UCL Grote Lecture - IOCs: Is the old business model dead?
Thursday, 10 April 2014 from 4:00 PM to 5:00 PM (ACST)
San Francisco, California, USA
London, United Kingdom
International Oil & Gas Companies: Is the old business model dead?
Presentation by Professor Paul Stevens, Visiting Professor to UCL Australia and Distinguished Research Fellow (Energy) at Chatham House, London.
The international oil and gas companies (IOCs) are facing serious challenges to their survival. The old business model based upon a value based management strategy is looking increasingly difficult to live with. In a world where “resource nationalism” may be spreading, the IOC’s are facing increasing difficulty to find projects that generate an acceptable rate of return.
Financial markets appear to have lost their appetite for large high-risk capital projects. Shareholders now appear to be more interested in oil and gas companies disposing of assets rather than acquiring them. At the same time, the old business model is also in danger of becoming irrelevant as the concept of “unburnable carbon” begins to attract attention.
Potentially, all this carries serious consequences for the future of the IOC’s whose room for manoeuvre is limited. This in turn raises issues about the future of oil supplies and the prospects of a supply crunch.
Professor Paul Stevens is a Visiting Professor at UCL (Australia) and Distinguished Research Fellow (Energy) at Chatham House, London. He has published extensively on energy economics, the international petroleum industry, unconventional gas, economic development issues and the political economy of the Gulf. Professor Stevens was awarded the 2009 OPEC Award in recognition of his outstanding work in the field of oil and energy research.
|When: Thursday, 10 April 2014 - 4 to 5pm
Please arrive 15 minutes before start
|Where: UCL Australia, 220 Victoria Square, Adelaide SA 5000|
|Wine and cheese will be served after the lecture.|
When & Where
UCL Australia is an integral part of University College London, one of the foremost academic institutions in the world.
The Australian campus was established in 2010 and is home to the School of Energy and Resources, the International Energy Policy Institute and the Mullard Space Science Laboratory, Australia.