Oil & Gas Firms: Key Role in Asia

press release
Monday, November 21, 2011
Pekka Paasivaara, a member of the GL Executive Board

International oil companies remain vital to the growth of Asian oil and gas industry. Asia still requires the injection of profit-driven innovation from international oil companies, sector leaders claim.

 

Asia needs international oil companies to continue to play a large and essential role in the oil and gas industry’s research and development activity, despite the growth of national oil companies, a group of the region’s oil and gas industry leaders has stated. The comments were made at an exclusive dinner and round table discussion event to generate research information for a forthcoming Economist Intelligence Unit (EIU) report on the outlook for the oil and gas industry in 2012 and beyond, commissioned by GL Noble Denton.

 

The event, which was held in Singapore to coincide with Singapore International Energy Week, was attended by a mix of senior representatives from international oil companies, technical suppliers and industry associations who offered strong opinions on where the industry is heading and the challenges that await it in the future.

 

  • Some of the key findings which emerged from the discussion were:


The rise of Asia’s national oil companies (NOCs) does not mean international oil companies (IOCs) will be marginalised in the region. State-owned oil companies have played a leading role in developing Asia’s growing profile in the international energy market over the past decade. Overall, national oil companies now control about 80% of the world’s oil reserves. Research gathered for the EIU 2012 report shows that just 15% of respondents expect to see a more favourable approach to working with international companies from governments and NOCs, a 10% drop on last year’s figure. However, according to the energy industry leaders participating in the GL Noble Denton event, Asia will continue to count on global players to provide the innovation that is critical to the safe and efficient exploration of more challenging environments.


The growth of China’s oil and gas industry. China’s place in the Asian energy market remains difficult to predict, leading the Singapore round-table attendees to offer conflicting opinions on how heavily its neighbours will be impacted by China’s growth. Some believed that the rise of China’s prominence in the Asian oil and gas industry was likely to have a significant commercial impact on other countries, once issues of quality have been overcome. Others, however, felt that China’s interests in oil and gas projects outside of the Asian region will mean its growth was less likely to impact upon other countries in the market.


The Asian energy market is at particular risk of under-resourcing itself over the next decade. Concern over skills shortages in the region reflect similar anxieties across the oil and gas industry. However the rapid growth in energy demand across the region, means the need to address this problem is particularly acute.  Sustaining this growth will require unprecedented numbers of oil and gas professionals. Participants at the round table suggested that companies broaden the pool of candidates that they could draw upon by requiring fewer years of technical experience.

 

“The discussions raised around the tables at this event have confirmed the underlying concerns felt within Asia’s oil and gas industry, many of which are linked to the rapid expansion the region is experiencing,” said Richard Bailey, GL Noble Denton’s Executive Vice President for the Asia Pacific, who hosted the event.

“The Asian oil and gas industry is clearly focused on its future challenges, and the opportunities that lie ahead, and GL Noble Denton continues to support its key players in developing the innovative solutions they need to meet the region’s evolving energy demands, ” he said.

The EIU’s 2012 report, which has been commissioned by GL Noble Denton, will be available to download in mid-January from: www.gl-nobledenton.com

The forthcoming report follows on from the EIU’s sector report, “Deep Water Ahead?” which was also commissioned by GL Noble Denton and published in January 2011. The complete 2011 report is still available for download at: http://www.gl-nobledenton.com/en/eiu-register.php

 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Panama's Alfonso Castillero Moves to Liberian Registry

The Liberian Registry informs that Alfonso Castillero, former Director-General of the Panama Registry, has joined their organization as Vice-President. Castillero

Bulk Grain Carrier Aground in Lake St. Claire

The Coast Guard informs it is responding to a 36,563 dwt 656-foot freighter that is hard aground in the downbound shipping channel of Lake St. Clair. Coast Guard

Costa Concordia Arrives Genoa for Demolition

Crowley Maritime Corp. subsidiary TITAN Salvage and project partner Micoperi has confirmed that the Costa Concordia – the Concordia-class cruise ship that wrecked off Giglio Island,

Offshore

Wagenbourg New Crane for Oil, Gas, Energy Sector

Wagenborg Nedlift has expanded her crane fleet with a brand new 700 tonnes mobile crane. With this crane the fleet is significantly strengthened. Equipped with

Study: An Arctic Oil Well Blowout Could Spread More Than 1,000km

Oil from a spill or oil well blowout in the Arctic waters of Canada's Beaufort Sea could easily become trapped in sea ice and potentially spread more than 1,000 kilometres to the west coast of Alaska,

Westermeerwind Wind Farm Construction Begins

Mammoet announced today that Westermeerwind BV has reached financial close on July 25 for the turnkey construction of the Westermeerwind wind farm in Ijsselmeer,

Energy

Mexico's Lower House Pass Energy Reform Bills

Committees in Mexico's lower house on Saturday approved laws fleshing out a landmark energy reform that seeks to drive private investment into the long-shuttered sector.

Exxon eyes expanding Texas refinery

Exxon Mobil Corp is considering a multi-billion-dollar plan to expand its Beaumont, Texas, refinery into the country's largest, the first major refining investment of the U.

Statoil's 2Q 2014 Results

Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4517 sec (2 req/sec)