2019 SEASON CALENDAR OF EVENTS

Transcription

1 2019 SEASON CALENDAR OF EVENTS

2 The Gulf Intelligence UAE Energy Forum 2019 Under the Patronage of His Excellency Eng. Suhail Mohamed Al Mazrouei UAE Minister of Energy & Industry January 9 th New York University Abu Dhabi The Gulf Intelligence UAE Energy Forum 2019 ENERGY OUTLOOK 2019: The Year of Transition The Year of Transition as Attention Now Turns to Natural Gas, Downstream, Renewables and Batteries After Abu Dhabi Concludes Five Years of Negotiations on Oil Concession Renewals.. In 2017, the United Arab Emirates produced close to an average of 3 million barrels per day, maintaining its position as the fourth ranked OPEC member in terms of crude oil production. Ninety-five per cent of the UAE s proven oil reserves are based in the emirate of Abu Dhabi (Abu Dhabi), one of the seven emirates of the UAE, and Abu Dhabi s production accounts for almost all, if not all, of the oil exported from the UAE. Abu Dhabi intends to increase its production of oil to 3.5 million barrels per day in the coming years. Global Insights into Transitioning Fuel Mixes ENERGY OUTLOOK 2019: The Year of Transition? The UAE s first oil agreement was concluded on Jan. 11th 1939 between the then Ruler of Abu Dhabi and Petroleum Development (Trucial Coast) Ltd. This agreement covered the entirety of Abu Dhabi, both onshore and offshore. The agreement was followed by similar agreements in respect of the other emirates of the UAE. Those subsequent agreements were, however, relinquished after the Second World War, as was Petroleum Development (Trucial Coast) Ltd s offshore rights in Abu Dhabi. Abu Dhabi entered into its second oil concession agreement on March 9th, 1953, which concession covered its offshore areas. After a number of amendments, relinquishments and extensions, Abu Dhabi s original onshore concession, often referred to as the ADCO concession as it was operated by the Abu Dhabi Company for Onshore Oil Operations (ADCO), expired on Jan. 10th, 2014, 75 years after its initial grant. Between 2015 and 2017, interests in a new ADCO concession were granted to Total (10%), BP (10%), CNPC (8%), Inpex Corporation (5%), GS Energy (3%) and CEFC (4%), with ADNOC retaining a 60% interest. Similarly, Abu Dhabi s original principal offshore concession, operated by Abu Dhabi Marine Operations Company (ADMA OPCO), expired in March 2018 and ADNOC has recently announced a series of new partnerships, including China s CNPC, India s ONGC, Italy s Eni Source: 2018 BP Energy Outlook and France s Total, to take these operations forward into the future for 40 Years. The attractiveness of the offshore concession was undoubtedly enhanced by Abu Dhabi s high reputation within the global oil and gas industry for political and economic stability. Now, What s Next? will be the focus of the 9th UAE Energy Forum on Jan. 9th, 2019 The 999 Forum which for the ninth occasion will gather the national leadership of the UAE energy industry with their international partners at the start of a New Year to discuss and debate the critical trends that will impact their industry over the 12 months ahead.

