PRESENTED BY
Keynote Addresses
Opening Keynote Presentation
Tuesday, 21 October 20088:15 AM - 9:00 AM
Putting Oilsands and Heavy Oil in a Global Perspective
Conventional oil discoveries are currently replacing less than half of the oil that is being produced world-wide. This makes unconventional oil resources, such as the oilsands and heavy oil, key drivers of new supply growth. In fact, Canada's oilsands represent 52 per cent of the investable oil resources available in the world. This presentation will examine the transition of these resources from local to global significance, and will analyze the very real economic and political obstacles that will have to be overcome before they can realize their full potential.
Benjamin Tal, Senior Economist, CIBC World Markets
At CIBC, Mr. Tal is responsible for analyzing key economic developments and their implications for North American fixed income, equity, foreign exchange and commodities markets. He also acts in an advisory capacity to bank officers on issues related to wealth management, household/corporate credit and risk, and has lectured in the economics and business programs at a number of Canadian universities. Mr Tal is also a regular commentator on CNBC, BNN, and Bloomberg. He holds a Master's degree in economics and pursed his Ph.D. studies in economics at York University.Luncheon Keynote Presentation
Tuesday, 21 October 200812:00 PM - 1:30 PM
Heavy Oil: Challenges of the Future
The balance between global supply and demand for crude oil is becoming progressively tighter, increasingly requiring our industry to face new and unique challenges. Heavy oil and unconventional resources comprise a large segment of the remaining oil in place. It is now clear that heavy oil must become a major contributor to the energy mix in the future. However, a significant portion of these reserves are in thin formations, deep reservoirs, low porosity and low permeability rocks, or under the thick overlying permafrost. Our industry of tomorrow will have to address the demands of operating in adverse environments, develop new technologies, expedite implementation in the field, and optimize processes and enhance collaborative efforts to reduce costs.
This presentation provides an overview of current initiatives that are directed at addressing the key issues in heavy oil development, as well as SPE's engagement in facilitating industry dialogue on unlocking the potential of heavy oil, and promoting the global exchange of knowledge through workshops, conferences, and online technical resources.
Dr. Behrooz Fattahi, 2010 Society of Petroleum Engineers President
Behrooz Fattahi is Coordinator of Heavy Oil Development with Aera Energy, a California exploration and production company jointly owned by affiliates of Shell and ExxonMobil. He began his industry career in 1977 at the Oil Service Company of Iran and worked as a reservoir engineer, reservoir-engineering manager, and team leader for Osco/Shell International, Shell Western E&P, Shell Offshore, and Shell affiliate CalResources. Before joining the petroleum industry, Fattahi conducted research for the U.S. National Aeronautics and Space Administration and the U.S. National Science Foundation and taught courses in fluid dynamics and solid mechanics at Iowa State University.Luncheon Keynote Presentation
Wednesday, 22 October 200812:00 PM - 1:30 PM
Understanding the Business of Carbon Capture and Storage
StatoilHydro is one of the world's leading companies in carbon capture and storage. For the last four years, it has been voted best oil and gas company on the Dow Jones sustainability index. StatoilHydro currently stores carbon dioxide in the Snøhvit Field in the Barents Sea, the Sleipner East Field in the North Sea, and the Salah Field in Algeria. It also has future plans to apply its carbon capture expertise in a variety of other energy projects, including: LNG plants, electricity generation, oil refineries and bitumen upgrading facilities.
This presentation will discuss the challenges involved in incorporating carbon capture into a corporate business model. It will emphasize the need to first establish a price for CO2 emissions, and will use Norway's experiences with its offshore CO2 tax to illustrate how this might be accomplished. Sundset will also discuss the importance of creating a company-wide commitment to resolve climate-related issues, as well as the need to shift attitudes towards a proactive, solutions-based approach and embrace new technologies for achieving those goals.
Trude Sundset, StatoilHydro ASA
Trude Sundset is Vice-President of Environment and Climate at StatoilHydro ASA in Norway. She holds a Master's in Science in Physical Chemistry from the Norwegian Institute of Technology. Prior to her current position, she held various management positions in R&D at StatoilHydro, including chief researcher, energy and environment. Prior to working at StatoilHydro, she was a researcher at SINTEF, the largest independent research organization in Scandanavia.Ms. Sundset is also chair of the technical group of the Carbon Sequestration Leadership Forum, vice-chair of the policy group in ZEP (the European Union platform for zero emissions power production), and a member of the executive committee of the International Petroleum Industry Environmental Conservation Association.
Luncheon Keynote Presentation
Thursday, 23 October 200812:00 PM - 1:30 PM
Financing Oilsands Development Projects Under Current Capital Market Conditions
This presentation will discuss the challenges that are currently being faced in obtaining financing for oilsands projects. As credit markets tighten and institutional equity players look elsewhere, capital market enthusiasm has faded for the more speculative junior oilsands plays. With compression of share valuations, market conditions are more favourable for acquirers than for financiers.
As viable gas shale projects emerge on the horizon, more competition exists for risk capital that could have been directed towards the oilsands. Liquidity and corporate staying power are at a premium, and investors are looking for evidence that companies realistically have the capability to raise the quantum of capital needed to bring an oilsands project to completion.
