GCC Countries Look Offshore to Boost Oil and Gas Production;
Abu Dhabi On Track with USD 25 Billion Offshore Investment
ADIPEC 2016 Prepares to Host Region’s Largest Waterfront Offshore & Marine Zone, with more than 100 Exhibitors
Global Offshore Drilling Rigs Industry Expected to Reach USD 102 Billion by 2019: Industry Report
Maximising efficiency without compromising on safety and quality is crucial to creating a sustainable offshore sector in today’s economic environment, experts urged ahead of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2016).
According to a recent study by research firm Markets and Markets, the global offshore drilling rigs industry is expected to grow from an estimated $65.77 billion in 2014 to $102.47 billion by 2019, at a CAGR of 9.27 per cent, representing a sizeable investment in a sector that continues to play an instrumental role in the growth of emerging energy markets.
The same report indicates that the progress of the offshore rigs market largely depends on growing exploration activities across the globe. Recent discoveries of oil and gas reserves in remote areas, along with increasing technological advancements in terms of equipment, have made drilling operations more feasible and cost-effective, according to the research.
In the region, offshore projects are still on track as countries work towards meeting capacity targets. This includes a USD 25 billion (AED 92 billion) investment in offshore oil projects planned by the Abu Dhabi National Oil Company (ADNOC) through to 2020, part of the UAE’s strategy to boost its total oil output capacity to 3.5 million barrels per day (bpd) by 2017-18. It is estimated offshore reserves will account for approximately 50 per cent of total oil production in Abu Dhabi by 2018 as a result of this continued investment.
The Abu Dhabi Marine Operating Company (ADMA-OPCO), a subsidiary of ADNOC, is currently operating two major fields – Umm Shaif and Lower Zakum, one of the world’s largest oilfields. The company is also developing three new fields: Nasr, Umm Lulu, and Satah Al Razboot, with a targeted production capacity of 750,000 bpd from the five fields.
In line with ongoing global and regional investments in offshore production, ADIPEC 2016 will be hosting the second edition of its highly anticipated Offshore, Marine and Heavy Equipment Exhibition and Conference. The purpose-built quayside exhibition and conference theatre makes ADIPEC 2016 host to one of the world’s most exclusive waterfront offshore and marine showcases.
Following its successful launch last year, the dedicated zone is set to attract more than 100 exhibiting companies as global industry professionals come together with the common goal of bringing best practice to what has been traditionally recognised as a complex sector.
Mr Ali Khalifa Al Shamsi, CEO of Al Yasat Petroleum Operations Company and ADIPEC 2016 Chairman, said: “Significant developments in technology have allowed us to safely and efficiently tap into deepwater reserves which were previously considered inaccessible. However, today’s market presents new challenges, and we must continue to enhance efficiencies without compromising on health, safety, or the environment. By combining global expertise with a unique showcase of offshore products and services, ADIPEC provides an ideal platform for stakeholders to collaborate towards creating a sustainable, more resilient offshore sector.”
Situated on the waterfront at the Abu Dhabi National Exhibition Centre (ADNEC), ADIPEC’s Offshore, Marine and Heavy Equipment Zone is only 150 metres away from the main floor, with a jetty that extends 500 metres long. Sprawled across 4,500 square metres of space, the dedicated zone will feature a display of everything from rigs, vessels, and subsea drilling equipment, to pipelines, and tools for reservoir production and mapping.
The waterfront area will also feature offshore vessels that can be toured by visitors, providing real insight into not only how equipment fares in situ, but also offering a more practical understanding of the issues faced by marine craft and offshore equipment operators.
Christopher Hudson, President – Global Energy at dmg events, organisers of ADIPEC, said: “With about one-third of the world’s oil supplies coming from offshore wells, technology and innovation will continue to play a pivotal role in driving efficiency and best practice in the offshore sector.”
“The mooring and quayside exhibition space at ADIPEC allows visitors to witness a host of incredible offshore equipment, tools, and technologies in their native setting. It also enables exhibitors to present their products in an engaging environment to a relevant audience, adding a new dimension to the way both participants and attendees experience the event,” Hudson added.
Taking place at a purpose-built waterside theatre, this year's Offshore and Marine Conference will be led by the Society of Petroleum Engineers (SPE). The forum will feature a series of CEO Sessions, Plenary Sessions, as well as Technical Sessions, bringing a host of world-leading experts to discuss critical industry issues. Topics include geology, reservoirs and exploration, drilling and completion challenges, as well as emerging and advanced technologies, offshore vessels and platforms, materials performance, and floating production systems.
Established as the world’s most influential exhibition and conference for the oil and gas industry, ADIPEC has a longstanding track record of bringing together globally celebrated luminaries and experts to discuss challenges and opportunities in the energy sector. The annual four-day event will take place from 7-10 November 2016 at ADNEC.