First IPTC in China Examines Future Upstream Opportunities

Abstract

Conference review The development of unconventional resources, China’s increasing importance on the global energy map, and turning E&P challenges into opportunities were among the topics discussed at the International Petroleum Technology Conference (IPTC) held 26–28 March in Beijing. The first IPTC held in China officially opened with welcome addresses from the conference’s Executive Committee Cochairmen Zhou Jiping of China National Petroleum Corp. (CNPC) and Mark Albers of ExxonMobil, and from IPTC Chairman of the Board Mahmoud Abdulbaqi. Zhou, who is president of CNPC and vice chairman and president of Petro-China, underscored the growing importance of both IPTC and China on the global energy stage. “IPTC has already become a highly influential conference in the oil and gas industry,” despite its relatively short history, he said. Of particular importance is IPTC’s collaboration across states, types of companies, and industry associations, offering a multidisciplinary approach to industry issues and challenges, he said. IPTC is organized by the American Association of Petroleum Geologists (AAPG), European Association of Geoscientists and Engineers (EAGE), Society of Exploration Geophysicists (SEG), and SPE. Albers, senior vice president at Exxon Mobil, noted that “it is only fitting that IPTC take place in China” given the country’s rise to prominence on a global scale. More than 3,500 delegates from 65 countries attended the conference. More than 2,000 technical paper abstracts were received, the most in the history of the conference, which alternates between sites in Asia Pacific and the Middle East. CEOs Examine Future Needs When it comes to the future of the oil and gas business, all roads seem to lead to China. The country that is home to 1.6 billion people is a driver of global demand and is determined to be a partner in the worldwide search for the oil and gas and the new technology needed to continue expanding supplies, according to five chief executive officers who spoke at the CEO Plenary on the opening day of the conference.