Singapore – 2019

Annual Summit, October 8, 2019

Morning plenary

08:30 – 09:00 Registration
09:00 – 09:10 Welcome and introduction
Vijay Krishnan, Managing Director, Asia Pacific, Rystad Energy
09:10 – 09:40 Opening address: The energy transition – how fast, and consequences for oil and gas?
Jarand Rystad, Founding Partner and CEO, Rystad Energy

  • Why energy transition – is climate change the only driver?
  • Scenarios for peak oil demand and consequences for activity in the oil sector
  • Energy systems of the future – role of natural methane, ammonia and hydrogen as energy storage
09:40 – 10:10 Oil market update: Unstable equilibrium as clouds form on the 2020 horizon
Bjørnar Tonhaugen, Head of Oil Market Research, Rystad Energy

  • Oil demand trends and outlook in the context of economic headwinds, trade disputes and "IMO 2020"
  • US and non-OPEC+ supply outlook amid calls for capital discipline in US shale
  • OPEC+ supply trends and outlook for the "call-on-OPEC+" to maintain market stability
10:10 - 10:50 Morning coffee break
10:50 – 11:20 The role of fossil fuels in the energy transition
Carlos Torres-Diaz, Head of Gas and Power Markets Research, Rystad Energy
Steve Hulton, Senior Vice President, Coal Research, Rystad Energy

  • Trends in the global power mix and its impact on gas and coal demand
  • Natural gas supply outlook
  • LNG as a marginal supplier to Asia
  • Key development in liquefaction infrastructure
  • International price forecast
11:20 – 11:50 Big oil, mega solar
Gero Farruggio, Head of Australia & Global Head of Renewables, Rystad Energy

  • The drivers for Upstream to upskill in renewables
  • Recent developments and signposts to look out for
  • how upstream companies are incorporating solar, wind and storage to better project economics
11:50 – 13:10 Networking lunch

Track 1: E&P

13:10 – 13:40 Gross split PSC a game changer in lower for longer scenario
Prateek Pandey, Senior Analyst, Upstream Research, Rystad Energy

  • Understanding why Gross split PSC is an optimum model for both Contractors and GOI in the current price scenario
  • An analysis to compare Gross Split PSC terms with other SEA countries fiscal policies
  • How Gross split PSC impacts the future developments in Indonesia
13:40 – 14:10 Australia’s Untapped Hydrocarbon Potential
Daniel Levy, Senior E&P Analyst, Rystad Energy

  • An analysis of Australia’s producing resources. Why we need to discover and develop an extra 3.9 million barrels (boe) per day in the next 20 years
  • The highlights of Australia’s undeveloped Offshore, Onshore Conventional and Unconventional resources
  • Rystad’s forecast and valuation of Australia’s most exciting upcoming developments
14:10 – 14:20 Break to change room
14:20 – 14:50 Finding winners and losers from recent project cost performance
Audun Martinsen, Partner and Head of Oilfield Service Research, Rystad Energy

  • Putting regional cost performance into a global context
  • Who is separating themselves from their peers
  • How will this evolve going forward
14:50 - 15:20 Afternoon coffee break

Track 2: OFS

13:10 – 13:40 Oilfield Services: learning from the past to win the next decade – FPSO and other services
Audun Martinsen, Partner and Head of Oilfield Service Research, Rystad Energy

  • The failures and successes of the 2010s
  • Defining service industry success for the 2020s
  • How will future cycles rise and fall
13:40 – 14:10 Global subsea market: with the stage set for growth over the next years, will alliances be vital for the subsea players?
Martin Opdal, Project Manager, Consulting, Rystad Energy

  • The subsea market has a big role to play in the new wave of offshore sanctioning
  • Have integrated contracts structurally changed the landscape?
  • With the recent oil price drop in mind, is the subsea market at risk?
14:10 – 14:20 Break to change room
14:20 – 14:50 Offshore rig market outlook – A rising, but challenging market
Jo Friedmann, Senior Analyst, Oilfield Service Research, Rystad Energy

  • Operator activity increases on back of uptick in development sanctions and exploration work
  • Global trends in the floater and jackup market
  • The offshore rig market in APAC
14:50 - 15:20 Afternoon coffee break

Afternoon plenary

15:20 – 15:50 M&A trends - What’s next for the majors in APAC?
Jon Fredrik Müller, Partner and Head of Consulting Asia Pacific, Rystad Energy

  • What has been the M&A trends over recent years?
  • What can we expect in the short term?
  • How will current market trends impact the transaction market longer term?
15:50 – 16:50 Keynote panel – The way forward

