Vekstselskaper i Rogaland

Transkript

1 1 Stavanger 14/05/2012 Vekstselskaper i Rogaland Stavanger, Mai 2012 Presented by Kjell E Jacobsen

2 Vekstselskaper i Rogaland Min plan : Energy Ventures Et eksempel på en veksbedrift i Rogaland Og De 10 bud.. 2

3 Overview of Energy Ventures *** Mandate: Investing in technology for oil & gas Teknologi fokusert Oppstrøms olje & gass Venture- og Vekstkapital : Har reist totalt USD $775 millioner i fire fond. Etablert i 2002 i Stavanger. Grunntanke = olje og gass vil forbli den dominerende energibæreren i overskuelig fremtid Teknologi = nøkkel til å finne mer olje og gass få mer ut av eksisterende reserver renere og mer effektiv energi produksjon Kombinasjonen av kapital og industrikunnskap vil kunne hjelpe unge selskaper å bli verdifulle 3

4 EV portfolio *** Consists of ground breaking technologically led businesses Proof of Concept Prototype Field Test Early Sales Market Intro Global Rollout EXITED Reservoir Evaluation & Exploration Drill & Well Construction Intervention, Completion & Lift Field Development, Facilities & HSE 4

5 Deal Flow by Country (2-year history) Norway UK USA Canada Brazil Other WE Other

6 STATE OF PLAY EV KEY INDUSTRY TRENDS RESOURCE PLAYS FRAMEWORK: Mapping today's and future E&P and O&G service industry needs and requirements Carbonates Sand stone Pre-Salt/Paleogene/Subsalt Shale gas / Tight gas Tight Oil Heavy Oil/Oil Sands Deepwater Arctic Resources Smaller Fields & stranded pockets Increased recovery/ Reduced decline Technologies reduce decline and improve the average recovery from 40% to 60-70% Cost and productivity Technologies to enable economic E&P activity in mature and emerging reservoirs to access the last recoverable resource Subsurface mapping Understanding the reservoir to access resource in existing reservoirs and to discover new resource Drilling & Completions Technologies that enable accessing older reservoirs more cost competitively and Access new harsh environment reservoirs Environmental (including water treatment) Technologies that provide energy solutions to current E&P environmental/ new legislative challenges. Also includes technologies that help build in the new segments of the future energy mix. Field development New ways to develop fields in conventional as well as emerging resources to monitor and produce efficiently over the long run. Increased technical challenges/risk Environmental awareness Life of Field focus Digital age Local Content 6

7 Advisory Board Dr. Vikram (Vik) Rao - Former senior vice president and chief technology officer of Halliburton. Jorge Camargo - Former President of StatoilHydro Brazil. Former executive at Petrobras. Dr. Arnfinn Nergaard - Professor at UiS with resp for marine engineering and subsea petroleum technology. Ketil Lenning Presently president of K. Lenning Management AS. Former President and CEO of Odfjell Drilling AS. Dr. Ivor Ellul - Founder and CEO of Knowledge Reservoir Dave Malone Currently with Shoaibi Group Dr. Kok Seng Foo Deputy director of Keppel Offshore & Marine Technology Centre Bob Schwartz - President of HTC Energy, part of Houston Technology Center Glenn Corrie Director for Energy Investments at Temasek International Professor Max Rowe Honorary Professor, College of Physical Sciences, University of Aberdeen, UK. Carl Trowell - President in Western Geco Schlumberger. Rune Freyer - Currently owner and inventor of Fishbones AS. Karl Johnny Hersvik Head of R&D - Statoil 7

8 Imbalance: Slow pace of innovation and high need of bringing new technologies to the market in the E&P sector New oil Re-invention and change inevitable as the historical slow pace cannot suffice in the future Stumbling supply - huge gap to be filled by new developments 8 Source: McKinsey

9 Investor base EV I 14 LPs 75% EV II 20 LPs Global and loyal investor base High quality investors 75% A good blend of institutions, industry investors, family offices and fund-of-fund investors EV III 34 LPs Increasing international investor base with room for more EV II Far East 17 % US 29 % Europe 12 % Middle East 1 % NO 41 % Fund of funds Family Office Public Pension Fund Corporate Investor Private Individuals GP Commitments Endowment Sovereign Wealth Fund Insurance Company Private Pension Funds Bank 9

10 Internationalisation on all fronts INTERNATIONAL INVESTMENTS International deal flow 70 % INTERNATIONAL NETWORK EV I EV II EV III EV IV SVG / ABD / HOU Singapore/ Brazil / SA Brazil / China Int. Advisory Board Int. co-investors INTERNATIONAL INVESTORS 80 % 60 % 40 % 20 % 0 % INTERNATIONAL TALENT EV I EV II EV III EV IV US 2 India 2 UK 2 Trin/Tobago 1 Sweden 1 Little of value thrives, grows and develops well behind fences 10

11 One team, multiple locations, world wide networking Global Reach Our organisation must match our strategies Stavanger Houston Aberdee n Rep office Shoaibi Group Keppel and Temasek network Rep office Rio 11

