JVViews: November 2015 Issue
Editor's NotePJVA 30th Anniversary (1985-2015)
PJVA Luncheon
GPAC Luncheon
Annual Christmas Social
Royalty Review
GPAC/PJVA Joint Conference Summary
Early Morning Session Summary - October 28, 2015
Marketing Update
October Pub Night Summary
Upcoming Events
Social Media
Member Benefits
Editor's Note
Hey, have you heard…there’s a lot happening with PJVA these days! This month, in addition to our regular Luncheon (November 19) and Early Morning Session (November 25) we have our annual Christmas Social on Thursday, November 26. This is a FUN event every year and is a GREAT opportunity to come out and “mix and mingle” over a cocktail or two and some tasty hors d’ouevres. See the website for details on all of these events.
Also this month, to help celebrate our 30th Anniversary (1985-2015), we are sending out a request for historical items (Joint Venture stories, old documents and agreements, photographs, etc.) to reminisce about the “good old days” and to celebrate how far PJVA has come as an organization and all that we have accomplished. Be sure to read the article in this newsletter from Murray Feddema on this topic.
And finally, as some of you have already noticed, PJVA has started to expand into other forms of marketing to increase our exposure inside and outside of the industry. PJVA has been on LinkedIn (“Petroleum Joint Venture Association”) for some time and we are now on Twitter (@PJVA) as well. Please connect with us on these social media sites. PJVA has also started elevator advertising with “Captivate Network”; see Grant Feddema’s article on this new venture.
We hope to see you at the Christmas Social in less than two weeks!!
PJVA 30th Anniversary (1985-2015)
As part of commemorating the 30th anniversary of PJVA, we are gathering historical items related to the theme:
“PJVA’s 30th Anniversary (1985-2015) What Was Happening During the Early Years?”
Can you provide us with any memorable articles from PJVA’s early years? Do you have any historical items of interest, such as stories, documents and photographs?
We want to gather and share with the members some items from PJVA’s early history related to Unitizations, facility ownerships (CO&O’s) and service agreements where the industry first realized the benefits of PJVA’s mission. We would also like to display these items at various PJVA activities during 2015-2016, our 30th year as a registered association.
PJVA also plans to interview some of the founding members and, along with some photos of past PJVA events, develop a scrolling PowerPoint presentation to show at the Christmas social on November 26, 2015 and other events during the year. Check out the Anniversary page of items collected thus far - https://pjva.ca/about/30th_anniversary.php
During PJVA’s early years the founding members and their associates strived to pioneer the use of PJVA documents; many of which were being developed as work in progress. Our 30th anniversary commemoration will be, among other things, a tribute to the members and the executing parties who had the foresight to build the framework of agreements and recommended practices that have made our JV roles so efficient and productive over the past three (3) decades.
Please help us towards this objective and send us some short stories related to the development and use of PJVA’s model documents. This could include a limited part of the document along with the name of the Agreement, name of the production or facility area and references to the model, name of the operator and the parties who took part in the joint venture. Proprietary information can be blocked out.
Please send any stories, articles, documents, photographs or any other kind of PJVA memorabilia to Connie Pruden at pjva@pjva.ca.
Murray Feddema
Volunteer assistance to Connie Pruden/PJVA
PJVA Luncheon - November 19, 2015
Investing Where the Puck is Going — Demographics
Time: 11:30 AM - 1:00 PM
Location: The Petroleum Club
319 - 5 Avenue SW
Thinking outside of the traditional paradigms present in the investment world and the Press, so you do not miss any present opportunities. Looking at how demographics has effected global, national and local markets. The effects of the baby boomer generation on investments in the last 30 years and 30 years into the future. Sectors that will benefit from an aging population.
GPAC Luncheon - November 25, 2015
Time: 11:30 AM - 1:00 PM
Location: The Petroleum Club
319 - 5 Avenue SW
Why Aren’t We Using The Best Tool We Have for Production Allocation?
Laurie Sibbald, Ph.D, P. Eng – Principal, Recoup Resources Ltd.
Process Modeling has been used almost exclusively for engineering purposes in both design and optimization of Oil and Gas Facilities. The newest generation of modeling platforms are easy to use and offer stable and robust thermodynamically valid descriptions of even the most complex production-to-sales systems. What we propose is that these types of models should gain entry to the world where the cheques are written – Production Accounting.
We are using models now for allocation: they are simplistic and not based on physical principles, but they are still models. They are embedded in production accounting software packages - and worse yet - in many implementations they are opaque to most people that receive (and write) the cheques.
Annual Christmas Social – November 26, 2015
Kick off 2016 by building on your network!
Alberta Royalty Review: There is still time to let your voice be heard
As many of you may already know, the Alberta Government is currently undergoing a Royalty Review, the results of which could have a powerful impact on our industry.
The review is currently being conducted in phases; with questions posed and responded to, both on the website and through various engagements with communities and corporations. The review is expected to be completed by the end of this year. There is still time for everyone to not only provide their opinions on this review, but also to educate themselves on the mandates of the Royalty Review Advisory Panel. Also available on the website is a description of each of the phases the Royalty Review Advisory Panel has worked through thus far. Albertans like you have already expressed their opinions, so we encourage you to review these comments and exercise your right as an Albertan and take the time to let your voice be heard during this process.
Sincerely,
Richelle Lindsay
PJVA Vice President
GPAC/PJVA Joint Conference Summary
The 22nd Annual GPAC/PJVA Joint Conference was held on Thursday, October 29 at the Fairmont Palliser. Over 150 delegates gathered to hear insightful views on a variety of topics offered by the presenters. The conference theme, “Shattering Conventional Notions – the New Reality of Unconventional Resources”, focused on recent developments in technology, mergers & acquisitions, and joint ventures happening in the oil and gas industry. In addition, the conference provided an excellent opportunity for delegates to network with colleagues from many sectors of the industry. This year's keynote speaker was Barry Munro, President - Ernst & Young Orenda Corporate Finance Inc., who gave an engaging talk on oil and gas global investment. The conference also had seasoned presenters from the legal, engineering, accounting, investment, consulting and academic professions.
