21st Annual Middle East Petroleum '&' Gas Conference stresses diversification is a key
WAM Abu Dhabi, Apr 22nd, 2013 (WAM)-- Amany Elhendy--The longest running annual oil and Gas conference in the Middle East comes back in its 21st edition in Abu Dhabi for three days from 21st of April. The conference is hosted by Abu Dhabi National Oil company (ADNOC).
Hosting a number of prominent speakers in the Oil and Gas field, the conference was inaugurated by Suhail Mohammed Al Mazrouei, Minister of Energy.
In his opening speech , the minister has highlighted the increase in Oil prices as well as rise in demand for energy in connection to the natural and geopolitical changes the area is witnessing. He also stressed the importance of utilising the available technology and the nuclear sector to provide the necessary energy, calling the present "the best time to invest".
The increase in demand was raised during the conference when the chairman Dr. Fereidun Fesharaki, also chairman of FACTS global Energy, listed a number of foreseeable trends through his "crystal ball" presentation.
One of the expectations was the increase in the Chinese production and decrease in the American, adding that the USA will expect a surplus in crude in the gulf coast. While in the lights of the current changes, the Middle East is most likely to raise its crude imports to the US, noting that heavy grades comes from the main players; the middle east, Venezuela , Mexico and Canada. With Venezuela mostly increasing its sales in China and India, Mexico is facing a decline in Production, and Canada facing environmental and political controversies, leaving the Middle East as the most likely source of importation for the US.
Another speaker at MEPGC, Ian R. Taylor, President and CEO of Vitol Group, has pointed out the importance of working as traders with regulators and politicians in the light of changing geopolitical climate and increase in the number of traders in the world, egg: Armco from Saudi Arabia and PetroChina from China.
The speakers all affirmed the increase in demand for energy globally and stressed on the importance of meeting that demand. They also agreed that the Oil prices are going up and will continue to do so, triggering the importance of diversification and investment in clean forms of energy such as bio-fuels and nuclear energy.