APPEX Global 2016
 

The Future of Global Energy: Oil or Gas

The oil and gas industry is facing a very challenging environment, with crude oil prices at the lowest we have seen for 13 years and global gas prices at historic lows. Price volatility is nothing new for the industry –there have been several similar cycles in the past - but this time we expect prices to stay lower for longer. However, global demand for our products continues to rise and we forecast that the world will need a third more energy by 2035, driven almost entirely by non-OECD demand growth. The continued development of new technology will pose new and unpredictable opportunities and challenges. At the same time, countries around the world have come forward with new climate pledges which will have implications for our industry moving forward. This presentation will discuss how these new realities create interesting uncertainties for the future of the global energy mix and how the industry needs to respond in a flexible and adaptable way.


About the Speaker

Richard Herbert - BPRichard Herbert - BP

Richard re-joined BP from Talisman Energy Inc. where he has held the position of EVP Exploration since March 2009. During his time with Talisman, Richard rebuilt the company's conventional and unconventional exploration portfolio and made significant oil discoveries in Colombia and the Northern Iraq. In 2010, Richard led the acquisition of BP's business in Colombia and served on the Board of the joint venture company created, Equion Energia, from January 2011 to August 2013.

Before joining Talisman, Richard served for six years as the VP Exploration and then EVP Technology of TNK-BP, based in Moscow. Richard led the project which resulted in the discovery of the large Urnenskoye and Ust-Tegusskoe oil fields in the Uvat Region of West Siberia.

Richard holds a first class honours degree in Geology from the University of Bristol, England. Upon graduation he joined Phillips Petroleum in the UK before joining BP's Upstream business in 1984 as an exploration geologist. He then went on to hold a number of senior technical and leadership positions in Thailand, Mexico, Venezuela and Colombia. In 2000, Richard was appointed Business Unit Leader for Angola and during his tenure, was instrumental in sustaining BP's track record of exploration success in this deep water province. He then went on to be the Performance Unit Leader of the Wytch Farm oilfield in the UK prior to joining TNK-BP in 2003. Richard brings to BP a significant wealth of industry and exploration experience which is aligned to the Upstream's strategy and future exploration ambitions.

Richard is a member of the Upstream Executive Team.He is also a fellow of the Geological Society of London and a member of the American Association of Petroleum Geologists.







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