Tuesday, 26 October 2021 08:57 GMT

Society of Petroleum Engineers' Conference underlines importance of accelerating oil & gas investments


(MENAFN- Emirates News Agency (WAM)) DUBAI, 23rd September, 2021 (WAM) -- Participants in the 97th edition of the Society of Petroleum Engineers' Annual Technical Conference and Exhibition (ATCE), underlined the importance of accelerating investments in the oil and gas industry, and identifying disruptive technologies and knowledge-based solutions to the challenges of climate change, primarily the transition toward net-zero emissions.

Organised by Dragon Oil, an upstream oil and gas exploration, development, and production company fully owned by Dubai's Government, the 2021 edition of the ATCE concluded in Dubai today after three days of reviewing ground-breaking papers through special technical sessions to accelerate the application of innovations in every technical discipline related to the oil & gas industry.

The event opened on 21st September with international speakers who addressed the strategies needed to maintain business continuity and the guiding principles to remain competitive. They discussed net-zero transition, post-pandemic business models and strategies, accelerating the uptake of new technology applications, funding future projects, energy mix collaboration, and more.

Farid Al Hashimi, Vice Chair of the Conference, said that oil and gas companies, including Dragon Oil, attach great importance to protecting the environment, and are keen to ensure a smooth transition to zero-emission. He highlighted in this regard Dragon Oil's efforts in adopting the latest carbon capture and sequestration technologies, developing biodiversity action plans, reducing greenhouse gas emissions, and contributing to identifying effective and sustainable solutions to climate change challenges.

He called on international financial institutions and investors to fulfil their responsibilities and finance the oil and gas industry for global energy companies to develop petroleum extraction methods and upgrade existing oilfields and platforms. This, he continued, would help gradually reduce gas emissions, rather than limiting their investments to clean energy.

He pointed out that the reluctance of investors and financial institutions to invest in the oil & gas industry will adversely affect the development and modernisation processes undertaken by oil & gas companies. It will, in turn, reflect negatively on oil & gas production and ultimately lead to price hikes due to lower production.

The SPE's 97th ATCE saw an impressive turnout, with nearly 4,500 people from 80 countries visiting the exhibition and attending its sessions.

During the conference sessions, oil and gas specialists discussed 400 out of 2,000, highest calibre peer-selected papers in the industry and sessions covering current applications and emerging technologies within all phases of E & P.

Up to 72 companies participated in the concurrent exhibition, which displayed a wide range of current and future technologies coupled with presentations and interactive screens, which provided visitors with an insightful experience to identify the latest oil and gas technologies and methodologies.

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