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Crossing the Energy Bridge from Istanbul 22nd WORLD PETROLEUM CONGRESS REVIEW Crossing the energy bridge From Istanbul... ...to Houston Stars align Energy in focus Houston calling Produced and Istanbul hosts Top-level talks WPC 2020 distributed by industry leaders tackle challenges heads to Texas You deserve some VIP treatment Upstream has, in just over twenty years since its launch, firmly established itself as the leading news source in the international oil and gas industry. Our policy is to relentlessly pursue accurate, exclusive and independent news on the entire upstream oil and gas industry in every corner of the globe. The focus is on business, policy and the key players. The daring news content is supported by features, commentary and profiles offering an inside view of the issues and the people that make a difference in the industry. Upstream newspaper is read each week by almost 40,000 influential executives in more than 100 countries. With an experienced team of 30 reporters strategically located in key oil & gas cities on six continents, Upstream provides the unbiased, independent journalism that business leaders have come to depend on to fill their news and in- formation needs. Upstream publishes a weekly newspaper complemented by round-the-clock digital news coverage. www.upstreamonline.com CONTENTS 8 14 Dewhurst 00 Award Rex Tillerson receives prestigious award for his services to the energy industry. Turkish delight Dr Pierce Riemer reviews 6 the success of WPC 22. Star power Technology is key WPC 22 attracts industry Innovation by industry 12 and political leaders. 18 can have multiple benefits. Photo highlights from WPC 22 30 BP ready to adapt Sustainability Business to respond to US shale can yield lessons 28 lower carbon path ahead. towards curbing emissions. 38 Changing 34 landscape Stepping Shale is driving on the gas Brazilian balance surge in Israel sees Deep water ‘can be as capital. big potential. 36 profitable as shale’. ID statement: Upstream’s 22nd WPC Review (ISSN# 0807-6472) is publishedby NHST Media Group, PO Box 1182 Sentrum, 0107 Oslo, Norway and printed by Southwest Precision Printers, Houston, Texas, US. 22nd WPC Review Editor-in-chief: Erik Means. Chief sub-editor/lay-out: James Ross Mackenzie. Commercial Director: Sidsel Norvik. Email: [email protected] 22nd WPC Review was printed on 22 November 2017 4 22nd WPC REVIEW CONTENTS Bridging the gap In transition Turkey looks to Call for collaboration diversify its 16 to meet challenges energy mix. of future energy supply and demand. 20-23 26 Saudi strategies New day dawns Aramco targets Opec general secretary overseas gas assets reveals group is reaching and highlights out to US shale players. future vision. 10, 24, 41&49 34 32 Cash needed Opening let- to fuel LNG ter Woodside Turkey looks to chief executive bridge the highlights scope energy gap for investment in sector. Downstream players 40 confident of growth. 50-58 Houston kick-off IEA reveals upstream Energy capital of the 42 spending picture. world gears up to play host to WPC 23 in 2020. Sonatrach looks to 44 net foreign backing. Spotlight on industry 46 gender imbalance. Warning over young 48 talent shortfall. 22nd WPC REVIEW 5 22ND WPC REVIEW Delight at Turkish delivery The 22nd World Petroleum Congress was held in Istanbul in July 2017, and it proved a great success. Here, WPC director general Dr Pierce Riemer sums up the event and looks forward to the next gathering of key petroleum industry leaders in Houston in 2020. ur team in Turkey shift over time towards more energy source. It is abundant co-operation, not only between did an amazing job. renewables. and affordable. Thirdly, we must companies, but also between Headed by the chief We will need all energy sources leverage the power of innovation organisations and nations. Oexecutive of TP in order to satisfy this rising and technology to make the use At the Congress we awarded and under the auspices of the demand and continue to support of oil and gas more efficient and the Dewhurst Award to Rex President of Turkey they pulled economic development, while minimise emissions. Tillerson, Secretary of State for out all the stops. We attracted at the same time mitigating The final factor is policy. In some the US. In his acceptance speech more than 12,000 attendees from the impact of climate change — places policy-makers are acting to he congratulated the industry on 102 countries. Included within another key issue discussed at the advance lower carbon energy. In its achievements and welcomed the attendees we had seven congress. others, technology and economies everybody to the next Congress heads of state, 38 ministers, 620 Driving technology and of scale are acting to bring down in Houston, which he said he will speakers and more than 500 innovation in combination the cost of lower carbon energy. attend “in some form”. A