Decommissioning in North Sea ‘huge opportunity’ for PKF


Source: George Mangion¸ PKF Malta

As published on the Times of Malta on 10th June 2014


PKF Malta will be addressing the international Oil and Gas Investor Summit that is to be organised by Resourceful Events Pty Ltd on June 17 and 18 at the Marriott Hotel Regents Park¸ London.

The event will see a number of keynote speakers such as Neil Gregson¸ fund manager¸ JP Morgan Asset Management¸ UK; Peter Kiernan¸ lead analyst¸ energy¸ Economist Intelligence Unit¸ UK; Jonathan Waghorn¸ co-portfolio manager¸ Guinness global Energy Fund¸ UK; and Freddie Lee¸ director¸ Barclays Natural Reosurce Investments¸ UK.

The chairman on the first day of the summit will be Stewart Dalby¸ editor and director at Oilbarrel. The event will tackle current issues in the conventional oil and gas world¸ such as understanding the  sector through the eyes of the expert investor¸ what guides investments and how people in the industry view its near term prospects and most significant factors influencing investor appetite for this industry are.

Another hot topic is the assessment of political and project risk: what do investors perceive as the biggest risks for small and mid-cap oil and gas companies? Speakers will examine a number of driving factors behind supply and demand¸ such as to what extent could the US energy revolution impact global supply and demand dynamics in the near to medium term.

PKF promotes Malta as a potential hub for the oil and gas industry and has participated in a string of international conferences. It will also be launching series of initiatives.

PKF wants to attract the attention of investors wishing to turn Malta into a hub¸ servicing the needs of operators requiring maintenance and upgrading of rigs¸ and in particular¸ building advanced subsea modern structures.

The massive decommissioning work currently being contemplated in the North Sea oil platforms will lead to the potential offering of structural work¸ since many assets are reaching the end of their field lives and will require decommissioning.

Malta is witnessing a modest growth in repair work on rigs carried out by Freeport and at Palombo Drydocks and more orders are expected if and when the ex-shipyard at Marsa is fully privatised. Medserv director Anthony Duncan said Malta could well become a ‘mini-North Sea’ if all the oil and gas activity being planned in the Mediterranean takes off.

He added that decommissioning in the North Sea is a huge opportunity for PKF Malta. Apart from this lucrative development¸ the government’s recent impetus to encourage more exploration for hydrocarbons in offshore waters is raising hopes for a positive result for the drilling of an offshore well in the south of Malta by Mediterranean Oil & Gas. Meanwhile¸ a new seismic survey will shortly start in the north by another operator.

The well is currently being drilled in Area 4 was chosen after the completion of a detailed seismic study covering an interpretation of a 1¸000 square kilometre-long 3D offset concluded three years ago.

The good news is that Area 4 is not part of any contestation by neighbouring c