you like attendees at our MSGBC Basin Summit & Exhibition to go home with regarding your company and your work both in the region and further afield?
I would like that the attendees of the MSGBC Basin Submit & Exhibition realize that TechnipFMC is dealing with all kind of clients for all kind of projects. We are used to saying that there are no small or big clients, there are only clients and we remain accessible and give attention to all of them. This is to say that with our growing presence in Senegal we are keen to be even closer to all the stakeholders. Also, we are planning to introduce initiatives for a sustainable future for Senegal, like measures implemented in other African countries: community development programs, development of a local suppliers’ network and education.
About Frank Pliya
Over fifteen years experience in general management, financial and commercial activities in Oil & Gas, petrochemical industries, including several assignments in Africa.