Last Updated: October 31, 2017
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Modest Spending Increase Forecast for Maintenance and Production

 

Significant Potential in Natural Gas, New Offshore Exploration and Production Opportunities in Eastern Mediterranean 

 

Abu Dhabi, UAE – 22 October 2017 – The Offshore and Marine industry is expected to see increased business at this year’s Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), with analysts predicting modest increases in spending for maintenance and production in the oil sector, and significant investment expected for new offshore natural gas projects in the Eastern Mediterranean.

Analysis by consultancy Douglas-Westwood has found that, although investment in new offshore production remains low, compared with pre-2014 levels, the outlook for maintenance, modifications and operations is ‘notably more positive’. Much of the rebound is caused by work orders, that have been delayed, coming back online.

Within the GCC area, 2017 has seen Saudi Aramco sign agreements with Abu Dhabi-based National Petroleum Construction Company (NPCC) to purchase four offshore platforms and associated equipment, as well as a separate deal for the supply of 17 offshore jackets – the steel frames that support the platform.

Globally, consultants Wood Mackenzie are predicting renewed exploration and production for deep-water projects, with efficiency improvements having lowered the breakeven price by 20 per cent in the past three years.

“We are seeing renewed optimism among companies supporting offshore production, with demand underpinned by an industry that is now more efficient, stabilising prices, and the need to meet anticipated rising demand,” said Ali Khalifa Al Shamsi, Al Yasat CEO and ADIPEC 2017 Chairman.

“ADIPEC supports this growth as a market where suppliers can network with purchasing decision makers and generate new business. Its comprehensive strategic and technical conference programmes provide an unrivalled opportunity for specialised knowledge exchange.”

Natural gas is a significant contributor to the positive outlook, particularly in the Middle East and North Africa, where Egypt is seeing around USD 27.3 billion worth of investments across the Zohr, North Alexandria and Noras gas fields, and 76 new upstream exploration concessions have been signed worth around USD 1.5 billion. Cypriot and Lebanese waters also offer fresh opportunities for offshore exploration and production in the Eastern Mediterranean.

As investment moves into the sector, new projects will create business opportunities at ADIPEC’s unique Offshore and Marine area, which returns in 2017 for its third year.

Set directly on the waterfront, adjacent to the main ADIPEC venue, it is held in a dedicated purpose-built exhibition and conference space, with product displays encompassing the full value chain, from rigs, vessels, ship building, and subsea drilling equipment, to certification, pipelines, mooring, and tools for reservoir production and mapping.

The display’s defining feature will be the temporary quay, with a series of state-of-the-art offshore vessels berthed directly alongside the venue, including a jack-up barge, high-speed craft and landing craft, tugboats, and platform supply vessels up to 70 metres in length. Visitors will be able to tour the vessels on display, seeing the latest evolution in marine engineering and technology first-hand.

Mohammad Rizal, Chief Operating Officer at UAE-based shipyard group, Drydocks World, says the unique venue is an ideal setting for offshore suppliers to demonstrate their achievements and generate new business.

“At ADIPEC 2017, Drydocks World intends to update the marine industry on the yard’s offshore capabilities, while showcasing the world-first cutting-edge projects completed in the yard that demonstrate our competency to execute large-scale projects with a proven track record of excellent HSEQ standards,” said Mohammad Rizal. “We look forward to taking our business further and discussing future possibilities during ADIPEC 2017.”

For 2017, an expanded conference programme will underpin continued efficiency, innovation, and growth, as well as offer insights into new opportunities.

The breadth and quality of ADIPEC’s conference schedule has long set it apart from its peers. This year’s Offshore & Marine programme will offer unrivalled opportunities to hear from leading executives and experts in their field, and will cover an array of important topics from both a strategic and technical perspective. There will also be a dedicated session on the Emirates Maritime Arbitration Centre, and the processes available for resolving maritime legal disputes quickly and without unnecessary cost.

The specialised exhibition and conference area is expected to attract more than 15,000 visitors and 150 exhibitors. Companies with confirmed spaces include NPCC, Zakher Marine International (ZMI), Horizon Geosciences, Seajacks, Seacontractors, Seatrax, Guidance Marine, ADNOC, Khalid Faraj Shipping, Overseas Marine Logistics, Drydocks World - Dubai, and Maridive Group.

Panel discussions will be held over three days, covering future expectations and challenges, driving growth, and adapting to new market conditions. Confirmed speakers include senior executives from National Petroleum Construction Company (NPCC), Wintershall, Cepsa Gas Comercializadora, McDermott, Foresight Group, Abu Dhabi Ship Building, Cyprus Hydrocarbons Company (CHC), Lebanese Petroleum Administration (LPA), Scottish Government Oil and Gas Taskforce, Kuwait Oil Tanker Company (KOTC), and ADNOC Logistics & Services.

Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, hosted by the Abu Dhabi National Oil Company (ADNOC), and organised by the Global Energy division of dmg events, ADIPEC is one of the world’s leading oil and gas events, and the largest in Africa and the Middle East.

ADIPEC will be held at Abu Dhabi National Exhibition Centre from 13 to 16 November 2017.


– ENDS –

About ADIPEC

Held under the patronage of the President of the United Arab Emirates, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and organised by the Global Energy division of dmg events, ADIPEC is the global meeting point for oil and gas professionals. Standing as one of the world’s top energy events, and the largest in the Middle East and North Africa, ADIPEC is a knowledge-sharing platform that enables industry experts to exchange ideas and information that shape the future of the energy sector. The 20th edition of ADIPEC will take place from 13-16 November, at the Abu Dhabi National Exhibition Centre (ADNEC). ADIPEC 2017 will be hosted by the Abu Dhabi National Oil Company (ADNOC) and supported by the UAE Ministry of Energy, Masdar, the Abu Dhabi Chamber, the Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi), Abu Dhabi Ports and the Department of Education and Knowledge. dmg Global Energy is committed to helping the growing international energy community bridge gaps by bringing oil and gas professionals face to face with new technologies and business opportunities.


For media enquiries, please contact:

Nour Soliman

Senior Marketing Manager, DMG Events Global Energy

Twofour54, Park Rotana Offices, 6th Floor

PO Box 769256, Abu Dhabi, UAE

T: +971 (0)2 6970 515


Wallis 

[email protected]

T: +971 4 275 4100

Mark Robinson (English):  +971 (0)55 127 9764

Feras Hamzah (Arabic):     +971 (0)50 798 4784


For more info: http://www.adipec.com/

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Figure 1. Monthly Saudi Arabia crude oil production and exportsMonthly Saudi Arabia crude oil production and exports

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Your Weekly Update: 10 - 14 June 2019

Market Watch

Headline crude prices for the week beginning 10 June 2019 – Brent: US$62/b; WTI: US$53/b

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Headlines of the week

Upstream

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  • Russia’s Lukoil has inked a deal with New Age M12 Holding to acquire a 25% interest in the offshore Marine XII licence in the Republic of Congo for US$800 million, covering the producing Nene and Litchendjili fields
  • Buoyed by recent discoveries in the Caribbean, the Dominican Republic is launching its first licensing round in July, offering 14 blocks in the onshore Cibao, Enriquillo and Azua basins and the offshore San Pedro basin
  • W&T Offshore and Kosmos Energy have struck oil in the Gladden Deep well in the US Gulf of Mexico, the first of a four-well programme that includes the Moneypenny, Oldfield and Resolution prospects with estimates of 7 mmboe

Midstream & Downstream

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Natural Gas/LNG

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