GCC countries earmark up to USD 196 billion in oil and gas projects
03 June 2009
OGS 2009, the 16th edition of the premier oil, gas, renewable energy and automation event, has announced that it has strengthened its focus on the expanding growth potential of the gas sector as demand continues to grow faster than demand for oil in the GCC. Current forecasts project demand for gas in the GCC to grow at 6.66% annually from 2007 to 2012, while oil demand is expected to grow at nearly 3% during the same period.
Anselm Godinho, managing director, International Conferences and Exhibitions (IC&E), the organisers of OGS
The oil and gas trade element in OGS 2009 has been accordingly expanded and enhanced to cater to the emerging specific requirements of the gas sector, while reinforcing its status as the premier regional platform for procurement and networking in the entire oil and gas industry. Furthermore, with over USD 196 billion worth of oil and gas projects being undertaken all over the GCC, the oil and gas segment has been appropriately retooled to serve as a strategic link between the upstream and downstream value chains and help open new opportunities for business and networking initiatives.
"Three of the top five countries with the biggest natural gas reserves in the world are located in the GCC, while neighbouring Iran ranks second on that list. Certainly, this key statistic represents an enormous investment potential for various gas projects, which will subsequently open a wide range of business opportunities across the entire energy value chain. OGS 2009 will particularly cater to emerging business prospects and networking opportunities related to numerous developmental and exploration projects being undertaken in Qatar, the UAE and Saudi Arabia as these countries are expected to collectively account for up to 81 per cent of the total gas supply in the GCC," said Anselm Godinho, managing director, International Conferences and Exhibitions (IC&E), the organisers of OGS.
With gas reserves estimated in 2008 to reach 25.7 trillion cubic metres (TcM), Qatar has the third largest gas reserves in the world behind Russia (44.6 TcM) and Iran (28.5 TcM). Collectively, the Middle East has the world's biggest gas reserves with 73.21 TcM followed by Europe, making the Arab World a crucial link in the global gas trade. Furthermore, several large-scale projects are now underway to boost capacity of existing gas fields in Qatar, the UAE and Saudi Arabia.
OGS 2009 will be held from 27th to 29th October at the Dubai International Convention and Exhibition Centre featuring its traditional oil and gas focus, as well as offering a trading platform for automation, industrial, infrastructural and manufacturing and process control technologies. OGS 2009 will also host the Alter Energy Convention 2009, a conference-led exhibition dedicated to the management of carbon and water footprints in the Middle East using alternative energies.
Concurrently, OGS 2009 will be held with the Emiratization Forum 2009, which invites senior HR leaders to interact with public and private sector policy-shapers on the benefits of Emiratization. The event will also be running alongside the Gulf Careers Expo 2009, and the Excellence in Engineering Forum 2009 where young engineers will meet with industry leaders to secure employment and internship opportunities.