GCC's USD 204 billion upstream projects drive new investment prospects across energy value chain
OGS 2009 creates new business-to-business platform to strengthen strategic link between upstream and downstream segments
February 23, 2009
OGS 2009, the 16th edition of the premier oil, gas, renewable energy and automation event expects a sharp surge in participation as a result of a growing regional focus on upstream oil projects, which is reflected by a nine per cent increase in upstream investments in the GCC, from USD 188 billion in June 2008 to a current estimate of USD 204 billion. Accordingly, OGS 2009 will be held from 27th to 29th October 29 at the Dubai International Convention and Exhibition Centre featuring an augmented Oil and Gas segment complemented by an upstream networking energy forum with a focus on environmentally-friendly techniques for oil and gas procurement.
Statistics from Proleads data confirmed a marked surge in upstream oil and gas investments, counting 265 projects in January 2009 or a 10.9 per cent increase from just 239 in June 2008.
"The oil and gas sector will remain a very important economic driver in the region and a critical resource for the global economy. As such, despite recent economic challenges, it is only natural for the GCC to continue its oil and gas investments, particularly in exploration and development projects to replenish declining reserves, replace and upgrade deteriorating assets and ensure long-term supply. With a renewed and expanded format for the Oil and Gas segment, OGS 2009 has been positioned to provide a strategic link between the upstream and downstream value chains, enabling industry players to optimise business opportunities, create new partner networks and synergise to overcome new challenges," said Anselm Godinho, Managing Director, International Conferences and Exhibitions (IC&E), the organisers of OGS.
At the same time, there is a realisation that conventional energy resources can be bolstered by renewable energy investments. Not just that, but the environmental impact of making available conventional sources of energy can be minimised through new green technologies and methods.
Published statistics have indicated that the UAE, home to the fifth largest oil reserves in the Middle East, accounts for the highest increase in upstream oil and gas investments, pushing expenditure by 30 per cent to USD 55 billion from USD 42 billion. Qatar has likewise upped oil and gas investments from USD 7 billion to USD 10 billion, including an 11 per cent increase in upstream gas investments, while Kuwait, the most hydrocarbon-reliant country in the GCC, has raised its budget to USD 40 billion from 34 billion.
Bahrain has been reported to be focusing its attention towards drilling deeper oil reserves, while Oman has been targeting to expand crude oil production to 800,000 barrels per day (bpd), up from its current rate of 750,000 bpd. Saudi Arabia, the world's largest exporter of crude oil, has unveiled a strategy to access more than 720 billion barrels of discovered oil resources.
Distinguished as the premier regional platform for procurement and networking in the conventional energy sector, the Oil and Gas segment of OGS 2009 will feature an expanded and renewed format in response to evolving market needs in the GCC. The segment will also continue to focus on hydrocarbon technology, extraction techniques, storage and transport infrastructure.
OGS 2009 holds true to its trade roots as well, with an emphasis on setting up a business to business forum for sourcing the building blocks of modern manufacturing, energy and automation industries. Showcasing an industrial cross-section of technology and machinery, the Instrumentation, Automation and Laboratory Technology segment will focus on analytical instrumentation, lab technology, bio technology, testing and measurement, process control and automation, and technologies for the water, power, renewable energy and oil and gas sectors. The segment, which also encompasses diverse sectors such as medicine, manufacturing, construction, municipal services, aviation and energy, will explore the technological and mechanical roots underpinning modern industry.