Page 29 - Danish Offshore Industry 2015

Effciency seems to be the key word for present as well as future projects. NEW ECONOMICAL REALITIES Angola was to be one of the investments being put un- This reality hit Maersk a few weeks before entering the der scrutiny, and exploration is expected to be reduced, year of 2015. A year, which soon turned out to show a too. Effciency seems to be the key word for evaluating constant drop to price levels lower than seen in 2014. future strategies, and the development of the oil prices In an interview in the Danish newspaper, Politiken, the will be submitted to an intense spotlight. consequences to the economy were lined up, and the end result was pure logic. “Last year the average price of oil was US$104 pr. bar- rel, now it has dropped to around $60. If it stays down there it means that turn-over of our oil activities will be reduced by around one third. And as all – except for the tax – is fxed costs it is, obviously, a fact we are to seri- ously consider. We simply have to do something,” stated WE ARE PREPARED TO CEO A.P.Moller – Maersk, Nils Smedegaard Andersen SACRIFICE THE who had to accept that the world had changed for Mae- rsk Oil, too. PRODUCTION TARGET “I feel it is most important to tell the market and the organization that we have the best possible ambitions, IF IT DOESN’T GENE- but if they do not make sense any more, we have to RATE A SATISFACTORY adjust to the situation in the world around us. It serves no purpose telling that if we once said something, then RETURN ON we will stick to it whether it is reasonable or not,” Sme- degaard Andersen concludes. INVESTMENT According to the newspaper the Chissonga feld in 29 /A CHANGED WORLD– EVEN FOR MAERSK OIL