Prof. Paul Stevens The International Oil Companies: Do they have a future? Visiting Professor, UCL (Australia) and Distinguished Research Fellow (Energy), Chatham House, London The oil business model of the large international oil companies increasingly appears to be no longer able to deliver. The model, based upon maximizing shareholder value, now faces a number of serious challenges. These range from an inability to access low cost reserves arising from political barriers to the “drag of the downstream” and the legacy of vertical integration in a world of seriously rising costs of operation. At the same time, financial markets are losing their appetite for large, high risk, long-term investments. To compound these problems, there are growing questions whether the concept of “unburnable carbon” may begin to threaten the value of these companies. Collectively these and other issues raise serious questions about the future of the large international oil companies and whether they in fact have one. Thursday 9th October 2014 5:30 pm for a 6:00 pm start Campus, Torrens Building, 220 Victoria Square, Adelaide Cost = RSVP: $25 ($15 students) No/late RSVP: $30 Drinks & Nibbles Provided RSVP by COB Tuesday 7th October to [email protected] The YPP in SA is a non-profit committee that aims to support and assist the development of those in the petroleum industry with less than 10 years experience. It is a forum for Geoscientists, Engineers, Lawyers and Accountants involved in the petroleum industry to network and gain professional insight from industry leaders. If you or your company/committee is interested in sponsoring or being involved with the Young Petroleum Professionals in South Australia, please contact us.