Abstract
Conference Review Managing the business amid the downturn in the price of oil and overcoming the challenges facing the industry topped discussions during the 19th annual Middle East Oil & Gas Show and Conference (MEOS), held in Manama, Bahrain, in March. Industry leaders agreed that the industry should not repeat the mistakes that it made during the last oil price decline when staff were laid off and investment in research and development (R&D) was reduced. Speaking at the opening ceremony, Abdulhameed Al-Rushaid, 2015 MEOS conference co-chairman and chief drilling engineer at Saudi Aramco, said the industry is proving to be resilient during the recent collapse in the price of oil. “Many of us have seen volatility repeated time and again, with similar challenges in 1986, 1997, and 2009. Through the inevitable down cycles and shocks, we must continue our transformation, remaining agile, resourceful, and prudent in our operations,” he said. “The industry should take safety, efficiency, productivity, environmental stewardship, and cost management to higher levels, while remaining focused on long-term strategic vision to work together to produce global energy,” Al- Rushaid said. Abdul Hussain bin Ali Mirza, energy minister of Bahrain, said his country will continue to plan for the long term and will increase investment in technology despite the price downturn. “Innovation comes with technology, and we have been using EOR technology at our major oil field, Bahrain field, in the last 6 years that has helped offset the production decline. We are working with our partners to increase the recovery rate in the field,” he said. The ministerial panel session looked at the global energy picture and the challenges facing major oil and gas producers in the region. The panelists were Suhail Al-Mazrouei, energy minister of the UAE; Ali Al-Omair, oil minister of Kuwait; Abdalla Salem El-Badri, secretary general of OPEC; and Mirza.
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