Gavin Thompson provides his view on the opportunities and challenges that Asia’s Oil & Gas sector faces in 2020, and what he is looking forward to most about the APAC Assembly.
Energean’s strategy has been to focus on its core competencies and competitive advantage. Regional focus in the Med, gas weighted portfolio of assets, combination of producing fields with new development projects and near field & infrastructure exploration
Our strategy remains focused on becoming the leading E&P focused on the Mediterranean region and this acquisition only serves to reinforce this strategy. As you will have seen, our Karish development project has continued to progress very well whilst we have been assessing this acquisition opportunity and we will pursue this same disciplined approach to the development projects that we are acquiring, namely Cassiopea in Italy and NEA in Egypt.
My government career has been anchored in economics and finance portfolios in the UK Treasury. The role that took me into energy was leading a team of international economists covering commodities markets, as well as the regions of the Middle East, Africa, Eastern Europe, and Central Asia.
DEA, after having been separated from RWE and sold to L1Energy in 2015, has become a lean company with a real entrepreneurial competence combined with their distinctive technological expertise. Focus is now really on efficiency and value creation.
Energean has grown from £1m, which was the price we paid to acquire Prinos, to a £1bn company in 10 years to be the third largest FTSE 250 E&P company. I think that there are a number of factors that have really been key to enabling this to happen.
At just 22%, women account for a smaller share of the oil and gas workforce than they do in almost any other sector. So, while the situation has improved over the past decade there remains a very long way to go and I’m passionate about creating a truly diverse workforce in our industry.
My goals for 2019 are simple – we want to continue doing what we have been doing and continue to improve upon our process along the way.
WECA is a truly unique gathering of global industry leaders and decision makers. It’s a really exciting time for the industry – which is currently faced with the opportunity to reinvent itself and re-gain the confidence it has lost over the past few years, so I’m looking forward to hearing industry views on this and how this will be achieved.
The best performing companies of tomorrow will embrace digitalization. Gartner predicts AI will create 2.3 million jobs by 2020.
Though oil and gas discoveries took place recently in the MSGBC basin, it is still an under-explored basin. Current exploration activities target deep offshore plays which is of the domain in which Total is recognized as a leader by the industry.