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HALLIBURTON SUBSEA SYSTEMS JOINS ZIFF ENERGY IN GULF OF MEXICO AND INTERNATIONAL DEEPWATER STUDY
Houston, Texas - HZiff Energy, a leading North American energy consulting firm, will conduct a Deepwater study evaluating operating costs by Deepwater Development System for producing fields in the Gulf of Mexico and other International Deepwater areas. Halliburton Company's Halliburton Subsea Systems, one of the largest and most advanced global technology service providers, will serve as Technical/Operations Advisor for the Best Practices section of the study, which will focus on Subsea Operations.
Deepwater holds the promise of substantial new oil and gas reserves in several key locations, e.g. offshore Brazil where Petrobras has developed a number of billion barrel fields, West Africa with similar scale discoveries off Angola, and West of Shetlands, in addition to Gulf of Mexico.
"Together with Halliburton we can deliver a more definitive evaluation of Subsea Operations from design perspective to operational performance for companies operating in the Deepwater," said Ziff Energy's VP, Offshore, Hank Kelly (a long time E & P manager with 30 years experience in the Gulf of Mexico).
"This methodology represents the next generation of analysis specifically measuring the linkage between the use of technology and actual results in specific deepwater strategies," said Gordon Chapman, vice president with responsibility for Halliburton Subsea Systems. Prior Best Practices analysis has been much less detailed and has not involved assessment of design and operational effectiveness.
Ziff Energy has become the leading benchmarker of operating costs and practices for the Gulf of Mexico and North America, with extensive field level benchmarking programs for the Shelf and Deepwater. Our offshore database includes 350 Shelf fields operated by 25 companies, and 30+ U.S. Deepwater assets (representing 80% of U.S. Deepwater production). Ziff Energy pioneered in 1998 the first benchmarking study ever designed for Deepwater assets (i.e. water depths from 600' to over 5,000'). The 1999 Deepwater study will compare International Deepwater fields with comparable Gulf of Mexico fields.
The early Client companies met in Houston in June to finalize the scope of the study and identify areas of emphasis. The Clients selected to group the Deepwater assets by 3 types of Development Systems (Fixed/Compliant, Floating Production Systems, and Subsea) and to base the cost comparisons on 29 categories. Companies participating in the study will receive confidential, blinded, asset-level competitive comparison versus comparable assets. Delivery is scheduled for fall 1999, in time for 2000 planning.
Ziff Energy Group initiated its upstream benchmarking analysis over a decade ago and is now the leading benchmarker of E & P operations from offices in Houston and Calgary. The study team, headed by Hank Kelly, includes a number of senior E & P operations specialists with 20+ years of offshore experience. Historically, Ziff's RFOC studies have helped producers achieve significant savings on operating costs, as well as achieving notable production gains through best practices initiatives, often within six months after the study is completed.
"Study participants receive a detailed diagnostic report on each asset, comparing it on an 'apples-to-apples' basis with peer assets and identifying potential savings in each cost category," said Paul Ziff, Ziff Energy's CEO and Founder. "We will also hold a full-day workshop where best practices are discussed openly among a wide variety of large and small operators," Ziff added.
Ziff Energy's benchmarking process is unique in its in-depth analysis of Best Operating Practices. As Technology/Operations Advisor, Halliburton will support Ziff Energy with this part of the study by:
- developing and designing the Best Practices portion of the client questionnaire
- analyzing the data for development of the Best Practices Subsea portion of the study report
- developing, designing and co-hosting a Best Practices workshop following completion of the study.
Halliburton Subsea Systems is a global leader in the design, manufacture, installation and operational support for deepwater production systems. Halliburton Subsea Systems operates globally with principal offices in Houston and London.
Halliburton Company (NYSE: HAL) is the world's leading diversified energy services, engineering, energy equipment, maintenance and construction companies. Founded in 1919, Halliburton provides a broad range of energy services and products, industrial and marine engineering and construction services. In 1997, Halliburton's consolidated revenues were $16.3 billion and it conducted business with a workforce of approximately 100,000 in more than 120 countries. The company's World Wide Web site can be accessed at http://www.halliburton.com.
Ziff Energy Group, one of the leading North American energy consulting firms, focuses on upstream oil and gas operating performance and natural gas industry issues. Since 1982, the firm has conducted 55 multi-client studies analyzing upstream and E&P performance, advised more than 100 Canadian and U.S. natural gas companies and government agencies, and has produced dozens of reports on North American gas supply and transportation issues. The firm operates offices in Houston and Calgary.
Further information about the Deepwater initiative is available from Hank Kelly in New Orleans (504) 845-1427, e-mail hkelly@ziffenergy.com, or from Nico Vandenworm in Houston (281)575-5142.
Contact
Hank Kelly
Ziff Energy
(p) 713.627.8282
Dirk Vande Beek
Halliburton Company
(p) 713.676.4371
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