SMi Group's Project Financing in Oil and Gas 2015 conference
SMi Group's Project Financing in Oil & Gas - North America
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Transcript of SMi Group's Project Financing in Oil & Gas - North America
2015Marriott West Loop Hotel, Houston, Texas, USA
Breaking down the complexities to secure yourown finances
Project Financing in Oil and Gas North America
9th & 10th
MARCH
EXPERT SPEAKER PANEL INCLUDES: Duncan Caird, Head of Project and ExportFinance, Americas, HSBC
Kerri L. Fox, Managing Director and Head, ProjectFinance North America, BBVA
Marc Rowland, Senior Managing Director, IOGCapital
Rick Hoover, Chief Financial Officer, Breitiling Oiland Gas
Terry Newendorp, Chairman & CEO, Taylor-DeJongh
Christopher Hasty, Managing Director, Head of Oil& Gas and North America Head of NaturalResources, Lloyds Banking Group
Dewey Gonsoulin, Partner, Bracewell & Giuliani
Noam Ayali, Partner, Project Finance, Chadbourne&Parke LLP
BENEFITS OF ATTENDING:• Hear from representatives across North America
talking about recent PF projects • Understand the differences between offshore and
onshore projects • Recognise what the lenders need to see in order to
secure your loan • What can you learn from others who have successfully
undertaken PF projects in North America?
www.projectfinanceoilgasusa.com Register online or fax your registration to +44 (0) 870 9090 712 or call +44 (0) 870 9090 711
PLUS AN INTERACTIVE FULL-DAY POST-CONFERENCE WORKSHOP • 11TH MARCH 2015 • 8.30AM - 3.00PM
Reserves and Resources – A guide to PRMS
Hosted by:
BOOK BY 28TH NOVEMBER AND SAVE $300 • BOOK BY 30TH JANUARY AND SAVE $100
SMi present its 2nd in the series of conferences on…
#PFOilGasUSA@SMiGroupEnergy
Project Financing in Oil and Gas North AmericaDay One | Monday 9th March 2015 www.projectfinanceoilgasusa.com
Register online at www.projectfinanceoilgasusa.com • Alternatively
8.30 Registration & Coffee
COMMERCIAL STRUCTURE AND RISK ANALYSIS
9.00 Chairman's Opening Remarks
Terry Newendorp, Chairman & CEO, Taylor-DeJongh
OPENING ADDRESS
9.10 Evolution of Project Finance in Upstream/Midstream:
Where we have been and where the industry is trending
• Evolution in project finance in US upstream
• Marc’s personal experience as CFO of Chesapeake
Energy Corporation
• The future of project finance
Marc Rowland, Senior Managing Director, IOG Capital
9.50 Trends and Opportunities in Americas Energy Finance
• Debt Capital Markets: Project Bonds and Term Loan
• Hedging Strategies
• Commodity Assessment
• Tolling vs. Merchant
Duncan Caird, Head of Project and Export Finance,
Americas, HSBC
10.30 Morning Coffee
11.00 Changing Landscape for Project Finance
• Bank and institutional funding
• Ratings
• Regulatory impacts
• Risk allocation and management
Christopher Hasty, Managing Director, Head of Oil & Gas and
North America Head of Natural Resources, Lloyds Banking Group
US SHALE GAS
11.40 Overcoming the perception barriers for PF in US Shale Gas
• Barrier to shale gas financing
- Regulatory and legal risks
- Environmental risks
- Market risk
- Capital availability risk
• Strategies to overcome these barriers
Ron Huff, Managing Director, RCA Capital Partners LLC
12.20 Networking Lunch
1.40 Turning a Resource into a Reserve
• What evidence do you need to show
• Can you demonstrate the potential?
• What is the process of getting to the financing?
Andy Kirchin, Executive Vice President, Consulting, RPS group
2.20 Financing with Institutional vs. retail investors
• Debt is financed with Institutional investors. The advantage
is you get to keep the whole pie. The disadvantage is you
get to keep the whole pie
• Preferred Stock, or Convertible Preferred Stock. Security for
the investor, with some upside. Retail investors enjoy the
interest spread and some upside potential. Institutional
investors will be looking to get a bigger piece of the pie
and the Company has to be aware of the short stock play
driving the common stock to 0
• Common Stock. Registered offerings are expensive and
can take a long time. PPMs can have lower costs, but
higher risk. Retail investors will be looking for historical
trends to continue. Institutional investors will look for the
curve to change, but they may also want a BOD seat
Rick Hoover, Chief Financial Officer, Breitling Energy
3.00 Afternoon Tea
3.30 Reserve Based Lending: A Legal Perspective
• Basic Structures and Documentation
• Current Trends
• Workout Considerations
Dewey Gonsoulin, Partner, Bracewell & Giuliani
4.10 What lending products are available
to producers?
• Market Conditions and Funding Sources
• What Criteria are lenders looking for?
