by CERAWEEK 2018 in Review Tipping Point: Strategies for a New Energy Future 37th Executive Conference and Related Events 5–9 March 2018 | Houston, Texas www.CERAWeek.com Hon. Lisa Murkowski, Chairman, US Senate Energy and Natural Resources Committee (Alaska) Amin Nasser, President & CEO, Saudi Aramco Mary Barra, Chairman & CEO, General Motors HE Dr. Sultan Ahmed Al Jaber, Minister of State, United Arab Emirates & CEO, Abu HE Mohammad Barkindo, Dr. Fatih Birol, Executive Director, Dhabi National Oil Company (ADNOC) Secretary General, OPEC International Energy Agency CERAWEEK 2018 in Review • 2 Min Wang, Executive Vice President, State Grid Corporation of China Hon. Rick Perry, US Secretary of Energy Diane Greene, CEO, Google Cloud Walter Isaacson, University Professor of History, Tulane University & author Leonardo da Vinci, Steve Jobs & Patrick Pouyanné, Chairman & CEO, TOTAL Benjamin Franklin Ulrich Spiesshofer, President & CEO, ABB CERAWEEK 2018 in Review • 3 Hon. Ryan Zinke, US Secretary of the Interior Ben van Beurden, CEO, Royal Dutch Shell Bob Dudley, Group Chief Executive, BP Joe Kaeser, President & CEO, Siemens Patricia Vincent-Collawn, Chairman, President & CEO, David Farr, Chairman & CEO, Emerson PNM Resources CERAWEEK 2018 in Review • 4 Contents Mission .........................................................................7 Opening Day Plenaries & Insight Dinners ..........................................8 Oil & Gas ...................................................................... 16 Natural Gas & Global Energy ....................................................29 Electric Power & Renewable Energy .............................................38 Reflections & Prospects .........................................................46 Innovation Agora ...............................................................52 Women in Energy ...............................................................62 Future Energy Leaders & Professional Development Program. .64 Energy Innovation Pioneers .....................................................66 Partnership @ CERAWEEK ........................................................68 Media Coverage & Impact .......................................................71 CERAWEEK Partners .............................................................72 Featured Speakers ..............................................................78 CERAWEEK 2018 in Review • 5 Arcandra Tahar, Vice Minister of Energy & Mineral Resources, Geisha Williams, President & CEO, PG&E, and Republic of Indonesia Lynn Good, Chairman, President & CEO, Duke Energy Hon. James Gordon Carr, Minister of Sanjiv Singh, Chairman, Indian Oil, and Natural Resources, Canada Osmar Abib, Global Co-Head, Oil & Gas, Credit Suisse Hon. Gabriel M. Obiang Lima, Minister of Mines, Vicki Hollub, President & CEO, Occidental Petroleum Industry & Energy, Equatorial Guinea CERAWEEK 2018 in Review • 6 Mission The 37th CERAWEEK by IHS Markit focused on “Tipping Point: Strategies for a New Energy Future.” Over 4,200 delegates from more than 75 countries participated in this year’s gathering. Over 350 sessions addressed the opportunities and transitions ahead—from oil and gas production to power generation, renewable energy, technology, investment, and regulatory and environmental policies. Over 650 speakers—senior executives and officials, thought leaders, NGOs, and IHS Markit experts from across the energy spectrum and from the policy, financial, technology, and industrial communities— offered insight on the nature and pace of change and identified forces that will be critical to shaping the future business environment and assuring the world’s growing energy requirements. The second annual Innovation Agora @ CERAWEEK included many new features and a remarkable assembly of innovators and thought leaders. The Agora was an open marketplace for ideas, dialogue, and new experiences and connections. We featured examples of the new world of innovation and how the “great wave” of new technology—from blockchain to e-mobility, robotics, additive manufacturing, connectivity, cloud, and digital technology—is transforming the energy future. CERAWEEK session highlights are available online at CERAWEEK’S Digital Hub (live.ceraweek.com). We are deeply thankful to our speakers, partners, and participants for their engagement and contributions to CERAWEEK. Sincerely, Daniel Yergin James Rosenfield Co-Chairman, CERAWEEK Founder & Co-Chairman, CERAWEEK Vice Chairman, IHS Markit Senior Vice President, IHS Markit CERAWEEK 2018 in Review • 7 Opening Day Plenaries North America’s Energy Infrastructure Agenda (from left) Hon. Daniel Sullivan, US Senator, Alaska, and Greg Armstrong, Chairman & CEO, Plains All American Pipeline, provided a framework