04/10/2017 – News / ADIPEC / Energy / Oil & Gas / Abu Dhabi
Regular dialogue is key for oil & gas CEOs to successfully adapt to shifting market dynamics
Regular dialogue between oil & gas industry leaders on energy challenges, trends and objectives is more important now than at any point in the past decade, advised the Chairman of Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) – the world’s largest annual meeting of oil and gas CEOs – speaking ahead of the prestigious international event in November.
Ali Khalifa Al Shamsi, CEO of Al Yasat Petroleum Operations Company and ADIPEC 2017’s Chairman, asserted that CEO-level briefings and networking opportunities through ADIPEC’s Middle East Petroleum Club, and at the club’s Al Multaqa series of meetings throughout the year, play an important role as the industry transitions to a new business landscape.
“Regular exchange of knowledge is always of value, but is particularly vital in adapting to a rapidly changing outlook. Through the Middle East Petroleum Club (MEPC) and the Al Multaqa series, we facilitate consistent and productive dialogue between CEOs, other senior executives, government officials and ministers, and a range of top-level stakeholders.”
Sensitive discussions in a challenging market
With the industry outlook having changed dramatically over the past three years, CEOs welcome the opportunity for regular discussions with their peers. Many of the topics discussed at the Middle East Petroleum Club are highly sensitive. They require a very private environment, and are best discussed face-to-face.
The Middle East Petroleum Club was launched as part of ADIPEC 2012 as a response to the needs and preferences of the most senior visitors to ADIPEC. It provides an exclusive venue and tailored conference programme within ADIPEC, open to C-suite or SVP level and above, and to delegates of the ADIPEC Strategic Conference. It also hosts government ministers, ambassadors, and other senior officials, and provides meeting rooms for members to hold private talks.
The club held its first Al Multaqa event – Arabic for ‘The Gathering’ – outside ADIPEC in 2013, offering CEOs a private, informal environment to discuss important industry topics. At its most recent event in May, guests heard a presentation from Boston Consulting Group, offering an insight into 2017 OilCo trends.
Early club meetings took place in an environment of sustained high oil prices, which averaged between US$80 to US$100 per barrel for most of the period from 2006 to mid-2014, and were mostly steady around the US$100 mark in 2012 and 2013. The dramatic change that came in 2014 – with prices falling to below US$30 per barrel by early last year before recovering to current levels – forced industry executives to rethink their immediate investments and their long-term planning.
“The programme the Middle East Petroleum Club offers reflects the thinking of CEOs, who have ultimate responsibility for their company’s performance, and whose decisions shape the industry’s future,” said Al Shamsi. “In the current environment, the industry is very focused on nurturing partnerships that can create sustainable growth and new opportunities.”
Middle East Petroleum Club at ADIPEC
The Middle East Petroleum Club will next convene during ADIPEC 2017, which takes place Abu Dhabi National Exhibition Centre from 13-16 November 2017.
Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE; hosted by the Abu Dhabi National Oil Company (ADNOC); and organised by the Global Energy division of dmg events, ADIPEC is one of the world’s leading oil & gas events, and the largest across the Middle East and Africa.