The Middle East, despite being well and truly cemented as a global oil & gas superpower has still not fully avoided the effects of todays suppressed oil prices. The region’s players, who for all too long have not had to worry about OPEX and CAPEX are now turning their attention to their bottom line. While the region’s reserves and capacities may lead, efficiency gaps mean that they lag behind international best practices in many areas.
For the first time in recent history, the viability of projects and investments is being questioned, limiting the possibility for governments to boost their upstream budgets and deterring interest from IOCs. Some respite has been provided downstream thanks to the region’s heavy investment in the sector over recent years. Higher downstream margins have provided partial relief from the drop in oil revenue but this is not set to last and the loss of capitalised margins means attention to compensate for its loss of feedstock competitiveness by improving yields and becoming more sustainable in a market where dynamics are ever shifting is paramount.
As long time advocates of new technology, this attractiveness for investment in the Middle East versus the rest of the world we are sure is set to remain solid.
What’s imperative going forward, be it to weather oil price uncertainties, supply/demand imbalances or to drive operating improvements, is strengthening customer/supplier relationships.
Producers and operators are often confident that they have the right tools, but aren’t necessarily using them in the right way to drive that optimal performance. What could really make a difference and is becoming essential, is a proactive partnership between licensors and operators, especially in a region that isn’t scared to invest and adopt new technologies and practices.
The World Refining Association and Energy Exchange events and reports in the Middle East are used by oil and gas companies as a key tool in understanding where to look to find value in the chain, and to take advantage of this shifting oil and gas reality.
Our downstream events and exhibitions are all supported by and have large representation from the local NOC or Ministry, giving you a critical opportunity to stay close to resource holders.
Governments and NOCs we work with in the Middle East include:
- Supreme Council of Energy, Dubai
- Ministry of Oil and Gas, Oman
- Ministry of Petroleum and Mineral Resources, Egypt
- Ministry of Energy, United Arab Emirates
View our Middle East conference and exhibitions portfolio here: