May 17, 2020

Maersk Oil and the Culzean HPHT gas project

Maersk Oil
Culzean HPHT gas project
Maersk Group Capital
Dale Benton
2 min
Maersk Oil and the Culzean HPHT gas project
Maersk Oil CEO announced that the capital costs of its marquee Culzean HPHT gas project have been reduced byUSD 500mas a result of higher drilling effic...

Maersk Oil CEO announced that the capital costs of its marquee Culzean HPHT gas project have been reduced by USD 500m as a result of higher drilling efficiency and robust upfront design and project planning.

Investment costs for the Culzean project are now forecasted to be around USD 4bn, a reduction of c USD 500m on the estimate at project sanction, CEO Gretchen Watkins outlined at the Maersk Group Capital Markets Day in Copenhagen.

A significant improvement of project capex has been achieved in close collaboration with partners, suppliers and the authorities. The present breakeven estimate for the project now stands at USD 33 per barrel of oil equivalent (boe) (including cost since sanction).

“This updated forecast reflects Maersk Oil’s commitment to world class project execution and our aim to continually improve our major capital projects, together with our partners and suppliers. Achieving cost reduction of 11% during project maturation, we are showing our ability to deliver greater value for investors and stakeholders through effective project delivery and controls,” said Watkins.

Culzean, a high pressure, high temperature gas condensate development in the UK Central North Sea was approved by the Oil & Gas Authority in August 2015. Since then, Maersk Oil and co-venturers BP and JX Nippon have worked together effectively and with suppliers to improve the project, supporting positive development in investment costs.

The improved forecast has been achieved through higher drilling efficiency, robust upfront design and project planning, supply chain deflation and supportive foreign exchange movements. Gretchen Watkins said,

“Improvement is largely driven by pulling the levers within our control to enhance Culzean’s project economics. Together with our position in the Statoil-operated Johan Sverdrup field development, Maersk Oil is committed to delivering the next generation of significant North Sea developments”.

Culzean remains on schedule to deliver first production in 2019.

 

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Jul 25, 2021

People Moves: Kuehne+Nagel, Asuccini, Algo

supplychain
Procurement
KuehneNagel
Logistics
2 min
Stay up to date on the latest supply chain executive moves and promotions, including Kuehne+Nagel, Algo, and Asuccini LLC

Peer Gjeow Rasmussen

Kuehne+Nagel


Was: Managing Director, Kuehne+Nagel India
Now: Managing Director, Kuehne+Nagel Singapore and Malaysia 

Skilled in freight forwarding, logistics management, and international logistics, Peer Gjeow Rasmussen has worked for almost two decades to make Kuehne+Nagel a global leader in supply chain. With experience in Thailand, China, Denmark, the USA, and India, Rasmussen is poised to excel in the company’s diverse Singapore and Malaysia divisions. Said Jens Drewes, President of Kuehne+Nagel Asia-Pacific: "Peer’s proven leadership will ensure continued strategic growth and success." 

 

Heidi Turk

Algo


Was: SVP Supply Chain, NBC Universal
Now: Chief Customer Success Officer, Algo


Heidi Turk has been named Chief Customer Success Officer at Algo, a leading supply chain intelligence SaaS solutions provider. Prior to joining Algo, Turk spent the 23 years with NBC Universal, most recently as SVP Supply Chain.

Amjad Hussain, Chairman, founder and CEO, said: “Heidi’s deep knowledge of hard-goods manufacturing, distribution and retail channel operations will take Algo's white-glove, customer-centric service and support to the next level."


Jim Vrtis

Asuccini 


Now: Vice Chairman, Board of Directors, Asuccini

Jim Vrtis has been elected to the board of directors at Asuccini LLC, the leading international logistics transportation management software company. Vrtis will join as the Vice Chairman, and continue his role as CEO at Artemis ABA Inc. 

Vrtis has more than 20 years of industry experience working in transportation and logistics. Ashkan Shamili, Founder & CEO, said: “With the addition of Jim to our Board, we are committed to providing our customers with an innovative customised transportation management system built in the Salesforce cloud and tailored to the way our customers run their business.”

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