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Zohr has just changed the game for the Oil & Gas industry

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In August 2015, the Zohr gas field in the Mediterranean was revealed to be a discovery of immense proportions.  By Eni’s (the oil major that had successfully bid for the field’s 15 exploration areas back in 2012) reckoning, Zohr has reserves of an estimated 850 billion cubic metres of natural gas.

Many industry analysts and commentators at the time predicted that Eni wouldn’t be producing gas from Zohr until 2019 at the earliest, and more likely 2021.

Defying these predictions, Eni achieved first gas from Zohr earlier this month- and in doing so changed the game for the Oil & Gas industry. In less than two and a half years since its discovery, Zohr has started production. An unprecedented feat.

Typical offshore Oil & Gas projects have operated across sizeable timelines. These projects require extensive exploration, planning, equipment and money (once the final investment decision has been made).

But since the oil price crash, oil majors have striven to become leaner, more competitive, and most importantly, quicker at getting the oil, and the cash, flowing.

Eni’s Zohr project is the most glaring example of this step-change in the Oil & Gas industry.
Eni achieved first gas from the Zohr field earlier this month.
(Image via Eni).

How was this achieved?

In a word- technology.

From the discovery of the reserves onwards, Eni utilised cutting-edge technology. One such example included the 3D modelling of the deposit at the same time as the design of the engineering tech needed to develop the reserves and procurement; thus saving both time and money over the course of the project lifecycle. 

Such has been the progress thanks to this approach, that 20 wells will be drilled by 2019.

Rightfully, Eni’s CEO, Claudio Descalzi, has been quick to praise his company’s achievement- revealing a key piece of their strategy in the process:

“The start-up of Zohr is the direct result of our unique know-how, our ability to innovate in technology and of our tenacity in pursuing even the most challenging goals, of which we are very proud.”

He also added:

“Our philosophy is time to market to market (emphasis ours). We changed all the industry strategy by breaking the contractual schemes and starting to move from investment authorization to production with parallel steps.”
Time to market looks set to be a transformative factor for the Oil & Gas industry in 2018 and beyond.
(Image via Eni).

Time to market as a transformative factor

As Eni are demonstrating time to market could become a game changing factor with the Oil & Gas industry. If one major is able to adopt this approach, investors and shareholders will be keen to see other majors driving assets to production stage much more quickly than previously.

Whilst accelerating the time to market has been a trend within many other industries- this is arguably the first time that this philosophy has truly been executed (successfully) at scale within the Oil & Gas industry.

With Zohr essentially acting as a proof-of-concept, we’re bound to see the other majors aping Eni’s approach in 2018.

To find out how Fircroft can help your Oil & Gas company cut costs and maximise workforce productivity, speak to us today.
Tags: Oil & Gas
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Zohr has just changed the game for the Oil & Gas industry - Time to read 3 min
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