MEOS 2015: Innovation, collaboration keys to navigating downturn in oil price

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[1] Henni, Abdelghani
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Henni, Abdelghani | 1600年 / Society of Petroleum Engineers (SPE)卷 / 67期
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The 19th annual Middle East Oil & Gas Show and Conference (MEOS); held in Manama; Bahrain; in March 2015 emphasized on managing the business amid the downturn in the price of oil and overcoming the challenges facing the industry. Speaking at the opening ceremony; Abdulhameed Al-Rushaid; 2015 MEOS conference co-chairman and chief drilling engineer at Saudi Aramco; said the industry is proving to be resilient during the recent collapse in the price of oil. Abdul Hussain bin Ali Mirza; energy minister of Bahrain; said his country will continue to plan for the long term and will increase investment in technology despite the price downturn. Suhail Al-Mazrouei; energy minister of the UAE; said that the UAE is interested in becoming an active player in technology development rather than being only a consumer of technologies. The panelists agreed that the industry has an obligation to meet future global energy demand; which is more challenging as oil and gas resources become increasingly difficult to find and extract; so it is unwise to over-react during the current downturn in the oil price. Amin Nasser; senior vice president of upstream at Saudi Aramco; said that keeping R&D a priority is complicated; especially with the industry poised to cancel about USD 1 trillion of capital cost. Khalid Abdul Qader; general manager of unconventional resources at Saudi Aramco; said having the right business model is the key to success in developing unconventional resources;
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