The International Offshore Development Congress (IODC 2019) will discuss strategies and challenges for the regional energy sector in light of the current economic situation, demand fluctuation, and oil price volatility in the global oil and gas market
IODC will be held at the Jumeirah Etihad Towers in Abu Dhabi on 28-29 April.
According to recent statistics from the International Energy Agency (IEA), oil prices have almost doubled in the past two years, from US$38.84 per bbl in January 2016 to US$72.35 per bbl in May 2018, and oil demand has grown by 1.3 per cent in the last year. Meanwhile, it also expects that marine gas and oil demand will more than double next year.
Considerable production cuts from OPEC members including Saudi Arabia, which is expected to cut around 30 per cent of its daily output as stated in Bloomberg’s official statement, and OPEC’s agreement with Russia has renewed market confidence. The recent reports that Canada will cut production in Alberta by 325,000 bpd also helped the price recovery.
Khamis Juma Buamim, chairman of Arab Association of Petroleum professionals (AAPP) and the DCMMI Emirates, said, “We believe IODC 2019 will be a unique event which will provide opportunities to focus on current challenges, review recent developments and identify future opportunities to advance and collaborate as an industry.”
“It will comprehensively examine regional and international offshore developments from a specialised perspective, at the same time emphasise on committing to world energy and safeguard the environment,” he added.
The conference will discuss operational pressures, investment challenges, environmental stewardship, and the role of renewables in the energy mix. It will also bring together major industry stakeholders including NOCs, IOCs, as well as all other stakeholders relevant to offshore oil and gas development.
Organised by Arab Association of Petroleum Professionals (AAPP) and Maarefah Energy, the event is supported by DCMMI Emirates, World Ocean Council, ROPME, PERSGA, MEMAC and Oil and Gas Safety Council.
