More than US$200 billion was invested in developing new energy projects around the world last year, according to a new study by leading consulting groups John Herold and Harrison Lovegrove.
The scope of the investment – which is larger than the economies of 147 countries – demonstrates the extent to which global demand is intensifying the need for greater innovation and new discoveries.
Equally importantly, it underlines the importance of increasing the range of human resources available to the industry, since the shortage of engineers, geologists and petroleum specialists is a significant factor limiting new exploration and increasing costs.
The importance of exploration of new energy supplies – as well as the challenges facing the industry – will be under the microscope at the world’s foremost technical conference in Dubai this December.
Four of the leading representative bodies of exploration and production professionals – The Society of Petroleum Engineers (SPE), the European Association of Geoscientists and Engineers (EAGE), the Society of Exploration Geophysicists (SEG) and the American Association of Petroleum Geologists (AAPG) – will meet in Dubai for the International Petroleum Technology Conference (IPTC) 2007.
An expert panel – involving senior representatives from Total, Shell, the European Parliament and Petroleum Development Oman – will examine the available responses to the new constraints within the energy sector at the event. Among the critical issues they will examine will be the rise in development costs – which tripled to US$15 a barrel between 1999 and 2006.
“The global energy industry faces a number of significant challenges in ensuring the world’s future energy needs can be satisfied, and exploration and development play a crucial role in increasing available reserves,” said Mark Rubin, IPTC Executive Manager and SPE Executive Director.
“We are fortunate to be able to bring together many of the world’s foremost experts to discuss these issues and doubly fortunate to be able to host the event in a city at the heart of the international energy sector,” he added.
The opening session of IPTC will include addresses from Farouk Al Zanki, Chairman and Managing Director, Kuwait Oil Co., and Tony Hayward, Group Chief Executive, BP, as well as dignitaries from the United Arab Emirates, Kuwait and Oman. This will be followed by over 50 technical sessions, special panels on climate change, and a series of panel discussions featuring leading industry experts.
IPTC will also feature an extensive exhibition showcasing products and services for the region and the world.
“A Changing World – Interdependence, Innovation and Implementation,” will take place 4–6 December 2007 at Dubai International Convention and Exhibition Centre.
About the International Petroleum Technology Conference
The International Petroleum Technology Conference (IPTC) delivers an in-depth programme addressing both upstream and midstream challenges for the oil and gas industry while providing a forum to discuss technical applications of the equipment and services displayed. The technical sessions, presented concurrently with the exhibition, focus on exploration, production, reservoir, midstream gas, and overarching issues while bringing together the perspectives of multiple disciplines including petroleum engineering, geology, and geophysics.
Further information can be found at: http://www.iptcnet.org/2007/aboutiptc/about_dubai.html
