Khamis Juma Buamim, chairman of Drydocks World, says the industry’s focus must be on deep-water development and exploration
What have been some of your observations from the last 12 months?
I think what we can say is that oil and gas will remain the main source of energy for many years to come.  We’ve seen a lot of interest in being able to develop new reserves and additional production. If you look at 2035, it is predicted that demand will be around 40% more than it is today, and that is a huge undertaking for the sector. Deep-water oil and gas will be the main fixture in that aim, as all the easy oil and gas has been taken. We have to go to deeper waters and to achieve good levels of production will require different types of vessels, infrastructure and equipment. You need structures that are durable and able to work in hostile environments. For Drydocks, deep-water has been one of the main focusses for us since 2011, when we made the decision when we made big changes and brought in offshore and oil and gas capabilities. We are still very involved in ship repair side of the business, but we’ve really expanded the offshore side of the business. I think the future is really bright and oil and gas is the best investment you can have – it’s one of the very few industry areas that is growing.
Is that growth something you expect to see continue over the next 12 months?
Absolutely, I think the most critical part is that there’s a lot of research and development to deliver innovative deepwater ideas, and make the most of wells that are already highly depleted. Work in that area to maximise exploration is going to be very important.
Do you see more potential for integration between upstream and downstream?
Without a doubt, because if you start with a raw product, you’re going to have to process that, and vice-versa. Integration is very clearly important and it is important to reach a wider range of end users. I think it is clear the companies are looking at ways to collaborate as it is a way to reduce costs, minimise risks and create added value for stakeholders. I think that collaboration between companies is something we’re going to see more of in the industry.
What are some of the goals for Drydocks in the near future?
One of our driving forces behind Drydocks is to deliver the mega-projects we’ve been working on. We are entering the final phases of those projects, including the FNLG vessels for Shell in Australia. Once those have finished, then we’ll move onto the next project cycle, which will take us through the next three years. We are in-line with our plans and we are happy with how the process is moving. There are a lot of developments in the pipeline that will take us through the next two to three year period.
You’ve had a chance to look through the nominations for the Oil & Gas Awards 2014. What caught your eye?
It always interests me to see the work companies are doing in the area of Corporate and Social Responsibility (CSR). It is an important factor in the development of any company or organisation. To be responsible, make sure your employees are being taken care of, and to consider the environment and surroundings is very important. It’s certainly a very important area for Drydocks, and an area we are always looking to improve in. We’ve won a number of awards for our approach to CSR. As an organisation, you have to give as well as take.
Why is it important that the industry comes together to celebrate and recognise its achievements?
It’s really important and this is a growing region. Therefore, when you look across the region, you’ll find a huge amount of public and private activity. It is only right that we appreciate these efforts and accomplishments, and that also presents a positive picture to the public and lets people know what is happening in the industry. I think that the awards are critical and we have to continue to give opportunities to achieve success. Those individuals, teams and organisations deserve to be recognised for what they are doing. What they are doing at their companies is a positive for the whole industry in the region. One of the things I like is that it drives competition; people and companies enjoy recognition and if that helps drive new initiatives and developments, then that is a positive. Success breeds success and helps ensure that the industry is always looking to improve.
