GMC at MCEDD Conference Wrap Up

April 11, 2016 Events, News

GMC attended and delivered a successful presentation at last week’s MCEDD conference in Pau, France. The event was sponsored by Total, and despite the economic downturn, was extremely well attended. While the attendance may have been down on numbers from last year, the attendees were more focused and keen to explore opportunities to thrive in the current climate.

GMC’s UK General Manager, Vibor Paravic, a long standing member of the MCEDD Advisory board, presented in the Riser Technology Session. The technical session was held to a capacity audience keen on learning about technical and operational developments in risers. Following the technical presentation from Total, SEAL Engineering, and McDermott, Mr Paravic presented GMC’s connected solutions for riser EPCI costs. The presentation began with insightful assessment of the impact of current oil price on deepwater developments and likelihood of FID; emphasis was on using ENSCO data on the relationship of well numbers and water depth vs a general relationship of field water depth vs cost per barrel to sanction. In conclusion, with the status of current oil prices, fields below 300-500m are generally uneconomical.

Mr Paravic then focused on the role of innovation in addressing the cost reduction drives among all majors and contractors. He noted that “$100bbl buys a lot of inefficiency” and that any innovation that will help reduce costs today will have begun its TRL (technology readiness level) journey 5-10 years ago. Mr. Paravic stressed that the solutions to today’s cost reduction drives are already in the supply chain.

With the scene set, Mr. Paravic went on to present GMC’s own Connected Free Standing Hybrid Riser concept, which reduces the EPCI cost of a riser by up to 40%. These savings are possible by assembling the riser onshore inclusive of GMC’s Mechanical Connector, and then using a single vessel to deploy the riser in the field. Total’s representatives questioned the accuracy of the economic claims, however, these costs were developed by looking at a detailed build-up of riser costs from procurement, fabrication, transportation, installation. Both 2H and JUMBO Shipping contributed to the cost assessments.

The final part of the presentation focused on GMC’s Jumper in a Box concept for delivering metrology spools on the same day the metrology is taken.

Following the presentation, numerous delegates, from operators, contractors, and system integrators, expressed interest in deploying GMC’s technology on their upcoming projects and as a way to address current challenges.

GMC had a very successful event at MCEDD and would like to thank the organizers and all the delegates. If you would like more information about Vibor Paravic’s presentation, please contact info@gmcdeepwater.com.