Chevron’s North Sea chief yesterday revealed three strategies that she believes can safeguard the basin’s future.
Greta Lydecker, upstream Europe managing director at Chevron, said operational excellence, ingenuity and partnership were the keys to success.
Ms Lydecker said staying vigilant and humble through the “ups and downs” was critical to operational excellence.
She said the highest safety standards were needed to win and retain the confidence of “those looking in from the outside of our industry”.
“If we fail to meet the expectations placed on us by communities and government then we can expect to endure a very difficult future,” Ms Lydecker said at the Energy Institure Aberdeen, Highlands and Islands branch annual dinner at the Marcliffe Hotel & Spa.
Ms Lydecker said ingenuity and new technology could help unlock small pool and remote deep-water resources in the North Sea.
“When I think about the critical role of technology I am also reminded of something I heard early in my career that has always stayed with me,” she said.
“The best place to find a new oil field is in the oil field you already have. That is a lesson that seems obvious, but too often we move on to the next thing too early. It may take technology, patience and ingenuity, but that is what we do best.”
Ms Lydecker added that stakeholders had to build mutually beneficial partnerships that matched the size of the challenges ahead, including the recovery of remaining reserves and the decommissioning of hundreds of installations.
“It is the very nature of our business to involve multiple stakeholders … in all our projects,” Ms Lydecker said.
“To make all this work requires effective and mutually beneficial partnerships and a commitment to collaboration.
“I believe the sector has a strong future. But this will require a concerted effort from everyone.”