large chief executives, presidents with clear, predictable energy Either way, we need to respond by number of industry leaders and and heads of international policies making lower carbon making our businesses fit for a low experts will be gathered there in organisations. energy sources competitive carbon world. Houston in 2020 to hear the views Energy transition was a were issues seen by many as The World Petroleum Council of key decision-makers on future key topic discussed in several critical. has been dedicated to promoting developments in our industry. sessions. It is often portrayed in Over the next 25 years we are the sustainable management We expect that the geopolitical the media in terms that compare going to see a world economy and use of the world’s petroleum context, climate change, it to a revolution, a moment in that will double in size and resources for the benefit for all. cost resilience, energy mix time when everything changes. billions of people moving out of Since 1933, our mandate has been developments, producer/consumer Countries and different sectors poverty as living standards rise, to provide a neutral platform to issues, people, technology & will advance at different speeds resulting in at least another bring together the best minds in innovation and the industry’s and we are talking about 2 billion energy consumers. the industry with key decision reputation and role in society all changes that will take place over How will the oil and gas makers to discuss the best way will be relevant and challenging generations. industry be able to continue forward for all involved in oil and issues. We will also be able Despite the growth of to provide the safe, affordable, gas. to see how governments and renewables, fossil fuels will reliable, and sustainable energy WPC is contributing through industry leaders take leadership, continue to be a major part of the required by the world’s growing our “meeting places” including commitment and a long-term energy mix. Most organisations population, while mitigating its expert workshops, our leadership perspective in securing the future estimate that more than 70% of climate impacts? conference and youth forum to of clean and sustainable energy. the world’s energy needs by 2050 Firstly, it will require open and the congress. All are ideal arenas will be provided by coal, oil and competitive markets. Secondly, and platforms for establishing Dr Pierce Riemer natural gas. However, the energy we think that natural gas will and nurturing relations and Director General of the mix is expected to gradually provide a vital lower carbon contacts that are the basis for World Petroleum Council 6 22ND WPC REVIEW Photo: World Petroleum Council 7 THE DEWHURST LECTURE US Secretary of State and former chief executive of ExxonMobil delivered a very personal speech at the opening of the 22nd World Petroleum Congress in Istanbul as part of his visit to receive the prestigious Dewhurst Award, write Kathrine Schmidt and Erik Means. Tillerson honoured Photo: Tolga SezginPhoto: Tolga US Secretary of State Rex in the industry, credited his public notice to deliver the I miss you as partners, I Tillerson delivered the Dewhurst professional success to energy crucial to economic miss you as competitors, I Lecture at the opening of the the people of the US growth and poverty miss the healthy debates, the 22nd World Petroleum Congress supermajor. alleviation. collaboration, the breakthroughs in Istanbul, saying that oil and “I’m here because of what Fundamental ingredients that were achieved.” gas players will continue to they did, not because of what I are required to keep investors Tillerson, who was notified “make the massive investments, did,” he told a packed auditorium. active, he said, citing “a strong of his selection for the award in they’ll take the risks and they’ll The audience included myriad rule of law, international order, 2016, joked that he expected to persevere” to keep the world energy ministers and a respect for contract sanctity, make the visit to Istanbul as a supplied with the energy it executives from across the and a level of integrity between leisurely and relaxing trip after needs. globe. The usually reserved partners and counterparts”. his expected retirement from the A moved Tillerson was in Tillerson further used his Tillerson added that the US oil giant. Turkey to accept the prestigious brief remarks to pay heartfelt industry “must continue to But, he said wryly, “it didn’t Dewhurst Award at WPC on the tribute to the “remarkable” invest in human talent” moving quite work out that way”, with opening night of the congress. people of the oil and gas forward. Donald Trump winning the US The former ExxonMobil chief, industry, who he said worked “What I miss most, I miss all presidential election and who spent more than 41 years with great risk and little of you.
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