Offshore Leaders Debate Falling Oil Prices

Marina Bay Sands

By MarEx 2015-04-15 23:52:43

Offshore industry experts are gearing up to debate, discuss and analyse the impact of falling oil prices and the complex technological challenges of moving to deeper water at Sea Asia 2015.

Speaking at the conference’s Offshore Marine Forum session Neil Glenn, Managing Director, Swire Pacific Offshore Operations Ltd and Alessandro Ciocchi, Vice President Offshore, V.Group will share their insights on how these issues affect the industry.

Providing a sneak preview, Glenn said: “The falling oil prices have undoubtedly impacted the whole offshore oil and gas industry. The downturn of oil prices since June last year has prompted significant cuts in expenditure by the oil and gas companies which in turn has reduced overall activity levels and seen pressure to cut costs across the supply chain.

“Shipowners and operators face a range of challenges in the current environment and I look forward to exploring how the impact of the challenges with my offshore colleagues next week.”

In addition to the impact of falling oil prices, there is also the increasing need for the industry to look into equipping itself with more technically sophisticated vessels today, according to Ciocchi.

He said: “In the last few years, exploration and production (E&P) activities have started to move into deeper water and more challenging environments. As such, more sophisticated vessels, equipment and technologies will be required to enable this new play in E&P.

“At the same time, technically savvy equipment, which is usually designed to be more fuel-efficient, can also enable the industry to reduce its environmental footprint amid growth expectations to ease the industry’s impact on the environment.

Speakers at the Offshore Marine Forum will also highlight the other complexities and opportunities facing the industry, including the manpower challenge, changing regulatory environment for offshore marine support, and the changing geography of E&P in Asia and around the world.

Established as one of Southeast Asia’s largest maritime conferences and leading forum for analysis and debate on the challenges and opportunities facing the sector, Sea Asia will take place in Singapore next week from 21-23 April 2015.

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