OTC Asia 2018 begins; Petronas head emphasises the importance of technology to cope with industry’s challenges

The oil and gas industry must always strive to remain competitive during this period of economic turmoil by focusing on new technological ways of doing things.

Petronas president and Group Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin said this at the opening ceremony of Offshore Technology Conference Asia 2018 (OTC Asia 2018)in Kuala Lumpur, Malaysia.

“It has been a challenging time for the oil and gas industry since 2014,” he said, and added that one way for the industry to rebound is to tap into technologies that can cut cost.

“If we do not keep those escalating costs in check, the industry as a whole runs the risk of negating the value we have gained from intensive cost-efficiency efforts over the last three years,” he said.

However, Wan Zulkiflee is optimistic the Asian Pacific oil and gas industry can rebound.

“Asia continue to be a prominent market. There is high demand for oil,” he said. He cited a World Bank report that predicts that the Asian Pacific oil and gas industry will see a 6.2% growth this year.

Wafik Beydoun, Total Kuwait general manager also spoke at the ceremony.

“This event showcases the inspiration and development of oil and gas expertise,” he said.

OTC Asia 2018 is a four-day event that gathers energy professionals from various countries. It aims to encourage knowledge-sharing of the industry and also acts as a networking platform.

OTC Asia is the Asian edition of the OTC’s flagship conference. The flagship conference was founded in 1969 and is held annually in the US.