The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Abu Dhabi /Â WAM
The largest ever Abu Dhabi International Petroleum Exhibition and Conference (Adipec), opened on Monday, marking the start of four days of high-level industry discussions that will shape policies and strategies for the new energy landscape.
The event was inaugurated by HH Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince’s Court.
Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates, Adipec 2016 is hosted by the Abu Dhabi National Oil Company (Adnoc), supported by the UAE Ministry of Energy, the Abu Dhabi Chamber, and the Abu Dhabi Tourism Authority (TCA Abu Dhabi), and organised by dmg events.
The official opening ceremony featured keynote speeches from Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO; Suhail Mohammad Faraj Faris Al Mazrouei, UAE Minister of Energy; and
Mohammed Barkindo, Opec Secretary General. It was followed by industry insights from Rex W Tillerson, Chairman and CEO of Exxon Mobil Corporation.
Adipec 2016 marks its 19th edition with its largest event to date, bringing together more than 2,000 exhibiting companies, 25 country pavilions, 850 speakers, 8,500 delegates, and 100,000 attendees from more than 125 countries.
World energy leaders remain confident and optimistic about the long-term outlook for the oil industry. Growing energy demand, bolstered by a rapidly developing global economy, is creating a favourable environment for energy sector progress – one in which the petroleum industry will continue to play a prominent role.
In his keynote address, Dr Al Jaber said: “Adipec has become the premier destination for the oil and gas industry, a place to reconnect explore new opportunities and debate how we can collectively push the boundaries of our industry.
“The new energy era offers great new opportunities, but to fully unlock those opportunities we require a new model of partnership across the whole value chain of this industry — one that creates real and tangible value by bringing technology, experience, financial resources, and market access to the table.
“While we cannot predict the future price of oil, one factor remains well within our control, and that is the cost of every barrel we produce. We must define our own destiny instead of having it dictated by externalities. Sound, strategic, and targeted investments are critical and essential to enable sustainable growth.”
Al Mazrouei said: “Continuous industry developments, combined with a rapidly evolving global economy, are creating an increasingly competitive world energy market. This makes it essential that we leverage research, technology, and innovation to optimise both the exploration and production costs of every barrel that we produce.
“By doing so, our industry will thrive and remain competitive in this new energy world. I am confident that with our collaborative efforts, and by working both harder and smarter, we can help create a sustainable energy future for generations to come.”
Barkindo underlined Adipec’s role as a premier platform for industry stakeholder collaboration, allowing professionals to come together to discuss viewpoints, share analysis, network, and showcase innovative solutions.
“At Opec, we are extremely proud to see such an event taking place in a member country,” he said. “The oil and gas industry is one of the most vital global economic sectors and will continue to be so for years to come. These energy resources will remain vital in continuing to provide heat, lights, and mobility to billions of human beings on this earth. We also need to remember that there are still billions of others who do not have access to modern energy services. It is critical that this is addressed, and oil and gas can play a vital role in this regard.”
Tillerson, chairman and CEO of Exxon Mobil Corporation, said: “The theme of this year’s conference, ‘Strategies for the New Energy Landscape’ is appropriately timed given the challenges, opportunities, and expansion we’re experiencing today. These opportunities have been made possible by the collective work of thousands of engineers, scientists, and industry professionals who developed the technologies to safely and responsibly deliver the energy the world needs every day. Their successes have unlocked vast new supplies of energy and created a period of abundance, and with that, of course, comes the challenge of finding ways to effectively manage those commodity cycles.
“As such, operators today are required to improve their cost structures and be very disciplined in their investment choices. Meeting the everchanging operating challenges, the critical importance of partnerships between national and international oil companies, and the vital role of emerging and future technologies are three areas of importance in today’s energy environment.”
Meanwhile, the first of two Global Ministerial Dialogues brought together international ministers and decision makers who offered insights on driving sustainability and shaping future energy scenarios amid an evolving global supply mix.
Speakers included Suhail Mohammad Faraj Faris Al Mazrouei, UAE Minister of Energy, Sheikh Mohammed Bin Khalifa Al Khalifa, Oil and Gas Affairs Minister of Bahrain, and Dr Mohammed Bin Hamad Al Rumhy, Minister of Oil and Gas for Oman.
Adipec’s opening day also featured one of three Global Business Leader sessions, offering a world outlook for the oil industry, and shedding light on what challenges and opportunities to expect in the short, medium, and long-term economic cycles.
Speakers in the first of the three sessions included Darren W. Woods, Exxon Mobil Corporation, Patrick Pouyann, Chairman and CEO of Total; Bob Dudley, CEO of BP; Saad Sherida Al Kaabi, President and CEO, Qatar Petroleum; and Claudio Descalzi, CEO, ENI.
This year’s winners of the Adipec Awards will be announced this evening during a gala dinner hosted by Adnoc at The Ritz-Carlton Abu Dhabi. The distinguished awards recognise individuals, companies, and projects that demonstrate excellence, best practice, and innovation in energy from around the globe.