 |
| HE al-Sada; former Algerian oil minister Chakib Khelil (centre) and Saudi Arabia’s Oil Minister Ali al-Naimi share a laugh during the Opec International Seminar in Vienna yesterday. “Besides oil, the development of natural gas and LNG capacities will become necessary to balance the world energy equation,” al-Sada said |
“Tomorrow’s production levels will be determined by the investment decisions we make today. While considering investment in energy capacities, it has to be borne in mind that, besides oil, the development of natural gas and LNG capacities will become necessary to balance the world energy equation,” al-Sada in his keynote address at the 5th OPEC International Seminar in Vienna yesterday. Al-Sada’s keynote address during the third session was on “Capacity expansion and investment.”
Among the topics discussed during this session were the uncertainties in demand and their impacts on upstream investment decisions, the need to strengthen co-operation between national oil companies (NOCs) and international oil companies (IOCs), and the challenges currently faced by oil companies worldwide.
First held in 2001, the OPEC International Seminar is one of the premier events for the global oil industry as it brings together ministers from member states of the Organisation of Petroleum Exporting Countries (Opec) as well as those from other oil-producing countries worldwide.
In line with its objective to provide a forum for discussing key issues affecting the industry and to promote dialogue and cooperation among all stakeholders, the event also features the participation of the chief executives of national and international oil companies, the heads of intergovernmental organisations, renowned academics, industry analysts and the media.
The 5th Opec International Seminar this year focuses on the theme “Petroleum- fuelling prosperity, supporting sustainability.”
Austrian President Heinz Fischer delivered a speech at the event’s official opening, which was attended among others by al-Sada.
Al-Sada was joined at the session by Mohamed bin Dhaen al-Hamli, UAE Minister of Energy; Abdul-Kareem Luaibi Bahedh, Minister of Oil of Iraq; Abdurahman Benyezza, Minister of Oil and Gas, Libya; Alexandr Novak, Minister of Energy, Russia; Paolo Scaroni, CEO of Eni SpA; and Gerhard Roiss, CEO of OMV AG.
Today al-Sada will attend the 161st Meeting of the Opec Conference, which will be held at the organisation’s headquarters in Vienna.
Consistent with its leading role in the world’s oil and gas industry, QP has a strong presence both as a major sponsor and an exhibitor at the 5th Opec International Seminar. Its participation in the event enables the corporation to showcase its extensive operations to the seminar’s high-profile speakers and to the hundreds of industry professionals and other delegates who are attending the event.