Global oil and gas leaders shared their views at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) on the changes the industry is going through towards building models for success after recent years of reduced capital expenditure.
At the Global Business Leaders panel on the first day of ADIPEC Musabbeh Al Kaabi, CEO of Petroleum and Petrochemicals, Mubadala Investment Company, (formed by merging Mubadala Development Co and International Petroleum Investment Co.) said it’s merger was a success which resulted in building a fully integrated portfolio. “We’re a multi-cultural company and our main objective is creating value. With the current state of the industry, it is very important to have a resilient portfolio. The integrated business is more resilient - we have the right scale and we are ready for any oil price going forward,” he added.
In petrochemicals specifically, Al Kaabi said Mubadala has created scale is one of the largest producer of polyolefin. The scale and technology has put us in a very strong position globally. Because of the attractiveness of the shale gas revolution, it is creating the right environment for petchems to grow in that industry.”
Dr Rainer Seele, CEO of OMV said businesses will need integrated cooperation for the future. “We’ve seen stable business models of integrated companies.”
Vagit Alekperov, President, Member of the Board of Directors, Chairman of the Management Committee at Lukoil said the company has been focusing on improving efficiency at its oldest oilfields and now it has improved production and efficiency, while increasing its reserves. “The government of Russia shared its risks with us and gave us the opportunity to expand,” he said. “We are confident about our future and in being a reliable partner in major projects in Mexico, Iran and Iraq.”
José Anaya, CEO of PEMEX said it is adjusting to a new energy industry in Mexico which has seen privatisation of oil and gas projects.
“For many decades, only Pemex was allowed to have gasoline stations around the country. Now, it is a huge change for people when they see other brands. Pemex is adjusting with bringing knowledge, sharing investments. It is open and ready for this change,” he said.
Alexander Medvedev, deputy chairman of the management committee at Gazprom said: We have a record 190 billion cubic meters of gas production this year and we’re sure no one else can compete with us because of effective production and delivery.
We are confident our gas was, is and will remain competitive in Europe. But we are looking at China. For pipeline LNG, we’re sure will be reaching everywhere LNG will be needed.”