Abstract
Conference review SPE held its first Annual Technical Conference and Exhibition in the Middle East in September, as 7,500 industry professionals from 94 countries met to discuss topics under the theme of “E&P 2.0: Transforming and Shaping the Future.” The event took place at the Dubai World Trade Centre under the patronage of the Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and drew senior speakers from operators, service companies, and academia. The conference opened with addresses from the leading executives of two of the region’s oil giants. Amin H. Nasser, president and chief executive officer (CEO) of Saudi Aramco, delivered the conference opening keynote address, and the welcome keynote speech was given by Abdul Munim Saif Al Kindy, director of exploration development and production for Abu Dhabi National Oil Company (ADNOC). Both Nasser and Al Kindy struck similar themes about the need for both the industry and their respective state oil companies to change strategy in light of the oil and gas sector’s current economic challenges. Despite growth in alternative energy sources, hydrocarbons will supply the world’s energy needs for years to come, said Nasser. He called the current oil industry in recovery mode but still weak. “Despite recent oil price volatility, the market is reaching balance,” but likely will remain volatile in the near term, he said. Firms with both upstream and downstream businesses will remain in better shape, he added. Nasser laid out Saudi Aramco’s four-point framework for the future, which has similar applications to the broader industry, he said. The plan focuses on resilience, innovation, managing talent, and collaboration. Noting that many smaller companies have filed for bankruptcy because they were overleveraged, he emphasized that a strong financial position, and diversity beyond just the upstream, will help companies survive in times such as these. It also allows for continued investment in technology and building capable human resources.
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