i PDL News | PDL's CEO, Paul Charlton is asked to comment on the drop in oil prices for the regional press

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"With North East oil and gas supply chain companies looking anxiously to the future senior industry executives say it’s important to adapt to changing circumstances.

Paul Charlton is chief executive officer of Hexham-based PDL Solutions, an offshore engineering design and analysis consultancy. He is also chairman of Durham-based supply chain representative body NOF Energy.

He said: “I have been in the industry for 28 years and the current downturn will re-balance, but in the meantime it may get messy.

“In the downturn companies need to be mindful of the importance of working with their customers, of aiming to do things differently and of being prepared to be flexible. Work with your customers and accept these challenges as an opportunity.

“Here at PDL we are doing that. We are looking to improve efficiency and reduce costs.”

He believes there needs to be a complete overhaul with many projects currently being over-engineered.

He continued: “Costs have risen by 45% in the last four years, which is unsustainable and will lead to losses in the long run,

“While the engineering involved needs to be safe and fit for the purpose we can reduce costs through greater collaboration.

“We need to challenge everything in the short term, medium term and long term.

“The North Sea has a further 30 to 40 years life but we do need to undertake a fundamental change in the way it operates.”

He also believes North East companies who are not looking to work in overseas oil provinces are missing a trick.

“While the global oil price is affecting all regions the lifting costs in the North Sea are higher than almost any other basin and therefore the impact is greater on the UKCS (United Kingdom Continental Shelf).

“As a company we are finding there is still activity in the Gulf of Mexico and the Asia Pacific region. Here the oil is less expensive to get than in other regions.”

Article by Peter McCusker, The Journal ,January 21st 2015

To see the full article click here

Posted: 23rd Jan 2015

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