The inaugural International Offshore Development Congress (IODC 2019) will open on 28 April at the Jumeirah Etihad Towers in Abu Dhabi to explore trends and challenges in the oil and gas sector
Organised by Arab Association of Petroleum Professionals (AAPP) and Maarefah Energy, the event will discuss opportunities in the rapidly recovering offshore oil and gas market.
The offshore segment will see growth in 2019 and spending on offshore oilfield services will reach US$210bn, according to a report by Rystad Energy. The report found that 30 per cent of these project values are in the Middle East.
The report added that offshore service providers expect the uptick in new projects and hope they will be enough to turn revenue growth positive to mid-single digits as offshore capital expenditure is set to increase due to the recent years of commitments.
The report expects oil and gas operators to sanction at least 100 offshore projects this year. Regional reports suggest that ADNOC alone would spend US$132.33bn to increase production capacity to four million bpd by 2020, while Saudi Aramco plans to invest some US$300bn in upstream oil and gas projects.
However, there are emerging challenges with the exploration of new markets and the development of more sustainable oilfields globally. Therefore, IODC 2019 expects to bring together major industry stakeholders including NOCs, IOCs and other industry stakeholders to discuss operational pressures, investment challenges, environmental stewardship, and the role of renewables in the energy mix.
Khamis Juma Buamim, chairman of IODC, said, “The offshore sector has always been a vital part of the regional and international economy. We strive to support this sector by highlighting providing a platform for innovation and networking amongst various specialised companies and organisations working in the field.”
