News of increased oil production for the UAE will have widespread ramifications for the region’s development, further placing a world spotlight on the Middle East as the planet’s key energy hub, according to organisers of ADIPEC (Abu Dhabi International Petroleum Exhibition and Conference).
Abu Dhabi Department of Economic Development (DED) announced last week that the United Arab Emirates aims to increase its oil production capacity to 3.5 million bpd by 2018 from 2.7 million bpd. The report from DED also estimated the UAE’s proven oil reserves at 98.2 billion barrels, ranking the seventh largest in the world.
Further to the announcement, H.E. Mohamed Omar Abdullah, Undersecretary of the Department of Economic Development in Abu Dhabi, said: “ADIPEC reflects the interest of our wise leadership in the fields of oil and energy, to enhance the status of Abu Dhabi and the UAE as a major player in this field. Energy will continue to form a significant part of Abu Dhabi’s GDP well into the future, even as the economy diversifies.”
With more than two-thirds of the world’s oil reserves being centered on the GCC region and billions of dollars being invested for exploration, production, processing and infrastructure, the world is looking even more deeply at the region as international companies see the future of their supplies running low.
Hifazat Ahmad, event director of ADIPEC, anticipates that as attention towards this region increases even further, ADIPEC could, quite rightly, claim to be the biggest event of its kind in the Middle East, further building on its reputation as one of the largest and most prestigious oil & gas conferences in the world. With an anticipated 1,500 exhibiting companies and 40,000 attendees coming to Abu Dhabi from every corner of the globe for the four-day event, ADIPEC attendance has grown five-fold in the past four years alone. This year’s ADIPEC is likely to be its biggest to date according to the organisers.
Ahmad said:”The repercussions for the industry is enormous. We are already fielding calls in the wake of this announcement from parties interested to have a presence at November’s ADIPEC with the hope to gain a piece of the action in the UAE.”
ADIPEC is the gateway for oil and gas business in this region, offering direct access to many of the world’s industry powerhouses and key players.
Exhibitors from 59 countries will showcase the very latest in exploration and production, processing, refining, storage and transportation.
Now in its 14th year, the event will encompasses the total 31,00sqm space of the Abu Dhabi National Exhibition Centre (ADNEC) from 1-4 November.
