21 September, 2015

Offshore Reserves to Account for 50% of Oil Production in Abu Dhabi by 2018, reveals ADIPEC

USD25 billion worth of investments in offshore oil projects planned by the Abu Dhabi National Oil Co (ADNOC) over the next five years, according to ADIPEC.

Offshore Reserves to Account for 50% of Oil Production in Abu Dhabi by 2018, reveals ADIPEC
21 September 2015
Distinguished Oil & Gas Event to Host Region's Largest Waterfront Offshore and Marine Zone for the First Time in Support of Sector Growth

Abu Dhabi, UAE - Offshore reserves will account for approximately 50 per cent of total oil production in Abu Dhabi by 2018 as a result of continued investments in production capacity, experts revealed yesterday.

With USD 25 billion worth of investments in offshore oil projects planned by the Abu Dhabi National Oil Company (ADNOC) over the next five years, advancing the sector through developments in research and technology is becoming ever more critical to preserving it as a valuable energy resource, say industry leaders. The ADNOC investment is part of the UAE's strategy to boost its total oil output capacity to 3.5 million barrels per day (bpd) by 2017-18 from the current 2.8 million bpd.

Currently, an estimated 40 per cent of oil produced in Abu Dhabi comes from offshore reserves, however sources say that figure will rise to 50 per cent in the next three years. Globally, about 30 per cent of oil produced worldwide comes from offshore oil wells, and offshore resources are playing a greater role in supplying the rising demand for energy, with a growing interest in the potential of deep water reserves.

According to figures from a 2014 report by Total, the deep offshore is believed to contain more than 5 per cent - an estimated 300 billion barrels - of the world's liquid hydrocarbon resources, or 12 per cent of total conventional oil resources. In 2013, deep water liquid reserves accounted for 6 per cent of global production. That share is forecast to rise to close to 11 per cent of conventional oil output, or 9 million barrels per day, by 2035, according to the same document.

In line with regional and global efforts to continue exploring and developing offshore production, the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) will be launching a dedicated Offshore, Marine and Heavy Equipment Zone situated on the waterfront at the Abu Dhabi National Exhibition Centre (ADNEC), only 150 metres away from the main exhibition floor. The new area will cover 8,000 gross square metres of space, with a jetty that extends 500 metres long.

"ADIPEC is pleased to be the first oil and gas exhibition in the MENA region to dedicate an entire waterfront section to offshore, subsea and marine products and services," said Mr Ali Khalifa Al Shamsi, Director of Strategy & Coordination at ADNOC, and ADIPEC 2015 Chairman. "The Offshore, Marine and Heavy Equipment Zone will allow exhibitors to showcase their subsea and marine products and services in their native environment, a unique advantage that will offer both participants and visitors a valuable experience."

Dagher Al Marar, Chief Executive Officer of the Abu Dhabi offshore services company, ESNAAD, and ADIPEC 2015 Offshore and Marine Conference Advisory Board Member, said: "Offshore production will represent around 50 per cent of oil production in Abu Dhabi by 2018, and therefore ESNAAD's offshore services primary role is to accommodate the logistical and technical requirements of this vital sector within the emirate of Abu Dhabi. Tapping into offshore oil reserves has always had its specialty and challenges, and advances in technology have been helping the industry overcome such challenges."  

A purpose-built zone that provides water access, mooring, and quayside exhibition space will allow more than 200 exhibitors to showcase a host of offshore products and services, including ships, rigs, and vessels, subsea drilling equipment, oceanography and mapping equipment, pipelines and piping components, and tools for reservoir production and monitoring.

The inaugural ADIPEC Offshore and Marine Conference, produced and managed by dmg events, will take centre-stage in a purpose built dedicated waterside theatre, where more than 40 industry experts will present valuable offshore oil and gas knowledge and information.

Three keynote presentations will look at critical sector topics, including an economic analysis of offshore exploration and production, the role of the shipping industry in the 21st century, and operator cost reduction initiatives.

In addition, 15 industry sessions will offer exclusive panel discussions, case studies, and project updates focusing on vital developments related to shipping, maritime security and safety, pipeline infrastructure and transportation, shallow and deep water exploration and production, oil field developments, drilling and completions, and technological advances.

In addition to the three-day Offshore and Marine Conference, National Drilling Company (NDC) and Det Norske Veritas have joined hands with ADIPEC to host the 11th Annual Regional Rigowners Seminar on Thursday, 12 November under the theme "Asset Integrity: The New Industry Imperative".

"With offshore exploration and production on the global agenda, it is crucial that we develop sustainable and cost efficient methods of tapping into this valuable resource," said Christopher Hudson, President - Global Energy, dmg events. "The ADIPEC 2015 Offshore, Marine and Heavy Equipment Conference and Exhibition will enable professionals to engage in thought-provoking discussions that will help make this possible."

Efficiency through innovation and automation should be the focus of the industry when considering cost-cutting measures in today's economic environment, added Mr. Al Marar.

"Thanks to technology and new field discovery, hydrocarbons will continue to be the primary source of energy as long as they are available," Mr. Al Marar said. "Although it is important that we look into alternative sources of energy - particularly renewable energy - we also must continue developing the ones we have available."

- Ends -

Held under the patronage of the President of the United Arab Emirates, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and organised by the Global Energy division of dmg events, ADIPEC is the global meeting point for oil and gas professionals. Standing as one of the world's top three energy events, and the largest in the Middle East and North Africa, ADIPEC is a knowledge-sharing platform that enables industry experts to exchange ideas and information that shape the future of the energy sector. ADIPEC 2015 will take place from 9-12 November, and is expected to host more than 2,000 exhibitors, 85,000 attendees, and 7,000 delegates, once again breaking its previous records. ADIPEC 2015 is supported by the UAE Ministry of Energy, the Abu Dhabi National Oil Company (ADNOC), and the Abu Dhabi Chamber. dmg Global Energy is committed to helping the growing international energy community bridge gaps by bringing oil and gas professionals face to face with new technologies and business opportunities.

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© Press Release 2015

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