KPMG's 2nd GCC Energy Conference titled 'The Role of Energy Companies in the Middle East: Decision Making in Uncertain Markets' was held under the patronage of HH Sheikh Nahayan Mabarak Al Nahayan, Minister of Higher Education & Scientific Research on the 16th of October at the St Regis Saadiyat Hotel Abu Dhabi. The Conference Chairman and Head of Oil and Gas - Lower Gulf, Michael Armstrong said that "the conference was a huge success and was attended by more than 170 key dignitaries from the Private, Government and the Oil & Gas sector from across the region."
His Highness Sheikh Nahyan Mabarak Al Nahyan said "this 2nd KPMG GCC Energy Conference will have you as oil and gas executives thinking deeply about subjects of vital interest to your industry. I know that you will join me in thanking KPMG for planning such a rich and timely program and bringing you together in Abu Dhabi today. Having long worked with your industry in the GCC, KPMG knows it intimately and will wisely guide your deliberations."
Talking about sustainability His Hghness added that "our fervent commitment to sustainability is another reason that the UAE is an apt setting for this event. Even as we work to sustain and strengthen our region's remarkable oil and gas industry, we are aiming to reduce energy consumption and promote other sources of energy. We all know that the global carbon footprint is damaging our environment worldwide and so the UAE is moving aggressively into a sustainable future."
The keynote speech was given by the CEO of Al Hosn Gas, Saif Al Ghafli who thanked KPMG and talked about the future energy needs of Abu Dhabi. He said that "It is heartening to see that the Abu Dhabi Vision 2030 document, released in November 2008, identifies two significant unconventional initiatives as 'engines of Abu Dhabi's future economic growth'. The first being the development of technically-challenging sour gas reserves and the second a shift from a secondary to tertiary oil recovery method, by potential substitution of significant volumes of natural gas that are currently being re-injected into the Emirate's oil fields in order to maintain necessary production pressure, with carbon dioxide and nitrogen."
He also added that "in addition, Abu Dhabi has identified diversification of energy sources as a key strategy to ensuring future energy security. A number of steps are being taken in this regard, such as construction of nuclear power plants, utilities-scale solar power plants, LNG import terminal at Fujairah. It is anticipated that about 25% of UAE's energy needs will be met from nuclear resources by 2030. Such diversification ensures that energy is available when needed, meets seasonal demand swings and above all, is affordable."
The conference also featured an array of industry specific topics including a presentation on "Energy and Natural Resources Outlook" by KPMG's Global Chairman of Energy and Natural Resources Michiel Soeting and "The Role of IOCs in Middle East" by VP Production MENA Shell Upstream Anthony Charnley. Also on the sustainability front, Yvo De Boer, former Executive Secretary of the UN Framework Convention on Climate Change, and currently Special Global Advisor, Climate Change and Sustainability for KPMG gave an enthralling and thought provoking presentation on "Climate Change & Sustainability".
Marc van Grondelle - Head of Joint Ventures, KPMG in the UK gave a presentation on "Joint Venture Challenges in the Oil & Gas Environment" from a regional perspective. There were also two very interactive panel discussions on the "Future Role of Gas in the GCC Context" and "Getting in country value from every molecule -Encouraging Local innovation and Industralization in the Downstream Sector".
"KPMG's annual Oil and Gas conference has become one of the headline events in the region and brings together the top minds in the Oil and Gas industry" said Michael Armstrong. "Last year we promised to make this conference an annual event and set a new benchmark for industry events of this sort, and I am delighted to say that under the patoranage of His Highness we have successfully delivered on that promise". Michael also thanked all the speakers, delegates and media for attending the event and hoped to see everyone again next year.
About KPMG:
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have 145,000 people working in member firms around the world. KPMG in the UAE was established in 1974 and has grown to more than 650 professional staff led by 31 Partners, across six offices. We have established a presence among market leaders in the region, providing clients with Audit, Tax and Advisory services.
Over several decades, KPMG in the UAE has had the opportunity to work with leading industry players in the region and has played a pivotal role in a number of success stories. At various stages of their growth clients have looked to KPMG for timely and independent advice to help in decision making. KPMG's employees and Partners in the UAE embrace KPMG's Global values.
These values determine how we interact with clients, with each other and with the world around us. These values also define what we stand for and how we conduct business. At KPMG we try to create sustainable, long-term value, not just for our member firms and clients, but for the broader society as well. KPMG aims to be a responsible corporate citizen by making a real difference to the communities in which it operates.
For further information, contact:
Omar Khan
Communications Manager KPMG Lower Gulf
Omarkhan2@kpmg.com
M: +971 50 250 6204
© Press Release 2012
