Page 28 - Danish Offshore Industry 2015

A CHANGED WORLD – EVEN FOR MAERSK OIL Visions of doubling oil production before 2020 is likely to get a shot across the bows in view of the dropping oil prices. In fact the target was quite clear-cut and ambitious double digit returns through the cycle. We are prepared when in the autumn of 2012 Maersk opened its bag of to sacrifce the production target if it doesn’t generate a goodies. Based on its technical know-how and pioneer- satisfactory return on investment,” explained CEO Jacob ing spirit applied to 14 major projects Maersk Oil was to Thomasen. double the production before 2020 ending up in a daily But as the year slowly came to an end, the dropping production of 400,000 barrels. As late as in the autumn oil prices continued to give many well-intentioned plans of 2014 this strategy was still stuck to i.a. in the com- for the future all around the world a push in the wrong pany’s own publication, Source, even if the dropping oil direction. Several Danish companies sent up signals claim- prices started sneaking in discreete modifcations of the ing that a new situation has arisen causing adjustments statement. to the number of staff and telling about less festive days “We have an intensive few years of project delivery lying ahead. Now a more critical look at the bottom line and execution, and even during this time we insist on became an important part of any company’s agenda. The target – 400,000 barrels per day by 2020 – is under pressure. 28 / A CHANGED WORLD– EVEN FOR MAERSK OIL