for discussing US energy infrastructure expansion, regulations, trade, and tariffs. Geopolitical Hotspots (from left)Suzanne Maloney, Deputy Director, Foreign Policy, The Brookings Institution; Angela Stent, Director, Center for Eurasian, Russian, and European Studies, Georgetown University; and Evan Feigenbaum, Vice Chairman, The Paulson Institute. They spoke about the political hotspots around the world, including Syria, Iran, Russia, and North Korea, and their impacts on energy markets. Global Oil Dialogues Pedro Parente, CEO, Petrobras, spoke about leading Petrobras Patrick Pouyanné, Chairman & CEO, TOTAL, addressed during a challenging time and the company’s strategic focus on the transition in the oil industry, TOTAL’s acquisition of safety and optimizing its resources and partnerships. Maersk, and lessons drawn from the low-price cycle. CERAWEEK 2018 in Review • 8 Oil Markets: As the world turns HE Mohammad Barkindo, Secretary General, OPEC, and Dr. Fatih Birol, Executive Director, International Energy Agency, explored trends in global supply/demand and the impact of low investment in oil production. Samir Assaf, Chief Executive, Global Banking & Markets, HSBC Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala Investment Company John Hess, CEO, Hess Hital Meswani, Executive Director & Board Member, Reliance Industries Investing in a Changing Energy Future The panelists shared their thoughts on risks ahead in a changing energy future while meeting rising energy demand and adapting to environmental policies. CERAWEEK 2018 in Review • 9 Opening Day Plenaries Innovation & Investment in a World of Transition assessed the impact of innovation, noting that progress will be evolutionary rather than revolutionary in developing climate- conscious oil and gas technology. Lamar McKay, Deputy Group Chief Executive, BP Marcel van Poecke, Head of Carlyle International Energy Fund, CIEP Shunichi Miyanaga, President & CEO, Mitsubishi Heavy Industries Maynard Holt, CEO, Tudor, Pickering, Holt & Co. CERAWEEK 2018 in Review • 10 Energy & Climate Policy: Searching for the balance considered the challenge of balancing the need for more energy, particularly in the developing world, with climate policy. HE Terje Søviknes, Minister of Petroleum & Energy, Norway Patricia Espinosa, Executive Secretary, UN Framework Convention on Climate Change “ Superbowl of the energy industry ” - CNBC “ CERAWEEK by IHS Markit has become the world’s premier energy event.” - Xinhua News Agency Dev Sanyal, Chief Executive, Alternative Energy & EVP, Regions, BP CERAWEEK 2018 in Review • 11 Opening Day Plenaries Globalization, Automation & the Future of Work addressed the reorientation in global trade, how companies are managed, value chains, and educating the workforce of the future. Andrew Liveris, Executive Chairman, DowDuPont José Antonio González Anaya, Minister of Finance & Public Credit, Mexico Ulrich Spiesshoffer, President & CEO, ABB CERAWEEK 2018 in Review • 12 Insight Dinners • How Will the Innovation Tsunami Change the Energy Sector? • Investment Strategies in the Low Carbon World • North Sea Renaissance: The rising global impact • Outlook for the Global Economy • Oil & the Future of Mobility • The Workforce of the Future, Accelerating into the Present • US Energy Policy: Where markets, deregulation & geopolitics meet How Will the Innovation Tsunami Change the Energy Sector? Ashok Belani, EVP, Technology, Schlumberger How Will the Innovation Tsunami Change the Energy Sector? Bill Vass, VP, Engineering, Amazon Web Services Outlook for the Global Economy Helen Currie, Chief Economist, ConocoPhillips US Energy Policy: Where markets, deregulation & geopolitics meet Carlos Pascual (Chair), SVP, IHS Markit; Katharine MacGregor, Principal Deputy Assistant Secretary, US Department of the Interior; Frank Verrastro, SVP, Energy & National Security & Foreign Affairs, CSIS;Karen Harbert, President & CEO, Global Energy Institute, US Chamber of Commerce; Jason Bordoff, Professor & Founding Director, Center on Global Energy Policy, Columbia University; and Meghan O’Sullivan, Jeane Kirkpatrick Professor of the Practice of International Affairs, Kennedy School, Harvard University CERAWEEK 2018 in Review • 13 Insight Dinners Investment Strategies in the Low Carbon World Diego Kuschnir, Portfolio Manager, Tudor, Pickering, Holt & Co.; Pratima Rangarajan, CEO, OGCI Climate Investments; and Dominic Emery, VP, Long-Term Planning, BP Oil & the Future of Mobility Ahmad Al Khowaiter, CTO, Saudi Aramco; Roger Griffiths, Team Principal, Andretti Formula E & CTO, Andretti Motorsport; and Sanjiv Singh, Chairman, Indian Oil Outlook for the Global Economy Lord John Browne of Madingley (Chair), Board Member, The Workforce of the Future, Accelerating into the Present