23 March - 1 April 2021
Virtual

Progressive Collaboration and Innovative Solutions: Shaping the Future of Energy

Host Organisation

PETRONAS

Co-Host Organisations

Mubadala Petroleum     Schlumberger

Panel Session 5: Asia Pacific Exploration Opportunities – Are We Missing Something?

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Panel Session 5: Asia Pacific Exploration Opportunities – Are We Missing Something?

Thursday, 1 April
Opening/Plenary/Panel

The energy environment is evolving fast toward a hunt for “advantaged barrels” *. The majors and large Cap IOCs are the primary sellers of assets in a trend which has accelerated since the oil price collapse in Q1 2020. However, potential buyers/players are slowly emerging, targeting specific geographies and assets.
The perception in the oil and gas industry is that competition is a driver, not a threat. Technology is being pursued and applied primarily to enhance the industry’s efficiency and competitiveness, which translate immediately into higher returns.


The whole history of the oil and gas industry has been one of continuous challenges, matched by adaption and innovation. Many of the world’s largest oil and gas companies started their business in refining oil products (downstream), then gradually moved into exploration and production (upstream) as they attempted to diversify their activities and reduce their exposure to volatility of supplies and prices.


The oil and gas sector has, from the outset, always been wide open to innovation and every kind of modern technology. Technological advances have constantly shaped and re-shaped every stage of the industry, from exploration right through to final usage.


While the oil and gas industry is making significant bets on a wide range of new technologies and new energies, it is also focusing on digital breakthroughs that promise to transform enterprises as fundamentally as in other sectors. This transformation is amplified by the pandemic which has disrupted people's work lives, helping some realize that they can be productive while working from home. Business leaders will have to empower employees that have discovered new mindsets that work better for them.


Questions about energy are complex but crucial. Sometimes the dominant voices in the debate today are very emotional, but fortunately conferences like IPTC encourage debate. It is important that decision-makers like you are able to share your visions, because it’s about our future.


*Advantaged barrel: low technical costs, low GHG, low turn-around

 

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