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IADC: Global Leadership, Global Challenges

Critical issues in drilling & completions

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It’s a tough time to be in the drilling business. We always knew this was a cyclical industry, yet the consistently high oil prices over the past decade – save for the 2008-09 economic blip – had shoved any thoughts of a real market collapse far into the back of our minds. Initial optimism that there would be a quick recovery to this cycle has also waned, with many adopting the attitude of “lower for longer.” For most companies, the focus has shifted considerably toward cost reduction. Operators are cutting back on exploration and zeroing in on core assets, and drilling contractors are faced with significantly lower dayrates and the difficult decisions of warm stacking, cold stacking or even decommission

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2016 Chairman: IADC to sustain engagement with public, regulators

In recent years, Rowan has expanded into the ultra-deepwater sector with the construction of four state-of-the-art drillships, including the  Rowan Resolute.

When someone graduates with a DPhil (PhD) from the University of Oxford, a typical career choice might be to go into academia, or perhaps a research institute. But Tom Burke is not a typical guy making typical career choices. Instead of following such traditional paths, he decided to go offshore and work on drilling rigs. He didn’t have family in the business, and the year was 1994 – a difficult time in the drilling industry.

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Safety goes hand in hand with performance, must remain top priority even in difficult market

GaryJones

Gary Jones is Head of Global Wells Organization of BP. What do you see as the most critical challenges facing the upstream oil and gas industry right now? The number one priority is to keep improving safety. It’s a very difficult economic environment right now, but we find that the same factors that contribute to strong safety performance also lead to strong performance in all aspects. We need to think about how we can work smarter together to take out waste from the system. We also need to think about how to encourage new talent to come into the industry w

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Shale won’t replace deepwater, but offshore industry must reengineer value chain to reach economic parity with onshore

Chris Beckett, CEO, Pacific Drilling

We noticed signs of weakness and a relative lack of contract availability as early as Q2 or Q3 of 2014. The ultra deepwater-focused companies were already considering how deepwater economics were challenged at $75-$80 per barrel price. As a result, we had seen a lot of our clients take a pause in exploration activity, but obviously, it’s gotten worse since 2014.

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Times are tough in unbalanced market, but industry should recognize, prepare for increasing volatility as the new norm

Trent Latshaw, President, Latshaw Drilling and Exploration Company

What do you consider to be the biggest challenges that drilling contractors face at the moment? The biggest challenge is simply rig rates. During downturns like this, just trying to stay alive and make it to the other side of this cycle is the No. 1 concern. Aging rig equipment may be an issue with some companies but not with us. About 99% of our rigs have been built new since 2006. Do you think the fundamentals of the industry are still good?

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For shale business to survive, employees must think like owners, orient organizational culture to the bottom line

Alex-Archila-photo

What do you see as the most critical challenges facing the upstream side of the oil and gas industry right now? Clearly, the cost issue is front and center. Some people say that you should never waste a good crisis, but to me, it goes beyond that. The margins have shrunk extensively, and we don’t have an option but to respond. We have cut our capital program for US shale from more than $4.5 billion in FY 2013 to about $1.5 billion this year.

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To achieve sustainable cost reductions, industry must break old paradigms, adopt more technology standardization

MikeBowie

Mike Bowie is North America Region Executive-Subsea Systems and Drilling at GE Oil & Gas. Mr Bowie also serves as the IADC Division Vice President of Drilling Services and is a member of the IADC Executive Committee. What do you consider to be some of the biggest challenges facing the upstream industry at this time? How can we begin to address these challenges? All companies are challenged with cost reductions due to the market. The real question is how to address fundamental opportunities to improve productivity and efficiency, not just cut costs through the brute force of asking for price di

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