We are excited about initiating a new relationship with SAIT, which provided a presentation on the dynamics of different generations working together in the workplace. SAIT’s School of Business has expressed interest to participate as a presenter at future conferences, so we look forward to hearing from SAIT’s instructors on topics taught at the school’s Applied Management program.
We are also pleased with continued support from the Canadian Association of Petroleum Producers as a presenter at the conference. This year Beth Lau, Manager of Supply and Markets, provided our first presentation of the day on ”Latest Developments in the Canadian Oil Landscape”.
The conference was well supported by exhibitors representing Challenger Geomatics, Gas Liquids Engineering, Keywest Projects, Petroleum Accounts Society of Canada (PASC), Joint Venture Strategic Advisors, SMI Faciliop, Spartan Controls, Vista Projects Limited, Virtual Materials Group, Wood Group Mustang, and Pandell.
A sincere thank you goes to the conference volunteers and attendees for their dedication and commitment to the event, especially in these challenging economic times.
Overall, the conference offered a day of learning and networking at one of the city's most elegant venues. We look forward to another successful conference in 2016!
Early Morning Session Summary - October 28, 2015
Independent Contractor - Do's and Dont's
The Early Morning Session held on October 28th addressed the changing world of Independent Contractors in our industry. Aly Bandali, CEO of Professional Contractor Solutions, presented and moderated the session which was very eye opening and informative to our PJVA members. The presentation provided education and insights on understanding what issues Independent Contractors face in today’s workforce. There was discussion on market perceptions versus real facts on what exactly a ‘Personal Service Business (PSB)’ is and how they are defined by the Canada Revenue Agency. The presentation addressed questions such as what happens if a PSB has multiple revenue streams? Would they be a target for the CRA if they have a handful of clients or contracts per year? Another highlight from the session was what criteria CRA uses to assess Independent Contractors within corporations and how new tax regulations introduced on November 1st, 2011 affect them. Aly incorporated a 3 scenario example in his power point to demonstrate how tax rates have changed for contractors over the years.
The October EMS was a great success as several of the members who attended were contractors within their organizations. This led to a very detailed an in depth Q&A period with between Aly and the audience. For the members who were unable to attend, a copy of Aly Bandali’s presentation can be found on the PJVA website.
The next Early Morning Session will be on Wednesday, November 25th which will be on ‘Shut In Compensation’. Ib Moller and Keith Brereton will moderate the session and discuss how to determine shut-in compensation amounts if a competitor wants to drill a well through a producing zone to reach a deeper formation? Should the other company have to shut in their well to minimize impacts to the production? How should they be compensated if this is required? Have there been agreements in place in the past that have addressed these types of situations?
See the November 25 Early Morning Session Event Page Here
Marketing Update
Earlier this year the PJVA Marketing team decided that the Captivate Networks elevator advertising was a great fit for PJVA event advertising. Based on that decision, Captivate Network was contacted and from there the ideas just started flowing. “Their staff really rolled up their sleeves and worked extremely hard to help with creative and campaign information” said Grant Feddema, Marketing Director for PJVA. Within a few short weeks the first PJVA ads were ready to go. The first event that the PJVA wanted to advertise for was the 22nd Annual Joint Conference for GPAC and PJVA Associations. This annual event is always one of the marquee events of the year for both associations. The advertising campaign started 4 weeks before the event and ran for 2 non-contiguous weeks. Feedback from the ads was overwhelming. The flexibility of Captivate Networks was one of the major draws, “We were able to choose the buildings we wanted to advertise in and exactly when we wanted the ads to run” stated Grant. With this campaign being so successful, PJVA will definitely look for other events to advertise via Captivate Networks in the future.
Captivate Network is the leading digital media company delivering customized, actionable information to millions of on-the-go professionals throughout the workday.
Each month we reach more than 5.7 million smart, busy, upscale professionals who are on the move and striving to “do it all.” Our blend of news, business, sports and lifestyle editorial content keeps our viewers connected to the world outside their office and empowers them to better balance the personal and professional demands of the workday. Known for our vast network of more than 12,000 office elevator displays across North America, Captivate continues to embrace emerging technology platforms to expand the delivery of customized, actionable information to our audience of hard-to-reach business professionals.
For these reasons PJVA wanted to utilize Captivate to reach out to its membership and the general public.
October Pub Night Summary
Pub Night was held on Wednesday, October 21st with a Halloween Theme held at The Libertine Pub & Restaurant. It was well attended and PJVA offered a door prize with a bottle of wine to a lucky winner as well as some Halloween treats and appetizers on behalf of the PJVA! Please don’t forget to join us for next month’s Annual PJVA Christmas Social!! Sign-up today on the PJVA website!! We will be having great food and door prizes and it’s a great opportunity to catch-up and network with your fellow PJVA members.
Upcoming Events
Early Morning Discussion - November 25, 2015
November 26 – Annual Christmas Social
December 1, 2015 – JV Audit course was postponed from Sept 22 to Dec 1st
Register for all events at https://securegs.com/pjva
Social Media
@PJVA
Member Benefits
Don’t forget to check out the Resources link of the website for Member Benefits.
PJVA was incorporated in 1985 to represent individuals and organizations involved in petroleum joint ventures. JVViews is published to keep members informed about upcoming PJVA and industry events, courses and seminars offered and/or sponsored by PJVA and current projects being facilitated by the Association.