|
Supply skewed market pushes price of crude oil below US$50 per barrel
MEDrillTech 2015 to innovate competitive advantages in Oil & Gas industry Dubai - October 1, 2015 -Dubai based E&P events management and knowledge nurturing firm prepares to welcome senior and leading professionals, engineers, and experts from the local, regional and international Oil & Gas industry at the inaugural MEDrillTech Conference and Exhibition 2015. The MEDrillTech event is co-organized by ADMA-OPCO in collaboration with ADNOC, ADCO, ZADCO, and NDC, and is to be held at the glamourous Etihad Towers in Abu Dhabi through 05 - 07 October. The price of crude oil has seen continuous slashing through 2015 and the outlook for the rest of the year appears to be more of the same. For the oil rich countries of the Gulf region and other oil producing countries the reduction in prices has led to policy changes at the government level, and operational changes at the business level. In the UAE, the deregulation of crude oil prices to match the world market has helped the government with its budgeting and also provided space for other industries such as the developing of public transport, or alternative energy fuels. However, the organizations involved in the Oil & Gas industry continue to struggle. As such organizations need to explore their verticals in search of economies of scale that can be applied across the Oil & Gas industry. One of these areas is Drilling Technology. According to Mr. Rafeeq Kunhi, Director Oil & Gas, E&P, “At the conference we hope to share our knowledge, technology, and techniques in the drilling functions so that these can be applied across the Oil & Gas industries effectively and efficiently to provide the organizations with a competitive advantage.” At the event which spans three days, there will be time for exhibitors and networking but the sharing of knowledge is the primary goal. To this extent there are various panels ranging from topics such as integrated services, extended reach,multilateral wells drilling and completion, and smart technology in drilling. “The conference is meant to provide a platform for experts in the industry to share and develop their knowledge vis-à-vis the current market challenges rather than the commercial aspects of the industry,” emphasized Mr. Rafeeq when speaking about the goals of the event. According to a report by the IMF, the GCC countries currently spend around 3.4% of their GDP on fuel subsidies. As incomes from oil begin to narrow, these subsidies may come under revision by these governments. The conference seeks to provide insight into developing areas in the Oil & Gas industry and to increase efficiency in these trying times and beyond. As such, the conference and exhibition will be attended by leading and senior professionals from international oil companies, national oil companies, operating companies, services companies, and manufacturers.
|
RSS Feed 
