ABU DHABI – The Inaugural International Offshore Development Congress (IODC 2019) happening on April 28-29 at the Jumeirah Etihad Towers, Abu Dhabi will discuss strategies and challenges for the regional energy sector in light of the current economic situation, demand fluctuation, and oil price volatility in the global oil & gas market.
According to recent stats from International Energy Agency (IEA), oil prices have almost doubled in the past two years – from US$38.84 per barrel in January 2016 to US$72.35 per barrel in May 2018, and oil demand grew by 1.3% in the last year. Meanwhile, it also expects that marine gas & oil demand will more than double next year.
Considerable production cuts from OPEC members including Saudi Arabia, which is expected to cut around 30% of its daily output as per official statement to Bloomberg and OPEC’s agreement with Russia has renewed confidence in the market. The recent reports that Canada will cut production in Alberta by 325,000 barrels per day also helped the price recovery.
Consistent higher oil prices and greater cost-efficiency in offshore projects are expected to increase demand for offshore drilling rigs through 2020. During the downturn, offshore companies reacted by focusing primarily on production and cutting costs. Most of the businesses have understood that they need capital discipline, and focus on productivity improvements, as well as apply new technology. Whereas, in longer term, companies are expected to enter into new types of energy operations, diversify existing assets, investments in lower-carbon processes and shift toward natural gas.
H.E. Khamis Juma Buamim, Chairman of Arab Association of Petroleum professionals (AAPP) and the DCMMI Emirates will open IODC 2019, he is also chairing the Congress. “We believe IODC 2019 will be a unique event which will provide opportunities to focus on current challenges, review recent developments and identify future opportunities to advance and collaborate as an industry. It will comprehensively examine regional & international offshore developments from a specialised perspective, at the same time emphasise on committing to world energy and safeguard the environment,” said H.E. Khamis Juma Buamim in a statement.
The congress will discuss operational pressures, investment challenges, environmental stewardship, and the role of renewables in the energy mix. It will also bring together key industry stakeholders including NOC’s, IOC’s as well as all other stakeholders relevant to the Oil and Gas offshore development.
Organised by Arab Association of Petroleum Professionals (AAPP) and Maarefah Energy, the event is supported by DCMMI Emirates, World Ocean Council, ROPME, PERSGA, MEMAC and Oil & Gas Safety Council. Industry leaders such as Baker Hughes, National Marine Dredging Company, Schlumberger, Mubarak Marine, Weatherford, Wartsila, Bureau Veritas and Emirates Maritime Arbitration Centre are sponsoring the event.