Why is it important to celebrate the industry’s leaders and achievements?
Well I think the oil and gas industry is such an important part of the economy here but it’s a little bit invisible to many people. I think one part of this is that it helps to build some awareness about what the oil and gas is contributing, and the other part is that we see a lot technology and innovation developed around the world, and then deployed here, but we see a lot of technology and innovation developed in the region itself. This show is about new technologies and it’s about innovative projects that have been done in a different way. So it’s about recognising all this, and making sure all of this information is disseminated.
How does the region’s oil industry look in the future?
The oil industry in the GCC is doing okay. It is fairly well run, production is fine, it is steady and it is growing in some countries at sufficient rates to meet demand. But the gas side is different, gas policy is not delivering what it needs to deliver, because every GCC country, other than Qatar is short of gas, and they are therefore not getting the benefit they need to.
What are the major challenges the industry faces then?
In the oil sector, the main challenge is the supply-demand balance and what’s going to happen within OPEC. If demand on OPEC does not growing very much, and both Iran and Iraq come back online, what are the other GCC countries doing to adjust to that. Are they going to see significantly lower prices? That’s not an oil sector challenge, that’s a national economy challenge.
What should the region be doing to tackle the looming gas shortage?
I think gas shortage is, in a way, a very simply problem and a very complicated problem. It’s simple because all you have to do is eliminate subsidies and the gas price will come to world market levels and there will be more openness to international investment. The NOCs have to step up their game on gas and if there’s more attractive prices then you’ll see the suppliers respond and that will place more control on domestic demand and stop domestic demand from rising out of control. We’ve seen that happen in the US and we’ve seen that happen in Europe in the 90’s and it will happen here, that’s the simple part. What’s more difficult is all the social, political and economic implications that will come along with it and that’s why countries in this region have struggled to do it and that’s why there’s a lot of resistance.
About the judge:
Robin Mills, head of consulting at Manaar Energy (Dubai), is an expert on Middle East energy strategy and economics. Mills worked at shell for a decade, concentrating on new business development in the Middle East, followed by six years with Dubai Holding and Emirates National Oil Company. He holds a first-class degree in Geology from the University of Cambridge and speaks five languages including Arabic and Farsi.
To find out more about the Oil & Gas Middle East Awards, or to submit your nominations, please follow this link:Â
http://www.arabianoilandgas.com/oil-gas-awards/
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