A new era for the Oil & Gas Industry with the launch of three of the latest connectivity solutions
- Private sector can be an important partner in meeting $320 billion in oil and gas investment in coming years, Jafar tells OPEC ministers and industry leaders.
- The 2018 OPEC Seminar, under the theme, ‘Petroleum – cooperation for a sustainable future’, examined a range of important energy issues and challenges, helping to explore existing avenues of dialogue and cooperation, while stimulating new ones.
New investment models will encourage optimal development in the oil and gas sector, Majid Jafar, CEO of Crescent Petroleum told OPEC ministers and industry leaders at the OPEC Seminar in Vienna today. The private sector in MENA can be an important partner in oil and gas development, helping boost competitiveness in the industry, he added.
The China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with the Abu Dhabi National Oil Company (ADNOC) today.
Following a series of both public and private demonstrations in the last few months, local marine autonomy experts MAP Marine Technologies [MAP-Tech] once again present their system, only now suited for the Oil & Gas sector.
“The high demand for oil has absorbed the increase in shale oil production” – Crown Prince Mohammed bin Salman
Growing news across oil exporting countries have been unpleasant. This Monday, Russia and Saudi Arabia announced that they request a nine month OPEC output cut extension. Following that Kuwait and Oman has joined Russia and Saudi Arabia – the two largest producers among the 24 producers who earlier agreed to cut output in 2018 for an extension.
Economic development targeted at one sector of a country’s economy is a risky play; so as investments into the weak sector of an existing economy. For all developed and super economic countries, there is a multi-focused sector that generates revenue; and for all top billionaires, there is a variety of investments in different sectors. The United Arab Emirates is known to be an oil-fuelled economy, however, there are other sectors that are boosting the economic performance of UAE – Travel, Hospitality, and Tourism. UAE keeps pushing for new developments that strengthen their tourism sector to positively impact the emirates Gross Domestic Production. Investors must target these sectors of the UAE.