Vijay Krishnan, Managing Director, Asia Pacific, Rystad Energy

Ian Angell, Chief Executive Officer, Tamarind Resources
Nozomi Kato, Senior Research Adviser, INPEX Solutions
Olivier Duguet, Chairman and CEO, The Blue Circle
Toshio Hashiguchi, Executive Officer, GM of Bangkok Office, Mitsui Oil Exploration Co., Ltd. (MOECO)
Shivanan Sivarajah, Director, Energy & Resources Asia & Oceania, MUFG Bank
16:50 – 17:00 Closing address
Per Magnus Nysveen, Senior Partner, Head of Analysis, Rystad Energy
17:00 – 19:00 Networking drinks

Client User Meeting October 9, 2019

08:15 – 08:30 Registration
08:30 – 08:50 Welcome and overview of the Rystad Research Universe
Per Magnus Nysveen, Senior Partner, Head of Analysis, Rystad Energy
08:50 - 09:20 Extracting value from Dashboards and Client Portal
Chris Wilkinson, Client Analyst, Rystad Energy
09:20 – 09:50 Latest product launches including regional OFS Solution, cost estimation handbook, overview of Gas Markets Solution
Bielenis Villanueva Triana, Partner, Head of Client Analyst Team, Rystad Energy
Xi Nan, Vice President, Gas and Power Market Research, Rystad Energy
09:50 - 10:10 Coffee break

Track 1: Upstream solution workshop

10:10 – 10:30 New features within the Upstream solution
Bielenis Villanueva Triana, Partner, Head of Client Analyst Team, Rystad Energy
10:30 – 11:30 Workflow 1: Asset screening, analysis, valuation, sensitivity analysis
Eugene Chiam, Vice President, Upstream Research, Rystad Energy
11:30 – 12:30 Workflow 2: Macro and company benchmarking (cost of supply, breakeven, production growth)
Eugene Chiam, Vice President, Upstream Research, Rystad Energy

Track 2: OFS solution workshop

10:10 – 10:30 New features within the OFS solution
Audun Martinsen, Partner and Head of Oilfield Service Research, Rystad Energy
10:30 – 11:30 Workflow 1: Service company benchmarking: market share, exposure and pricing power analysis using ServiceCube
Workflow 2: Operations benchmarking: production and costs using UCube and ServiceCube

Audun Martinsen, Partner and Head of Oilfield Service Research, Rystad Energy
11:30 - 12:30 Workflow 3: Subsea trends and analysis using SubseaCube
Workflow 4: Offshore rig markets contracting activity and utilization using RigCube

Jo Friedmann, Senior Analyst, Oilfield Service Research, Rystad Energy

12:30 - 12:35 Wrap-up for each session
12:35 - 13:30 Lunch
13:30 - 14:30 One-to-one session with product managers and analysts
Analyst on request


Audun Martinsen - Partner and Head of Oil Field Service Research

Audun started at Rystad Energy in 2011. He is currently leading the Oilfield Service team and Product Manager of Rystad Energys oilfield service databases DCube and SCube. Audun earned a Masters degree in Marine Engineering from the Norwegian University of Science and Technology (NTNU) and University of Berkeley, California, and an Executive Master of Management Program within finance from BI. His previous work experience includes Coriolis, Shell and BW Offshore.

Bielenis Villanueva Triana - Partner, Head of Client Analyst Team

Bielenis Villanueva Triana is a Partner, Head of the Client Analyst team, delivering daily interactions with clients to support their energy industry analysis through Rystad Energy’s products and services. She has over seven years of experience in forecasting production, reserves and economics of fields globally, particularly for shale fields. Bielenis holds a M.Sc. in Petroleum Engineering from the University of Oklahoma, USA, which included two years of experience in simulation of reservoir performance.

Bjørnar Tonhaugen - Head of Oil Market Research

Bjørnar is Head of Oil Markets in Rystad Energy and manages the Oil Markets Team. He is product manager for the Oil Market Solutions (Oil Market Analytics, OilMarketCube and Oil Market Update) and is Rystad Energy’s main expert on oil market fundamentals and macro. He also contributes to UCube’s liquids production data and Rystad Energy’s house view on the oil market. Bjørnar also contributes in various consulting projects involving oil market analysis. Bjørnar holds a Master of Science degree in Industrial Economics and Technology Management from NTNU ( and also a mechanical engineering degree (BSc.) from the Oslo University College (HiO). He has previously worked for Nordea Markets, the financial brokerage arm of the largest bank in the Nordic region, as a Commodities Strategist primarily focusing on the oil products markets. He has also worked for Orkla Finans, the investment brokerage subsidiary of Orkla.