3 The 3 rd Gulf Intelligence IP Week Middle East Energy Summit Hosted by Feb. 26 th - 28 th, 2019 The 3 rd Gulf Intelligence IP Week Middle East Energy Summit Feb. 28 th 2019 Intercontinental Hotel Park Lane London The 3 rd Gulf Intelligence IP Week Middle East Energy Summit The 3rd Gulf Intelligence Middle East Energy Summit is part of the International Petroleum (IP) Week, hosted by The Energy Institute. IP Week is the leading strategic event for the global Oil & Gas industry where leaders and decision makers share their wealth of knowledge and experience with fellow experts. Three days of conferences, seminars, roundtables and social events to shape the direction of the industry. IP Week attracts over 1500 delegates from over 50 countries every year. The Middle East Energy Summit will provide a unique and intimate setting to advance strategic relationships with key oil & gas company executives and political leaders from North Africa and Middle East. H.E. Suhail Al Mazrouei, Minister of Energy & Industry, United Arab Emirates in conversation with Steve Sedgwick of CNBC at the beginning of his term as President of the OPEC Conference 2018 Outlook for Middle East Energy Industry in 100 Million Barrel a Day World? TOPICS ARAMCO IPO How will the reshaping of an industrial conglomerate move energy markets? ADNOC Offshore Concessions How will the new terms of offshore concessions unlock greater value for the Gulf market? OPEC 25+ Here for the long run? Geopolitics: How will the new dynamic between the US, China and the two Koreas impact trade and energy flows in 2019? How can the Middle East adapt? MENA Renewables: How will the hottest new act on the world s commercial energy stage perform in 2019? How will the dramatic decline in the cost of such power generation reshape the MENA energy mix in the short-term? Circular Economy Buzzword, or economics of the future? 4 th Industrial Revolution What is the future of labour, and labour of the future? H.E. Tarek El Molla, Minister of Petroleum & Mineral Resources, providing the Summit Ministerial Keynote Lecture Egypt s Role in 2018 as a Regional Centre for Energy and Oil Trade Ibrahim Al Buanain, CEO of Saudi Aramco Trading Company addressing a leadership gathering on the sidelines of IPWeek

4 The Middle East Workshop 2019 March 19 th Abu Dhabi United Arab Emirates Hosted by Establishing a Liquid, Flexible and Transparent Middle East LNG Market by 2025 One need unites all liquified natural gas (LNG) producers new rulebook: flexibility. As competition intensifies, producers must remain relevant by adapting to different volumes, timings and destinations with minimal fuss and cost. Flexibility of delivery will maximize the value of Middle Eastern LNG exports, the majority (68%) of participants said in a survey by the Middle East LNG Institute last year. One year on and this sentiment has only intensified; momentum for significant change is building. O ne illustration of the shifting tides is that customers are now pushing for shorter contract lengths to help manage price and volume preferences. The average length of a LNG supply contract was approximately 21 years in 1994 it fell to six years in The infamous destination clause (buyers are restricted from reselling LNG outside a designated market) are also increasingly absent from the Middle Eastern exporters negotiating table, especially for coveted Asian clients. The same applies to the growth of the floating storage and regasification unit (FSRU) market. The $240 $300 million price tag of a new FSRU typically represents 50-60% of the cost for an onshore terminal and can be delivered in half the time at months, estimates the Oxford Institute for Energy Studies (OIES). 40% The Middle East holds 40% of the world s natural gas reserves; the majority lies under Qatari and Iranian soil.

5 The Gulf Intelligence Saudi Arabia Energy Forum 2019 The Gulf Intelligence Saudi Arabia Energy Forum 2019 April 8 th Riyadh THEME The Digital Transformation of Energy: What, When, Where to Next? Data Science. Mobile supercomputing. Intelligent robots. Automation. Data Harvesting and Mining. Self-driving cars. Digitization. We stand on the brink of a technological revolution that will fundamentally alter the way we work and how labor markets are structured. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before. We do not yet know just how it will unfold, but one thing is clear: the response to it must be integrated and comprehensive, involving all stakeholders, from the public and private sectors to academia and society. INDUSTRIAL REVOLUTIONS 1 st nd rd th? The Digital Transformation of Energy: What, When, Where to Next? Steam Engine Mechanical Production Electricity Mass Production Commercialization Computer IT Automated Production Digitization In Support of: Source: the economist, World Economic forum Vast waves of technological advancement have been a major contributor to increased prosperity, productivity and job creation. One cannot deny that each industrial transformation gave rise to custom-made challenges. Therefore, it becomes imperative to anticipate and prepare for the current transition. Digitisation, mobility, big data, cloud computing, and analytics, and other drivers of transformation are expected to have a significant impact on jobs, ranging from significant job creation to job displacement, and from heightened labour productivity to widening skills gaps. Today, in many industries worldwide, the most in-demand occupations or specialties did not exist 10 or even five years ago, and the velocity of change is forecast to only quicken. In such a rapidly evolving employment landscape, the ability to anticipate and prepare for future skills requirements, job content and the aggregate effect on employment is increasingly critical for businesses, governments and individuals in order to fully seize the opportunities presented by these trends and to mitigate undesirable outcomes. Disclaimer. This document is a draft and is provided for information only.

