Oil sector ‘driving economic growth’
MANAMA: The government is sparing no efforts in developing the oil sector in line with the latest global systems to enhance its ability to generate returns for the benefit of the national economy, Deputy Prime Minister Shaikh Ali bin Khalifa Al Khalifa has said.
He was speaking after opening the exhibition of the 20th Middle East Oil & Gas Show and Conference (MEOS 2017) at the Bahrain International Exhibition and Convention Centre yesterday.
The Deputy Premier was deputised by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa to inaugurate the event being held under the patronage of the Premier.
Touring the exhibition, Shaikh Ali asserted that despite the current challenges and fluctuations in global oil prices, the sector remains the engine driving economic growth, and that investment in the oil and gas industries sector is key to developing the national industrial base and boosting wider industries to create more job opportunities for citizens.
He also commended the kingdom’s great success in MICE sector because of its developed infrastructure and other factors that have created the right environment for such growth and the spin-off benefits to other sectors.
On the sidelines, Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa said one of the biggest challenges facing the oil and gas sector is the lack of availability of skilled human resources.
“It is very important to ensure the continued investment in the human resources sector to provide the industry with a sufficient number of skilled engineers and technicians,” he said.
“For the GCC, crude oil is an important strategic commodity and the main source in the energy mix.”
Talking about the new A-B pipeline project, the minister said the cost of the project is likely to come down due to cheaper steel prices.
More than 8,000 oil and gas professionals are expected to converge over four days at MEOS to debate and shape the future of the oil and gas industry in the region.
“2017 marks the 20th edition of MEOS, building on 38 years of successful and expanding interactions between industry and technical leaders, all in the centre of a region leading the world in energy supply,” said Nabeel AlAfaleg, MEOS 2017 Conference co-chairman and chief petroleum engineer, Saudi Aramco.
“Fluctuations in the oil and gas markets have made our industry very challenging. Therefore, emphasis on innovation and practising operations excellence has never been greater. This transformation will allow the industry to continue to meet future global energy demands ensuring continuity of economic growth despite the cyclical nature of the business,” he added.
“Operators and service companies are identifying opportunities to do more with less through operational excellence while evaluating the financial outcome of their significant investment,” added Michael Bittar, MEOS 2017 Conference Programme co-chairman and senior director, Halliburton.
Source: http://www.gdnonline.com/Details/193307/Oil-sector-‘driving---economic-growth’
