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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Offshore

MOL Merges Group Companies; Upgrades Bridge Simulator

MOL adds DPS and enhances safe operation by integrating expertise through merger Mitsui O.S.K. Lines, Ltd. (MOL) announced the merger of MOL Marine Consulting, Ltd.

Swire Pacific Acquires 3rd L Class PSV

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming and delivery of its third L Class PSV vessel, Pacific Legend in Kyoto,

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Energy

Leak May Sideline New Mexico Nuclear Waste Site

It may be five years before a nuclear waste dump in New Mexico closed by a radiation leak is fully operational again, and the facility will need at least $240

Imperial Oil Completes Maintenance at Kearl Oil Mine

Imperial Oil Ltd said on Tuesday it has completed a two-week major maintenance turnaround at its 110,000 barrel per day Kearl oil sands mine in northern Alberta.

Swissco Doubles Rig Fleet

SGX Mainboard-listed Swissco Holdings Limited an integrated, international marine services provider, today announced having completed the acquisition of four additional mobile offshore drilling units,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Ship Electronics Ship Simulators Sonar 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: 0.5778 sec (2 req/sec)