15 November 2017
| How did you come to be in the oil and gas industry? |
I chose to study offshore engineering at Heriot Watt University in order to forge a career in oil and gas, and that's exactly what has happened. This industry has everything I was looking for in an exciting, challenging and fulfilling career.
Where do you see the greatest opportunity in today’s global oil and gas markets and how are you positioned to capture this opportunity? |
Taking advantage of this current downturn is a huge opportunity. Securing good quality assets and locking in low costs to ensure we have a sustainably profitable business at low oil prices is key. Faroe are very well positioned to capture this opportunity due to our diverse portfolio of assets, strong balance sheet and deep knowledge of the wider North Sea region which we will continue to focus on
If you could wave a magic wand over our industry, what would you change and why? |
I would want to see greater fiscal incentive in the UK to encourage exploration here, similar to Norway. This has been considered and dismissed by Government on a number of occasions citing “we can't afford to”. I would contend that “we can't afford not to”. (are there any stats as to how many exploration wells have been drilled in UKCS compared to 2 years ago or something?)
What are the strategic priorities for your company in the next 12 months? |
We aim to do a number of things over the coming 12 months:
- enhance sustainable profitability and cash flow
- consolidate our newly acquired Norwegian production assets and team, and secure further attractive high quality North Sea production assets
- progress our development projects to lock in low costs and advance our recent significant Brasse discovery towards an early development decision
- always maintain a strong balance sheet
What takeaways would you like attendees at World Oil & Gas Week to go home with regarding your company and your work? |
That Faroe:
- is in a good place, with strong fundamentals, not burdened with debt, with a sustainable and proven growth model which does not depend on a much higher oil price
- is building momentum as a consolidator focused on quality and value accretion with clear strategic focus
- is on track to become the North Sea's leading independent full cycle E&P company
What is your proudest work-related achievement to date? |
Having built from nothing a strong oil company called Faroe Petroleum, following a vision I had in the early 1990s
Name one interesting fact about you that no one would suspect? |
I played guitar in the Faroese rock group Hjarnar which won the Radio Luxembourg “Search for a Star” competition in 1986 with a song I co-wrote called “Breaking my Heart” – we got a record deal and the song was recently voted the most popular song in the Faroe Islands ever
What three items would you take with you to a desert island? (NB: you may not choose a boat, raft, satellite phone or a book on ‘Practical raft-building for Dummies’) |
- a guitar
- my wife
- a hat
About Graham Stewart
Graham Stewart was instrumental in founding Faroe petroleum in 1998 and was appointed as Chief Executive Officer in 2002. He has over 30 years’ experience in oil and gas technical and commercial affairs. Previously Graham was finance director and commercial director at Dana Petroleum between 1997 and 2002 and also held positions with Schlumberger, DNV Technica and Petroleum Science & Technology Institute. Graham holds an Offshore Engineering degree (Heriot-Watt University) and MBA (University of Edinburgh).
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