- “According to experts, new technologies will drive investment in UAE’s Offshore market”
The 9th edition of Offshore Arabia Conference and Exhibition, successfully concluded today at the Dubai International Convention and Exhibition Centre, after 2 days of productive discussions on a number of key trending topics related to the Offshore Industry.
The last day of Offshore Arabia 2018, featured a number of topics such as Sustainable Development Goals and the Offshore Oil and Gas Industry, High Efficiency Rapid Oil Spill “Treat & Skim” System, Overview Offshore Opportunities in the GCC, Using Artificial Intelligence to Manage Offshore Support Management among other topics.
His Excellency Khamis Juma Buamim, Chairman of The Dubai Council for Marine and Maritime Industries “DCMMI” and Chairman of Offshore Arabia said: “The market downturn in 2015 and 2016 shook Offshore industry budgets with exploration and production spending falling by nearly 27 percent and nearly one trillion dollars in investments frozen or discontinued. Today, there are visible signs of improvement in the global market and a continuous period of stability and momentum are in turn providing the much-needed support to the global economy while also boosting investments in the Offshore Industry.”
He added, “The Offshore Industry is the 2nd largest industrial sector in the Arabian Gulf, generating over 115 billion dollars annually and clearly petrochemicals offer a unique opportunity for countries in the GCC region, to diversify their national income. In addition, the GCC’s growing role as a global petrochemical player is still widely recognized around the world, allowing the region to capitalize on future growth opportunities, adjusting their existing business models, upgrading crucial capabilities and managing costs.”
On his part, Paul Holthus, Founding President / Chief Executive Officer, World Ocean Council, United State of America, said: “Offshore Arabia is again bringing together international and regional leaders from key offshore industries, governments, inter-governmental organizations and others stakeholders. The conference will address the policy, technical, and environmental management issues critical to the responsible use of marine ecosystems in the region. Offshore Arabia advances the partnerships and dialogue needed to balance economic activity and environmental responsibility in achieving the Sustainable Development Goals.”
He added, “The offshore industry, including oil and gas exploration, continue to advance understanding of the marine environment and develop technology to prevent and respond to pollution. For example, companies are working to host or deploy sensors on ships and platforms to collect ocean data. The World Ocean Council’s Smart Ocean-Smart Industries program facilitates these efforts that contribute to understanding, monitoring and forecasting ocean conditions, such as extreme weather events.”
During his presentation at the conference, Eng. Ibrahim Fahmy, Projects Marine Advisor-ADNOC Offshore explained current challenges of Global Offshore Oil& Gas Business caused by the uncertainties and fluctuation of low oil price in the last three years, which made pressure on the industry to attract the investment required to develop new fields and maintain the old fields safely operational. He said: “New business model has been introduced and successfully implemented by most of NOCs& IOCs (National & International oil companies) by transformation to lean organization focus on the core business, has the capability to utilizing the resources efficiently and effectively, giving the best profitability to the local economy regardless the average oil price taking into consideration safety, quality and integrity as values, restructuring the operating units to be multi-tasked.”
He added: “Implementation of this holistic approach has reduced the operating cost (OPEX) by more than 30% in different regions, North Sea and GCC.”
Eng. Fahmy focused on the importance of Offshore Gas Explorations and development as high potential opportunity will give the offshore industry strong future as reliable source of energy to provide 25% of total global Energy required to meet the increase in worldwide population to 9 billion in 2040, Fahmy concluded.
As Artificial Intelligence, Internet of Things, Cloud Computing, 3D-scanning technology and Advanced Robotics are expected to have the biggest technological impact on the Oil ang Gas industry over the coming few years, a recent study commissioned by leading technology firm Lockheed Martin in the UK, found that investments in key technologies in the field of offshore infrastructure inspection could unlock more than 1 billion dollars in untapped revenues.
Running parallel to the conference, the Offshore Arabia exhibition, witnessed the participation of 50 companies from 40 countries, allowing them to showcase their latest advanced technologies in oil and gas and the marine and maritime sector while also encouraging companies to invest in new ideas and develop business opportunities and strategic partnerships.
Offshore Arabia Conference and Exhibition, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and the Ruler of Dubai, is organized by INDEX Conferences and Exhibitions – a member of INDEX Holding and is supported by the UAE Ministry of Environment and Climate Change, the Dubai Chamber of Commerce and Industry and The Dubai Department of Tourism and Commerce Marketing, DTCM, Dubai Council for Marine & Maritime Industry (DCMMI), Federal Transport Authority – Land & Maritime, Emirates Classification Society (TASNEEF), Emirates Maritime Arbitration Center (EMAC), International Tanker Owners Pollution Federation (ITOPF), World Ocean Council, and UAE Shipping Association amongst many others.Email This Post