6 The Middle East Oil Markets Workshop 2019 April 22 nd Dubai United Arab Emirates The 3 rd Middle East Oil Markets Workshop will bring together 50 senior stakeholders from across the region s Energy Industry to produce top recommendations on a timely & critical question affecting the regional downstream market in How best to marry two major shifts in the global oil market to leverage the Middle East s reputation as a global energy and trading hub? The region benefits from a good foundation; notably location and financial frameworks. The Port of Fujairah is the world s second largest bunkering hub and lies at the crossroads between Europe, Africa and Asia. It is also just 70 nautical miles south of the Strait of Hormuz; the world s most important chokepoint, with 18.5 million barrels passing through daily in The Port of Fujairah and other Middle Eastern ports also facilitate supply from the region s worldclass refining facilities, which gives a stamp of credibility that an uninterrupted supply of lowersulfur bunker fuel can be guaranteed. The UAE recently expanded its Ruwais refinery to over 900,000 barrels a day, while Kuwait s 615,000 barrels a day Al Zour refinery is due online in 2019, for example. The Middle East also benefits from financial acumen. International investors have been increasingly impressed with Gulf countries bid to diversify their oil exporting-centric economies, as per their National Visions. This economic maturity has spurred the growth of the region s financial hubs, including the Dubai International Financial Center (DIFC) and the Abu Dhabi Securities Exchange (ADX). National oil companies (NOCs) and international oil companies (IOCs) increasingly sophisticated trading capabilities and expertise are also encouraging more international banks and their national peers to put their balance sheets to work in the region s energy markets. 14% Develop a liquid derivatives market to hedge basis risk 43% Publicly support IMO 2020 and the supply of specifications What are the Top 3 Recommendations to Leverage IMO 2020 to Create an Independent Middle East Benchmark for Oil Products? #1 The volume of oil flowing through the Strait of Hormuz, just north of Fujairah, made it the world s most important chokepoint in Approximately 18.5 million barrels a day passed through the Strait, which connects the Persian Gulf with the Gulf of Oman and the Arabian Sea Kuwait s 615,000 barrels a day Al Zour refinery is due online next year. Plus, the UAE recently expanded its Ruwais refinery to over 900,000 barrels a day. Such projects add to the shine of the region s refining crown. 43% Drive more producers and consumers towards market on close window via NOCs Source: GI Research; Q2 2018

7 The Gulf Intelligence MIDDLE EAST EnErGy UK SUMMEr retreat July 2019 UK Geopolitics Outlook 2020: THINK LOCAL ACT GLOBAL? Geopolitical tensions will continue to escalate over the course of the next seven years. Governments and institutions will face considerable challenges over the next decade as the international order is restructured and global trends converge. GEOPOLITICS OUTLOOK 2020 THINK LOCAL, ACT GLOBAL? Across the globe, governments and institutions face increasing challenges to their legitimacy and authority. All forms of government in every region will face increasing tensions both domestic and foreign. In the short-term, these global trends will increase the threat posed by all types of terrorism, and the ability for asymmetrically-powerful state and non-state actors to adversely affect the International order and the global balance of power. Tensions are rising because citizens around the world are raising questions about the relationship that exists between governments and themselves. The social contract that exists between society and their governments is unraveling as people demand increasing levels of security and prosperity. Globalization means that domestic conditions are shaped, to an evergreater degree, by occurrences overseas. Growing populism in the West threatens an international order governed by ruleof-law. Tensions between governing elites and their citizens are reshaping global geopolitics. A weakened United States would mean less of an emphasis on human rights and maintenance of global order. Less of a U.S. presence on the global stage creates gaps for authoritarian powers like China and Russia. It also means a heightened risk of conflict arising between competing for regional powers like India and Pakistan or Iran and Saudi Arabia, and an international order comprised of competing spheres of influence.

8 About Gulf Intelligence We Facilitate Knowledge Exchange Gulf Intelligence is a strategic communications & research firm effective across the full value-chain of the Middle East Energy Sector. We facilitate knowledge exchange and advance the business interests of national and international stakeholders operational in the regional industry.

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