The world is witnessing a shift in the energy market, driven by geopolitics, oilfield discoveries, and ongoing developments in technology, said the world’s leading authority on energy, Dr. Daniel Yergin, during his Keynote Address at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) yesterday.
Referring to an acronym coined by the investment bank Goldman Sachs that refers to the countries of Brazil, India, Russia, and China (BRIC), which were believed to have promising emerging markets and economies, Dr. Yergin said the oil and gas industry is currently undergoing a transformation.
“We are experiencing a movement from the BRIC era to the Shale era, from a time of great demand and scarcity to a time of an abundance in supply and weaker demand,” said Dr. Yergin.
“What is happening today is a rebalancing of the world economy. People often underestimate the power of technology, such as that which has unlocked shale reserves and played a role in setting the stage for today’s market,” added Dr. Yergin.
Companies today must adapt a more competitive approach, where investments will be more carefully selected and strategies assessed thoroughly for a long-term view to business, rather than one zeroed in on immediate turns, according to the Pulitzer-Prize winner.
“Oil companies today must demonstrate agility,” Dr. Yergin said. “Innovation and developments in technology are critical to meeting the needs and future requirements of today’s growing world, and events like ADIPEC help drive the discussions that pave the way to a sustainable energy future.”
Held under the patronage of the President of the United Arab Emirates, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and organised by the Global Energy division of dmg events, ADIPEC is the global meeting point for oil and gas professionals. Standing as one of the world’s top three energy events, and the largest in the Middle East and North Africa, ADIPEC is a knowledge-sharing platform that enables industry experts to exchange ideas and information that shape the future of the energy sector. ADIPEC 2015 will take place from 9-12 November at the Abu Dhabi National Exhibition Centre (ADNEC), and is expected to host more than 2,000 exhibitors, 85,000 attendees, and 7,000 delegates, once again breaking its previous records. ADIPEC 2015 is supported by the UAE Ministry of Energy, the Abu Dhabi National Oil Company (ADNOC), and the Abu Dhabi Chamber. dmg Global Energy is committed to helping the growing international energy community bridge gaps by bringing oil and gas professionals face to face with new technologies and business opportunities.
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