Objective: elements for enhanced oil and gas production
- We are no worse position than any other people when it comes to exploiting our underground resources – but we have an un-used potential. Our recovery rate and the general investment rate in the Danish oil and gas sector is a reflection of the over-all regulatory framework and investment climate that forms the basis of how we as a society have decided to manage the industry.
- There is a vast potential in the Danish sector, that today remains unaddressed, simply because it cannot be justified to focus on it from a business point of view. The business case is in an international context not attractive enough to justify the effort it requires to get going.
- We could unleash a massive potential for Denmark, if we gave more freedom to the operators to introduce new techniques and technology on the activities on Danish sector.
- If it was made as attractive to improve the productivity of existing wells in existing assets as it is to do exploration for new wells, it would likely lead to a higher level of investment in recovering more hydro carbons from existing assets, which would lead to a higher recovery rate in general
- It is an illusion to believe that introduction of renewable energy forms can be facilitated by applying more restrictive regulation and a tougher regulatory regime on Danish sector as a standalone effort – the only effect will be that investments will flow to other areas where return on investment is higher
Jørgen Hallundbæk is CEO for the oil field services company Welltec, that he founded in 1994. Today Welltec has operations and bases on all continents in more than 60 locations in more than 25 countries and employs more than 1000 people. Mr. Hallundbæk holds an MSc in Engineering, Naval Architecture from the Technical University of Denmark, and Welltec emerged as a business on the back of the vision he built during his engineering studies about making safer, more reliable and more effective oil field services and thereby improve health and environment safety of oil field operations, improve recovery rates and ultimately improve economics in the oil and gas industry. As part of fulfilling this vision, Mr. Hallundbæk has spearheaded the development of several new inventions and developed several new technologies in areas such as well intervention and well completions, and has several patents and technical publications on his records.