Society of Petroleum Engineers' Conference Underlines Importance of Accelerating Oil Gas Investments; Reiterates Commitment to Addressing Climate Change

September 23, 2021:  Participants in the 97th edition of the Society of Petroleum Engineers’ Annual Technical Conference and Exhibition (ATCE), underlined the importance of accelerating investments in the oil & gas industry, identifying disruptive technologies and knowledge-based solutions to the challenges of climate change,  primarily the transition toward net zero emissions.

Organised by Dragon Oil, an upstream oil and gas exploration, development, and production company fully-owned by Dubai’s Government, the 2021 edition of the ATCE concluded in Dubai today after three days of reviewing groundbreaking papers through special technical sessions to accelerate the application of innovations in every technical discipline related to the oil & gas industry.

The event ran from September 21st-23rd in the presence of international speakers who addressed the strategies needed to maintain business continuity and the guiding principles to remain competitive. They discussed topics such as net-zero transition, post-pandemic business models and strategies, accelerating the uptake of new technology applications, funding future projects, energy mix collaboration, and more. 

Mr. Farid Al Hashimi, Vice Chair of the Conference, said that oil and gas companies, including Dragon Oil, attach great importance to protecting the environment, and are keen to ensure smooth transition to zero emission. He highlighted in this regard Dragon Oil's efforts  in  adopting latest carbon capture and sequestration  technologies,  developing biodiversity action plans, reducing greenhouse gas emissions, and contributing to identifying effective and sustainable solutions to climate change challenges.

He called on international financial institutions and investors to fulfill their responsibilities and finance the oil and gas industry, for international energy companies to develop petroleum extraction methods and upgrade existing oilfields and platforms. This, he continued, helps gradually reduce gas emissions, rather than limiting their investments to clean energy.

He pointed out that the reluctance of investors and financial institutions to invest in the oil and gas industry will adversely affect the development and modernization processes undertaken by oil and gas companies, which in turn will reflect negatively on oil and gas production and ultimately lead to price hikes due to lower production. 

The SPE's 97th ATCE saw an impressive turnout that beat all expectations. About 4,500 people visited the exhibition and attended its sessions from September 21st -23rd from 80 countries. 

During the conference sessions, oil & gas specialists discussed 400, out of 2000, highest calibre peer-selected papers in the industry and sessions covering current applications and emerging technologies within all phases of E&P. 
Up to 72 companies participated in the concurrent exhibition, which displayed a wide range of current and future technologies coupled with presentations and interactive screens, which provided visitors with an insightful experience to identify the latest oil & gas technologies and methodologies.