Business | Oil & Gas

Over 50,000 visitors attend Adipec in UAE capital

Some major deals announced during event

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 18:28 November 14, 2012
  • Gulf News

Abu Dhabi: Over 50,000 visitors came to attend the 15th edition of the Abu Dhabi Petroleum Exhibition & Conference (Adipec) in the capital, which concluded on Wednesday. The attendance exceeded organisers’ expectations who were expecting 45,500 visitors. More than 1,600 exhibiting companies and 13 national pavilions took part in the event, held at the Abu Dhabi National Exhibition Centre.

“This week Adipec has hosted energy ministers from the UAE, Saudi Arabia, Iraq, Norway, the United Kingdom and Canada and seen more business conducted than ever before,” said Simon Mellor, Senior Vice President, dmg events, organisers of Adipec.

The four-day event was officially opened on Sunday by Shaikh Hazza Bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council.

The transition of the Middle East’s largest event for the oil and gas industry into an annual show from next year will promote integration across the energy value chain and strengthen partnerships in local and regional energy markets, said a senior representative of Abu Dhabi National Oil Company (Adnoc).

Earlier, inaugurating the conference, Mohammad Bin Dha’en Al Hamili said the UAE is currently pumping about 2.6 million barrels of oil per day (bpd) while having a capacity to pump 2.8 million bpd. He said the UAE’s oil production capacity is expected to reach 3 million bpd by the end of 2012.

Adnoc won the coveted Best Trade Stand Award at the Adipec. The double-storied stand designed to reflect the prestigious image of Adnoc & its group of companies as well as that of Abu Dhabi was voted the Best Stand among 1,600 exhibiting companies from 91 countries, in recognition of its unique design, intellectual content and visitor success.

Some major deals were announced during the event, while some companies declared their intent on their future spending in developing oil and natural gas fields and associated infrastructure.

The chief executive of Abu Dhabi Marine Operating Company (Adma-Opco), a key oil producing unit of Adnoc said they could invest up to $19 billion in developing new oil fields by 2019.

“New grassroot field development requires investment, and this will be between $10 billion to $15 billion in total by 2019 — if we implement all projects we are considering,” Ali Rashid Al Jarwan said. He added the overall oil price climate remains supportive of Abu Dhabi’s expansion plans.

Sami Al Rushaid, chairman and managing director of Kuwait Oil Company, said at the conference Kuwait plans to spend $56 billion in oil and natural gas expansion over the next five years, It intends to increase its oil production capacity to 3.65 million barrels per day (bpd) by 2020, up from the current figure of about 2 million bpd. He also said the production expansion is part of a broader plan to increase oil output to 4 million bpd by 2030 which is in response to Kuwait’s increasing power demands and maturing oil fields.

As well, Esnaad, a partner in the Abu Dhabi National Oil Company-led Zadco consortium, awarded a $55 million contract to oil and natural gas equipment supplier Speedy International. Also, Siemens signed a three-year service contract with Abu Dhabi Company for Onshore Oil Operations (Adco) during Adipec for the maintenance of the strategic Habshan-Fujairah crude oil pipeline’s automation and telecom system.

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