Release date: 16 November 2018
BP is growing in the Middle East, chief executive Bob Dudley told the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) the world’s biggest annual event for the oil and gas industry.
Speaking to the media at the conference, Dudley highlighted opportunities for growth he sees for BP in the region – in Oman with the Khazzan gas project, in BP’s work with the Kuwait Petroleum Corporation, and in Abu Dhabi, where he said he expects BP to invest around $1 billion annually in the onshore concession with strategic partner ADNOC, the Abu Dhabi National Oil Company.
Talking to The National newspaper, Dudley said BP was also considering other opportunities in Abu Dhabi, including with ADNOC LNG, in which BP is a joint venture partner.
During the conference, ADNOC agreed to extend to 2040 its gas supply agreement with ADNOC LNG, which in turn signed seven new agreements to supply a total of 4.2 million tonnes a year of LNG, significantly diversifying its customer base.
As well as participating in the ADIPEC Global Leaders session on partnership and collaboration, alongside CNPC chairman Wang Yilin, Eni CEO Claudio Descalzi and Petronas president and CEO Wan Zulkiflee, Dudley’s schedule in Abu Dhabi also included a CEO roundtable hosted by ADNOC. The event brought together 26 senior executives from companies, where they discussed the role oil and gas companies will play in enabling a step change in global growth as the fourth industrial age unfolds.
The key focus was how new technologies, such as artificial intelligence, predictive data and analytics and blockchain will enable oil and gas companies to help meet the world’s growing energy needs.
Dudley also spoke at a breakfast meeting with the British Business Group, which promotes trade between the UK and the UAE, where he said, “The UAE has a special place in BP’s world, and that is in large part because of its values and approach to business.”
BP’s downstream chief executive Tufan Erginbilgic was in Abu Dhabi to participate in the ADIPEC Downstream Global Leaders session on the future of refining, petrochemicals and plastics.
He described how BP is differentiating in refining through feedstock and technology advantages, and how digital will unlock significant efficiencies and optimization in our operations.
The circular economy – keeping materials in use for as long as possible, then recovering and regenerating them – was also a key focus, a topic that interests BP because of its major petrochemicals business.
Transformation was a key theme at the conference. Group chief economist Spencer Dale contributed to a debate about the future of global energy. While the BP Oman team’s use of machine learning to optimize production at the giant Khazzan gas field won the ADIPEC 2018 award for digital transformation project of the year.