12 12

13 13 Drilling 1901

14 14 Current Technology - Work Environment Challenges

15 Drilling Fluids Features Drilling Fluids pressure control cooling lubricating formation control transmit hydraulic pressure well information transport of cuttings etc. Today s water-based and oil-based drilling fluids are advanced and expensive 15

16 Drilling in 2012 Current Technology Challenges HSE oil mist and vapor, wellbore gas noise, vibrations, waste, dirt Efficiency drilling fluids contamination loss of drilling fluids, waste generation screen consumption, operating window high grade of wear & tear manual handling 16

17 17 The technology for the future The MudCube

18 Technology Qualification DNV-RP-A203 QUALIFICATION PHASES CONCEPT DESIGN PROTOTYPE TESTING PILOT STATOIL TECHNOLOGY QUALIFICATION PROCEDURE TRL 0 TRL 1 UNPROVEN PROVEN CONSEPT CONCEPT TRL 2 VALIDATED CONCEPT TRL 3 PROTOTYPE TESTED TRL 4 ENVIRONME NT TESTED TRL 5 SYSTEM TESTED TRL 6 SYSTEM INSTALLED TRL 7 FIELD PROVEN PATENTS & IP RIGHTS, FEASIBILITY INITIAL PROTOTYPE VERIFICATION PROTOTYP VERIFICATION ONSHORE QUALIFICATION OFFSHORE QUALIFICATION Feasibility Statoil fluid department. Statoil LUP project MudCube Ultrasonic successful completed. Detail initial concept. Identify equipment and components. In-house testing prototype 1 with WBM with unqualified screens. Statoil LUP project MudCube Vacuum successful completed. Identify industry partners. Detail prototype 2. Started building of test centre. In-house testing prototype 2. Testing performed on various WBM with API qualified screens. Secure venture capital and engineering partner (ODT). MudCube Demo 2000 project started. Secure resources and provide company management procedures and systems. Further development related to capacity Micro-vibrators. In-house testing prototype 3 on both WBM and OBM. Contract for onshore and offshore qualification. Manufacture pilot equipment / prototype 3B, Norsok ATEX etc. MudCube Demo 2000 project ongoing. Completed onshore qualification with 3 fluids (WBM and OBM). Passed Technology Qualification and ready for offshore demonstration. Completed offshore qualification with WBM and OBM during complete well (Dec April). MudCube Demo 2000 project completed. Completed full planned test programme for capacity, filtration, HSE etc. Continuous improvements process on minor parts belt screen, noise etc. Production optimization process completed. MudCube F02 ready. 18

19 The history Venture capital experience Qualified technology Commercial breakthrough Comprehensive field testing Idea! Development Re-design and continued product development Entry Energy Ventures EMPLOYEES EMPLOYEES Management changes Offices Sandnes, Houston, Aberdeen 19

20 Cubility Kommer snart ombord på din rigg. og VC jobben er gjort 20

21 De 10 bud for Venture kapital investeringer..de 10 bud. 21

22 Venture Capital s 10 Commandments Entrepreneurs Seeking VC Capital 1. Venture Capital is a Formula One Race Car VC finansiering vil få deg dit du vil raskere enn de fleste andre alternativer du må vite hva du gjør for å unngå uhell. 2. Money is Not Just Money Kan din VC eier skaffe deg tilgang til et relevant industri nettverk? Kan de bidra med noe mer enn kapital? 3. New is Risky og vi forventer å oppnå salg på USD100 mill innen fire år. Det er forresten et konservativt estimat. 22 Source: Oil and Gas Investor, January 2010

23 Venture Capital s 10 Commandments Entrepreneurs Seeking VC Capital 4. Introduce Offerings that Solve Big Problems Er fordelene ved det du har tenkt å levere store nok?? 5. Work With People You Like Har din organisasjon den sosiale kapitalen som skal til i vanskelige tider? 6. Don t Leave Home Without a Good CFO Er din oppmerksomhet rettet mot regnskap eller finansiell kontroll? 23 Source: Oil and Gas Investor, January 2010

24 Venture Capital s 10 Commandments Entrepreneurs Seeking VC Capital 7. Build It and They Might Come Har du nok krefter og tålmodighet til å komme deg inn i markedet? 8. Focus on Sales, Sales and More Sales F&U er kun steg nr 1 vet du hvordan du skal selge? 9.Know Thy Competitor Hva er ditt konkurransefortrinn? Hvordan har du tenkt å differensiere deg? 10.Alignment is Key Er du interessert i et vinn vinn opplegg? Er din VC eier det samme? 24 Source: Oil and Gas Investor, January 2010

25 Stavanger Office Visiting address: Energy Ventures Kongsgaardbakken Stavanger Norway Postal address: P.O. Box Stavanger Norway Phone: Houston Office Energy Ventures (US) Inc Richmond Avenue Suite 295 Houston TX USA Phone: Fax: Aberdeen Office Energy Ventures Ltd. 15 Albert Street Aberdeen AB25 1XX United Kingdom Phone: Fax: Contact person: Ole Melberg ole.melberg@energyventures.no Contact person: Jim Sledzik jim.sledzik@energyventures.no Contact person: Greg Herrera greg.herrera@energyventures.no 25