• Why are banks being more cautious
4.50 Chairman's Closing Remarks and Close of Day One
Want to know how youcan get involved?
Interested in promotingyour services to this
market?Contact Julia Rotar,
SMi Marketing on+44 (0)20 7827 6088 or
email:[email protected]
Supporting association Supported by
PANEL DEBATE
fax your registration to +44 (0)870 9090 712 or call +44 (0)870 9090 711
8.30 Registration & Coffee
9.00 Chairman's Opening Remarks
Greg W. Hopper, Vice President and Lead, Oil & Gas Advisory
& Solutions, ICF International
OPENING ADDRESS
9.10 Global Oil Supply Outlook
• Regional Crude Oil Supply since 2005
• Oil Discovery Trends
• Shale Plays – New Insights
• EOR is the New oil Frontier
Rafael Sandrea, President, IPC Petroleum Consultants
MIDSTREAM
9.50 Mezzanine Financing in Lower Middle Market Oil & Gas
Companies
• Brief introduction to Plexus
• Mezzanine debt, SBICs, benefits to owners/operators
• Case studies on several oil and gas portfolio
companies/exits
Mike Becker, Founding Partner, Plexus Capital
10.30 Morning Coffee
11.00 Project Financing For Oil & Gas Pipelines
• Market Conditions and Funding Sources
• Where Are the Opportunities? Gathering, Transmission or
Storage
• Basic Pipeline Project Tenants and Structures
• Case Studies – Traditional and Alternative Financing
Arrangements
Brian Thomas, Managing Director, Prudential Capital Group
LNG
11.40 Financing North American LNG Projects
• Project Finance Debt Funding Sources
• Key Issues
• Common Project Finance Features
• Recently Executed Financings and Upcoming Pipeline of
Projects
Kerri L. Fox, Managing Director and Head, Project Finance
North America, BBVA
12.20 Networking Lunch
1.30 Bank Project Financing vs. MLPs in Mid-stream and LNG • Similar as both structures rely on regular, predictable
revenue over long-term to finance storage and processingassets
• Differences in capital providers results in divergent financialstructures and commercial objectives.
• MLPs must distribute most of their cash to holders, providingincentive to grow their portfolio and rely on further accessto capital markets
• Bank project financing requires extensive coordination butcan access private debt along with debt capital markets.Without needing to grow, bank lenders’ interpretation ofrisks and cost of capital may be different
Terry Newendorp, Chairman & CEO, Taylor-DeJongh
2.10 North American LNG Export Project: FinancingConsiderations
• North American LNG Export Projects: FinancingConsiderations
• Setting the stage: LNG project finance basics • LNG projects: integrated versus tolling • Alternative project structures and financing implications • Funding sources and financing implications • LNG SPA/LSTA issues/risk allocation • Highlights from recent transactions Noam Ayali, Partner, Project Finance, Chadbourne & Parke LLP
2.50 Afternoon Tea
3.20 LNG Project Financing considerations • Overview of Traditional LNG Project Financing Structures • Allocation of Project Risks Among Stakeholders • Emergence of Alternative Financing Structures • The Role of Private Equity Jeffrey Pendergraft, Senior Managing Director, Galway Group
4.00 Financing the North American LNG Export Value Chain • Overview of current market conditions and project
financing considerations • Financing structures being applied to US and Canadian
export projects • Outlook for FERC regulatory approvals to site, construct
and operate LNG export facilities in the US • Methods to reduce regulatory risk in small-mid scale LNG
Infrastructure • Update on the US DOE’s position and processes for export
permits Lisa M. Tonery, Partner, Norton Rose Fulbright
4.40 Large Offshore Infrastructure Financing Project in West Africa • Site location process • Establishing source and use of funds • Understanding the capex and opex • Funding process we use Paul Allen, OIM, PMP, Group Chairman / Project Director,
Project Executive Group & Affiliates
5.20 Chairman’s Closing Remarks and Close of Day Two
Project Financing in Oil and Gas North AmericaDay Two | Tuesday 10th March 2015
Supported by
Overview: The workshop investigates the classification andcategorization of resources within the SPE-PRMS system. Bythe use of particular case studies, the workshop will highlightthe boundaries between class and category when assessingresources for management and financial disclosure. Themethodology for assessing hydrocarbons-in-place andresources is explained and the significance of uncertainty isdescribed. Both deterministic and probabilistic approachesto volumetric assessment are outlined. The engineeringtoolkit, using static, decline curve, material balance andreservoir simulation, is described. The link between economicvaluation and net Reserves and Resources is explained alongwith issues relating to aggregation and reporting of thesevolumes.
Who should attend:The workshop is targeted at mid to senior level engineers,geoscientists and commercial staff needing to understandbetter the principles and practice of reserves and resourcereporting.
