#thenewscompany : Industry Leaders to Discuss Long-Term Strategy for Oil and Gas Industries at ADIPEC Meeting in Abu Dhabi, Gulf National Oil Companies Show Resilience in Challenging Market. With oil producers worldwide facing a challenging market, maintaining the value of the GCC’s natural resources will be high on the agenda when industry leaders from Bahrain meet their counterparts from across the region at the annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in November.
With global oversupply and a constrained economic outlook in several key markets impacting on prices, collaboration, innovation and efficiency are priorities for oil producing economies. A highly successful programme that sees Bapco provide storage, refining and transport infrastructure for Saudi ARAMCO shows how closer integration can benefit the region, allowing the Saudi partner to maximise output by using Bahrain’s existing capital investment.
“Petroleum industries will continue to drive economic growth in this region, and cooperation is essential for deriving the greatest benefit from our natural wealth,” said Mr Ebrahim A. Talib, Bapco’s Deputy Chief Executive for Refining and Marketing. “Our region is setting an excellent example in maximising the value of our strategic hydrocarbon resource.”
“ADIPEC has become an essential forum for achieving better outcomes, bringing together leaders and experts in our industry, sharing knowledge and best practices, as well as providing an event where suppliers, purchasers and technology providers, can connect and demonstrate their latest innovations and services that can enhance our industry,” added Mr Talib,who will also represent Bahrain’s national oil company at ADIPEC.
ADIPEC is the global meeting place for oil and gas professionals, the largest event for the industry in the Middle East, and one of the most influential oil and gas exhibitions and conferences in the world, with a track record of attracting key decision makers from the petroleum industry.
The event is expected to attract more than 2,000 exhibiting companies, 8,500 delegates, 700 speakers, and 100,000 trade professionals from 125 countries. Increasingly, ADIPEC considers petroleum’s role as part of a broader energy mix, with the theme ‘Strategies for the New Energy Landscape’ setting the agenda for a distinguished conference programme in 2016.
Long-term resilience has emerged asa critical issue for decision makers, and investors, in the petroleum industry. According to the OPEC World Energy Trends Report 2015, the oil industry has faced a challenging year, with a cooling economic outlook in non-OECD markets, particularly China, where rapid increases in demand appear to be maturing. However, forecasts show continued growth in the global economy, and oil is predicted to remain the world’s most significant energy source.
GCC suppliers can expect to benefit from this growth as the balance between supply and demand in the oil market stabilises. The development of high-cost petroleum resources in other regions, such as shale oil, is likely to be remain more subdued as investors question their long-term viability.
“The regional NOCs have the most stable and the most cost-effective oil fields in the world, and recent market trends have reinforced their value,” Mr Talib said. “The Arabian Gulf has extensive, proven reserves, supported by existing infrastructure. We will continue to be the leading region for upstream and downstream hydrocarbon supply chain, and forums such as these help to further improve our cost effectiveness and efficiency. This region is the world leader and we must ensure that we continue to stay ahead of the game and continue to develop and innovate.”
Held under the patronage of the President of the United Arab Emirates, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and organised by the Global Energy division of dmg events, ADIPEC is the global meeting point for oil and gas professionals. Standing as one of the world’s top energy events, and the largest in the Middle East and North Africa, ADIPEC is a knowledge-sharing platform that enables industry experts to exchange ideas and information that shape the future of the energy sector. The 19th edition of ADIPECtakes place from 7-10 November at the Abu Dhabi National Exhibition Centre (ADNEC). ADIPEC 2016 is supported by the UAE Ministry of Energy, the Abu Dhabi National Oil Company (ADNOC), the Abu Dhabi Chamber, and the Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi). dmg Global Energy is committed to helping the growing international energy community bridge gaps by bringing oil and gas professionals face to face with new technologies and business opportunities.