ECONOMY


Third SPE Caspian Technical Conference and Exhibition ends in Astana

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Baku, November 7, AZERTAC

The third SPE (Society of Petroleum Engineers and the professional oil and gas community

of the Caspian region) Annual Caspian Technical Conference and Exhibition has come to a close. The event,

"Challenges, changes and opportunities", brought together 400 professionals of the oil and gas industry representing senior officials of the government, operator companies, consulting firms, research companies in the field of power of KazMunaiGas, KAZENERGY, TOO PSA, World Petroleum Council, ExxonMobil Kazakhstan Inc. and others.

SPE informs that the 12 technical sessions included in the program of the conference, were united by a common theme, answering the question how the most advanced tools, technologies and methodology are applied in the Caspian region under conditions of recent swings in oil prices.

Summing up the final key panel session on reorganization of business on the last day of the conference, Cheryl Gomez-Smith, managing director of ExxonMobil Kazakhstan Inc., underlined that the formed situation with oil prices has given an additional impetus for the necessary changes to how the oil and gas industry operates, and put the creation of added value "at the forefront".

The oil and gas industry in Kazakhstan and the Caspian region also need to think about where it wants to be in the future as it competes for access to increasingly scarce capital with other countries, regions and industrial sectors.

However, this problem has no single solution – finding of a solution in this situation depends on processes, systems, people, behaviors, and technologies. There is also the possibility of creating added value in each of these components.

The next SPE Conference and Exhibition is due in Baku in November 2017.

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