Abu Dhabi / WAM
Abu Dhabi National Oil Company (ADNOC) is hosting the 24th Annual Middle East Petroleum and Gas Conference (MPGC 2016) in Abu Dhabi, UAE from April 24-26.
In a company statement, ADNOC said preparations are rapidly gathering steam with ministers, super major CEOs, oil companiesâ€™ senior management from ADNOC and its Group of Companies, and other industry heavy-weights all joining as speakers, even as global oil markets contend with low prices, volatility and declining demand. More than 400 delegates are expected at MPGC 2016 and 650 for MPGC Week events during the same period.
Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy of the UAE, is expected to grace the MPGC inauguration on April 25.
MPGC 2016 will convene under the theme “Global and Middle East Markets: Entering Uncharted Territory and Surviving the Challenges,” providing the framework of the critical developments and challenges in the global oil and gas markets in 2016 that will underscore the landscape of key issues for the global oil markets in 2016.
Commenting on ADNOCâ€™s participation, Mubarak Al Ketbi, Deputy Director, Marketing & Refining in ADNOC and Co-Chairman of MPGC 2016 said: “The MPGC with ADNOCâ€™s support will provide an ideal platform to exchange views in a challenging oil and gas industry, as new players are adding to the supply chain amid a volatile low price environment.”
ADNOC, which has hosted MPGC five times, is also taking a high profile at MPGC 2016 with senior management representatives of Group companies visible at speakers and chairs including Mubarak Al Ketbi, Deputy Director, Marketing & Refining in ADNOC and MPGC 2016 Co-Chairman, Ahmed Omar Abdulla, Chief Operating Officer of Abu Dhabi Oil Refining Company (Takreer), Dr. Ali Obaid Al-Yabhouni, CEO of Ruwais Fertilizer Industries (FERTIL) and UAE Governor for the Organization of the Petroleum Exporting Countries (OPEC), and Saif Ahmed Alghfeli, Chief Executive Officer of Abu Dhabi Gas Development Company Ltd. (Al Hosn Gas) and Qasem Al Kayoumi, Manager Offshore Division, Exploration & Production Directorate. In addition to Mr. Hashem Al Refaei, Business Integration & Performance Division Manager in the Marketing & Refining Directorate in ADNOC, will represent ADNOC on the MPGC 2016 International Advisory Committee.
Heads of trading and supply at the corporate level of super majors BP, Shell and Total, will take the helm with Keynote Addresses by Paul Reed, CEO of BP for Integrated Supply & Trading (IST) plc, Thomas Waymel, Senior Vice President, Trading & Shipping in Total, and Mike Muller, Vice President Global Crude Oil Trading & Supply, Royal Dutch Shell plc.
In a casting coup, the top three Japanese trading houses of JX Nippon, Idemitsu and Cosmo will also be represented for the first time by senior level Japanese speakers; Mr. Hiroshi Hosoi, Director, Senior Vice President for Supply Logistics and Trading, JX Nippon, Mr. Kiyoshi Homma, Executive Officer & General Manager for IST at Idemitsu Kosan Company Ltd. and Mr. Isao Kusakabe, President of Cosmo Energy Exploration and Production.
From his part, Dr. Fereidun Fesharaki, Chairman of FGE, leading oil and gas industry advisors for the Middle East and Asia and Co-Chairman of MPGC 2016 said: “The Oil market turmoil has continued in 2016 and the so called “rebalancing” continues. Has the market reached the floor at around US$30 a barrel? Will there be a substantial increase in the price by year end or will there be a “lower for longer” price scenario. How do geopolitical conflicts affect the market? Will Iran reach the full pre-sanction volume before year end? Will Libya oil come in the market and push prices further down? We have all been waiting for the US production to drop and this year will see a substantial decline but Russian production seems to be increasing, while Iraq continues to expand. OPEC is not able to agree on a strategy to cut production because non-OPEC and Russia produce more oil than Saudi Arabia. What is needed to result in a sustainable agreement in OPEC and some non-OPEC countries to reduce output? When and under what conditions? Lower oil prices have boosted refining margins in a dramatic way. How long will this continue? What are the threats to margins and from what sources? LNG markets are even more oversupplied than oil and spot prices are now around half of contract prices. How will the new LNG markets rebalance themselves? MPGC 2016 will address all these issues and provide the answers.”
MPGC has also received the support of more than 250 sponsors and 150 media sponsors, from 1993 to 2015. The 2016 event features prominent sponsors again including ADNOC, BP, BGN International, Dubai Mercantile Exchange (DME), Delta Rubis Petrol, Platts, Shell and Vitol.