Carlos Torres-Diaz - Head of Gas and Power Markets Research

Carlos is Vice President and Head of Gas and Power Markets Research at Rystad Energy. He and his team develop the gas and power coverage for the company and he frequently participates in related consulting work. Before joining Rystad Energy Carlos worked in power utilities in Europe and Latin America where he has been responsible for the management of long-term gas contracts, and for conducting market analysis for trading and strategy. Carlos holds a Bachelor in Civil Engineering from the Universidad Iberoamericana, an M.S.c. in Energy and Environmental Engineering from the University of Sheffield and an Exec. MBA from the University of Oxford.

Chris Wilkinson - Client Analyst

Chris Wilkinson is a Client Analyst and is responsible for working closely with clients in Japan, China and South Korea to help them extract the most value from Rystad Energy’s offerings.
He holds a Master’s degree in Geophysics from the University of Southampton and began working in the Upstream Industry in 2014.
Chris joined Rystad Energy in their Tokyo Office and has been working there since 2018.

Daniel Levy - Senior Analyst, E&P

Daniel Levy is Rystad Energy’s Head of Research for the Australasia region, with 10 years’ experience across both E&P research and operational roles. Daniel holds a Master of Finance and a double Bachelor degree in Geology and Spatial Information Systems. Prior to entering research, Daniel worked as an Operations Geologist for Pangaea Resources, planning and executing drilling programs across the Surat, Bowen, Galilee, Bangemall and Beetaloo basins of Australia. Daniel has an in depth knowledge of the petroleum operating environment, having targeted shale, CSG, TGS and conventional resource plays. In addition, Daniel has been involved in the preparation and marketing of several upstream assets, as well as multiple joint venture operations with ASX200 companies.

Daniel has applied his unique combination of Australian operational experience and strength in financial modelling to generate production and economic models for Australian and international research houses, focusing on asset economics for unconventional hydrocarbons and emerging plays in the Australasian region. Of particular merit is Daniel’s work on the Northern Territory (Beetaloo) shale play, where to date, he has planned and executed a peerless number of shale targeted wells. Daniel has leveraged his insight in this, and other important Australian plays to develop a unique understanding and forecast for hydrocarbon development in Australia.

Espen Erlingsen - Partner and Head of Upstream Research

Espen Erlingsen is a Partner and leader of the E&P team at Rystad Energy. His areas of expertise include company and acreage valuation, breakeven price analysis and international petroleum fiscal regimes. Before becoming a Partner, Mr. Erlingsen was the lead NCS analyst at Rystad Energy.

Eugene Chiam - Vice President, Upstream Research

Eugene joined Rystad Energy in May 2019 and is currently focusing on the Upstream research for Asia Pacific region. He has 10+ years of experiences in the Upstream oil and gas sector. Prior to joining Rystad Energy, he worked with a global management consulting firm as a Knowledge Expert in their global energy knowledge and research team and as a project engineer and asset lead with an integrated oil and gas company in Asia. His experience includes optimizing upstream operation benchmarking, cost baselining and optimization, large capital project management, upstream fiscal and offshore oil and gas decommissioning. He is an active member with the Society of Petroleum Engineer and an ex-member of the ASEAN Council of Petroleum (ASCOPE) E&P Business Development Committee.

Gero Farruggio - Head of Australia and Global Head of Renewables

Gero Farruggio graduated from MEng in Mechanical Engineering, Imperial College London & MBA Edinburgh University. He started his career at Schlumberger, where he demonstrated the commercial value of geosteering technology in Venezuela and Nigeria, publishing a selection of papers on innovations for the optimisation of horizontal oil wells. He then spent 16 years at Wood Mackenzie, as Director of Wood Mackenzie Australia Pty Ltd and responsible for Americas and APAC Upstream research. In November 2017 Rystad Energy acquired Sustainable Energy Research Analytics (SERA) where he was Managing Director specialising in renewable energy research and advisory.

Jarand Rystad - Founding Partner and CEO

Jarand founded Rystad Energy in 2004 and is managing the company. Jarand has extensive experience in oil and gas strategy advisory work from McKinsey and Rystad Energy. He has led a number of strategy projects for international oil and gas companies and oilfield service companies. He has also worked with governments and international organizations on topics related to the global energy agenda, and he is advising investors on deal screening, transactions and portfolio management. He is among the most cited petroleum analysts in the industry and been the keynote speaker on numerous international conferences. His areas of expertise include E&P strategy, asset and company transactions, macro analysis and oil service industry analysis. Jarand has also worked for Kvaerner Engineering and as a research scientist within Industrial Economics, gaining wide expertise in statistics and programming. Jarand holds a M.Sc. degree in Physics from the Norwegian University of Science and Technology, where he majored with a thesis on astroseismology. He also has an academic background in philosophy, and has been the leader and founder of various organizations.