Programme:8.30 Registration and Coffee9.00 Opening Remarks9.10 Primary Resource Estimation Method9.50 SPE-PRMS scheme10.30 Morning Coffee10.50 Estimation Tools and Assessment of Recovery Factor11.30 Risk and Uncertainty in Resources Estimation12.10 Lunch1.30 Reserves and Value2.10 Reporting Reserves and Resources3.00 End of Workshop
About the workshop leaders:Andy Kirchin is the Executive Vice President incharge of RPS’ Houston upstream consultingservices. RPS has brought Andy over to Houston tohelp grow the U.S. consulting business and helpfacilitate an effective exchange of skill-sets
between RPS’ various international offices. Before moving tothe U.S. Andy was the operational director in charge of RPS’City of London office which provides integrated geoscience,engineering and commercial analysis of oil and gasproperties internationally. He has more than 25 years ofindustry experience and, as one of the Principal consultantsat RPS Energy, Andy has conducted numerous Expert rolesboth in Unitisation / Redetermination disputes and in theValuations / Certification area providing technical adviceand Competent Person Reporting to the City of London,both on AIM and full LSE. Andy has worked on projects inmost of the world’s hydrocarbon provinces on bothconventional and unconventional plays. He is a geophysicistby background but has a broad experience in dealing withthe techno-commercial aspects of upstream sector.
Mark Hayes has 28 year’s broad-based petroleumengineering experience working in integratedproject teams and reservoir development. StrongNorth Sea background with a broaderinternational experience in the last 10 years. Good
exposure to projects and production management, and hasexcellent experience of Operated Appraisal & DevelopmentProjects, including:-• Appraisal & development strategy • HPHT Appraisal & development • Deep-water developments, including LNG, • Complex ”designer” wells, horizontal and extended reach
drilling.• Formally Head of Petroleum Engineering for BG Group, • Currently Head of Reservoir Engineering at RPS Energy
About RPS Group:RPS is a global consultancy providing independent technical,commercial, project management and training support. Clientsspan the upstream, midstream and downstream oil and gasindustry. By combining technical and commercial expertise ingeoscience and engineering with an extensive knowledge ofenvironmental and safety issues, we provide support across thecomplete asset life-cycle. www.rpsgroup.com
FULL DAY POST-CONFERENCE WORKSHOPWednesday 11th March 2015
Marriott West Loop Hotel, Houston, Texas, USA8.30am – 3.00pm
Reserves and Resources – A guide to PRMS
In asscociation with
SPONSORSHIP OPPORTUNITIES
SMi offer sponsorship, exhibition,
advertising and branding packages,
uniquely tailored to complement your
company's marketing strategy. Should
you wish to join the increasing number of
companies benefiting from promoting
their business at our conferences please
call: Alia Malick, Director,
on +44 (0) 207 827 6168 or
email [email protected]
Don't Miss Out -Gas to Liquids North America
PROJECT FINANCING IN OIL AND GAS NORTH AMERICAConference: 9th-10th March 2015 | Marriott West Loop Hotel, Houston, Texas, USA Workshop: 11th March 2015, London
4 WAYS TO REGISTER
FAX your booking form to +44 (0) 870 9090 712
PHONE on +44 (0) 870 9090 711
www.projectfinanceoilgasusa.comPOST your booking form to: Events Team, SMi Group Ltd, 2nd FloorSouth, Harling House, 47-51 Great Suffolk Street, London, SE1 0BS
If you have any further queries please call the Events Team on tel +44 (0) 870 9090 711 or you can email them at [email protected]
Payment: If payment is not made at the time of booking, then an invoice will be issued and mustbe paid immediately and prior to the start of the event. If payment has not been received thencredit card details will be requested and payment taken before entry to the event. Bookings within7 days of event require payment on booking. Access to the Document Portal will not be given untilpayment has been received.
Substitutions/Name Changes: If you are unable to attend you may nominate, in writing, anotherdelegate to take your place at any time prior to the start of the event. Two or more delegates maynot ‘share’ a place at an event. Please make separate bookings for each delegate.
Cancellation: If you wish to cancel your attendance at an event and you are unable to send asubstitute, then we will refund/credit 50% of the due fee less a £50 administration charge, providingthat cancellation is made in writing and received at least 28 days prior to the start of the event.Regretfully cancellation after this time cannot be accepted. We will however provide theconferences documentation via the Document Portal to any delegate who has paid but is unableto attend for any reason. Due to the interactive nature of the Briefings we are not normally able toprovide documentation in these circumstances. We cannot accept cancellations of orders placedfor Documentation or the Document Portal as these are reproduced specifically to order. If we haveto cancel the event for any reason, then we will make a full refund immediately, but disclaim anyfurther liability.
Alterations: It may become necessary for us to make alterations to the content, speakers, timing,venue or date of the event compared to the advertised programme.
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DOCUMENTATIONUnable to travel, but would like to watch the conference live, askquestions, participate as if you were in the room?
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□ Access to the conference documentation on the Document Portal $899.00 + VAT $1078.80
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VENUE Marriott West loop Hotel, Houston, Texas, USA
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