Bahrain to highlight cross-border collaboration at ADIPEC
ABU DHABI -- 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.
ADIPEC is the global meeting place for oil and gas professionals.
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 program 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 maximize 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 Ebrahim A. Talib, Bapco’s deputy chief executive for refining and marketing. “Our region is setting an excellent example in maximizing 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 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 program in 2016.
Long-term resilience has emerged as a 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 stabilizes. 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,” 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.”
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