Jo Friedmann - Senior Analyst, Oilfield Service Research

Jo Friedmann is a Senior Analyst on the Rystad Energy Oilfield Service team and he specializes in the global offshore rig and oil service market. He holds a Master’s degree in Economic Analysis with Research Distinction from the Norwegian School of Economics, including exchange programs at Yonsei University, the University of Melbourne and a one-year programme in Mathematical Sciences from the Norwegian University of Science and Technology. Jo has been working at Rystad Energy’s corporate headquarters in Oslo before joining the company’s Singapore office.

Jon Fredrik Müller - Partner and Head of Consulting, Asia Pacific

Jon Fredrik is Partner & Head of Consulting Asia-Pacific at Rystad Energy. His area of expertise includes commercial due diligence, strategy and market assessments within E&P and oilfield services, particularly offshore-related segments like subsea, rigs and offshore vessels. He holds a M.Sc. in Industrial Economics and Technology Management from NTNU, Norway, including a graduate exchange program at the Haskayne School of Business at the University of Calgary.

Martin Opdal - Project Manager, Consulting

Martin works as a project manager in Rystad Energy’s Singapore consulting practice. His area of expertise includes strategy and market assessments, macro analysis, transaction support and valuation for upstream E&P, oilfield services and financial institutions. Martin holds a M.Sc. in Industrial Economics and Technology Management from the Norwegian University of Science and Technology (NTNU).

Per Magnus Nysveen - Senior Partner & Head of Analysis

Per Magnus Nysveen joined Rystad Energy from its founding in 2004 and is in charge of the analyst team. He has broad experience within upstream valuation, cost modelling and oil macro analyses. He has particular expertise in unconventional activities and is in charge of the North American Shale Analysis. Prior to joining Rystad Energy, Per Magnus had 15 years of international experience within technology, risk management and venture business, primarily from DNV GL and the CNES space center of France. He holds a M.Sc. degree from NTNU Trondheim and IFP Paris, and a MBA from INSEAD Fontainebleau.

Prateek Pandey - Senior Analyst

Prateek is a senior analyst employee with Rystad Energy, who is responsible for Southeast Asia upstream oil and gas analysis. With an engineering study in oil and gas, six solid years of experience in the industry, he has worked offshore and on global oil and gas M&As before his ongoing engagement with Rystad Energy. Prateek’s well-rounded knowledge in engineering concepts and practical approach provided an easy way to establish his role as an analyst in the industry. From technical papers with SPE, well-control expert courses with IADC, and multiple mentions in media articles regarding SEA activities, Prateek has been very keen on speaking about his research results.

Steve Hulton - Senior Vice President, Coal Research

Steve Hulton is an analyst with over 30 years resource sector experience in coal and minerals within industry, government, consulting, and research organizations. He has expertise in mineral economics and finance, exploration, mining analysis, and evaluation.

Vijay Krishnan - Managing Director, Asia Pacific

Vijay Krishnan is the Managing Director for Rystad Energy Asia Pacific. Vijay joined Rystad Energy in January 2017 and is responsible for the overall business across Asia Pacific for the firm. He has close to 20 years of experience in the Energy & Petrochemical sector. He specialises in advising clients in a commercial capacity from small to large projects and has a keen eye and a great passion for opening new markets and revenue streams. Vijay started his career as a Pricing Analyst covering Energy and Petrochemical products in Asia. He then spent 5 years in Business Development for ICIS-LOR, successfully opening up new markets, developing new clients and products focused on the Indian Sub-Continent and the Middle East. Vijay was then instrumental in building the Asian business for Wood Mackenzie across the Energy value chain. He spent over 11 years at Wood Mackenzie where his last role was the Regional Director for South East Asia and Australia and as the Global Strategic Sales Head for the National Oil Business. Vijay has a BSc in Management Economics from the University of London and is a keen triathlete.

Xi Nan - Vice President, Gas and Power Market Research

Xi is a Vice President Analyst on Rystad Energy’s Markets team, where she’s focusing on the LNG markets as well as product development. Her project work includes LNG market entering strategy, cost of LNG supply, analyzing gas supply, demand, flows, storage and prices on different gas hubs and tracking global LNG trades and prices. Xi holds a Master of Science degree in Finance from BI Norwegian Business School. She was previously a Senior Analyst and Content Manager at Thomson Reuters Norway, and an Analyst at Econ Pöyry Management Consulting in Norway.