IPTC and The World Of Oil

The new decade is already getting the ball rolling for the global Oil Industry. On January 13th through the 15th, The International Petroleum Technology Conference (IPTC) is holding its twelfth annual conference. The conference takes place in Dhahran, a city in Saudi Arabia, with Saudi Aramco serving as the Exclusive Host Organisation. This highly anticipated event has garnered the sponsorships of ExxonMobil, Halliburton, Aramco, Chevron, and even Microsoft. With so many industry leaders, IPTC will surely have a hand in the revolution of Oil Technologies. 

The International Petroleum Technology Conference

For some context, since being founded in 2005, the IPTC has significantly influenced and contributed to the Oil Industry. Four organizations from across the globe sponsor this event; the American Association of Petroleum Geologists (AAPG), the European Association of Geoscientists and Engineers (EAGE), the Society of Exploration Geophysicists (SEG), and the Society of Petroleum Engineers (SPE).  They meet with  regional energy ministers, industry leaders, and governmental representatives, among other specialist from the industry. The conference aims to address industry-specific issues, share technological innovations, and discuss advancement of the oil industry.

Mohammed Y. Al-Qahtani, one of the IPTC 2020 Executive Committee Chairmen and Senior Vice President of Aramco stated, 

“This will be the first international multi-disciplinary, inter-society oil and gas conference and exhibition to be held in Saudi Arabia. The Kingdom, with some of the world’s largest oil reserves, occupies a unique position at the crossroads of Europe, Africa and Asia, making it a fitting location for one of the largest and most prestigious international conferences for petroleum engineering.” 

IPTC 2020: Vision to Prosperity: A New Energy Era Emerges

The 2020 Conference ran under the theme “Vision to Prosperity: A New Energy Era Emerges”.  Although it is Saudi Arabia’s first IPTC, More than fifteen thousand delagates from seventy different countries are attending. Saudi Aramco President and CEO Amin H. Nasser  emphasised  the need to transition to a lower carbon energy mix and highlighted the role the energy industry has played in creating the economic prosperity the world enjoys today. He said,

“With IPTC 2020, we have the perfect platform to push forward in our efforts to demonstrate that our industry is an integral part of the long-term solution to global energy challenges. As part of the energy transition, I firmly believe, oil and gas will continue to play a significant role for a long time to come. “

He added: 

“We have the capability to be leaders when it comes to addressing the need for more energy with less emissions and I am confident that our industry has the talent and the innovative mindset, which is required to find the best and most pragmatic solutions. ”  

On Monday January Thirteenth, the London Journalist Annmarie Hordern, interviewed with Saudi Arabia’s Minister of Energy, HRH Prince Abdulaziz Bin Salman Al Saud about OPEC’s Declaration of Cooperation. Bin Salman said he was “very comfortable” with the implementation of production cuts by OPEC+ nations in December. He has expressed similar views on their attempts to bring inventories to a certain level by pressing on with output cuts. There is no official statement on when the current setbacks are to end. Eithne Treanor, an English Media and Communications specialist reported on the same day that bin Salman Al-Saud blames the media for creating the concept that OPEC+ is a cartel and urges them to talk to economists and review their position as “OPEC+ in no way has the connotations of a cartel.” 

Nonetheless, there is one remaining fact, the world of Oil is only improving, and 2020 brings in a new era of profit and environmental awareness to the Industry. 

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