Over $859b projects of oil, gas, petrochemical underway in Mena

Oil, gas and petrochemical projects, valued at more than $859 billion, are either underway or planned in the Middle East and North Africa, Mena, of these $283 billion are projects are being implemented, as the region gets ready to meet the forecast increases in demand for energy over the next two decades.

According to industry forecasts, global oil demand will increase by at least 10 million barrels per day by 2040, while natural gas demand is set to grow by 40 per cent and petrochemicals by 60 per cent. The expansion in demand for petroleum and petrochemicals in particular, says dmg events,organisers of the Abu Dhabi International Petroleum Exhibition (ADIPEC), is driving downstream investment across the Mena region.

Christopher Hudson, President - dmg events, said: “Breakthrough technologies, the growing global population and rising consumer spending are all combining to create new demand for energy, much of which will continue to be met by the oil and gas industry up to and beyond 2040.

“While producers in the Middle East continue to maximise value from existing fields, there is heightened interest in developing new resources, both offshore and onshore, as well as investing in upgrading and diversifying both infrastructure and products downstream to create new products lines and revenue streams.

“ADIPEC 2019 will be a catalyst for future growth and prosperity in the oil and gas industry, not only providing companies across the hydrocarbons value chain with a forum to gather first-hand knowledge of the dynamic changes taking place in regional oil and gas investment decisions but also enabling them to make the connections necessary to forge new partnerships and tap into the emerging commercial opportunities those investments are creating,” Hudson added.

Taking place from 11th to 14th November, at the Abu Dhabi National Exhibition Centre, ADNEC, ADIPEC 2019 will once again be a platform for the global oil and gas industry to engage in dialogue, conduct business, and source the creative solutions and strategies that will shape the industry in the years ahead as well as identify the commercial opportunities from the Mena and Asia regions.

Since its inauguration in 1984, ADIPEC has continued to grow, gaining worldwide recognition as the premier oil and gas industry exhibition and conference. The exhibition brings together over 2,200 international exhibiting companies across 155,000 gross square metres, with 29 country pavilions, attracting over 145,000 global attendees and 42 National and International Oil Companies. The conference hosts over 980 strategic and technical speakers across more than 160 sessions, covering the full energy value chain and attracting over 10,400 delegates.

Meanwhile, digital transformation of the oil and gas industry in the Middle East and North Africa (MENA) continues to be fast-tracked, as energy companies across the region ramp up investment in technologies supporting faster and leaner exploration and production and optimisation of costs

Investment in IoT, AI, big data and analytics could cut capital expenditure by 20 per cent.

Over the past five years, the MENA region has seen a tight focus on cost reduction. The oil and gas companies have responded to changes in the energy market, with much of the industry’s research and development expenditure focused on technologies to enhance the efficiency of new and existing projects.

According to management consultants McKinsey, effective use of digital technologies, such as cloud, the Internet of Things (IoT), mobility, artificial intelligence (AI), virtual reality (VR), big data and analytics could cut capital expenditure by up to 20 per cent.

In a recent announcement made by the organisers of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, dmg events, Greg Cross, artificial intelligence pioneer, serial entrepreneur, co-founder and chief business officer of Soul Machines was confirmed to headline the event as a keynote speaker at Oil & Gas 4.0, the strategic conference at ADIPEC.

“Accepting change, understanding the unknown, can always be a challenge. In today’s fast-paced digital world, artificial intelligence is enhancing the business environment, helping corporations to become more efficient and connected.

Digital Humans change how we interact with customers and can facilitate daily assignments more productively and cost-effectively. At Oil & Gas 4.0, I will be discussing how digital humans can become an integral part of the workforce and the ethics, liability and governance behind the digital society.” Cross said.

Oil & Gas 4.0, the strategic conference at ADIPEC 2019 will feature conference sessions that will explore the nexus of technology and energy, including the links between digital transformation, people and partnerships, that are enabling change and creating the basis to build the oil and gas companies of the future.

Agencies