Companies must not compromise critical industry assets in their endeavour to reduce costs, experts at the recently held ADIPEC Offshore and Marine Conference said
Ibrahim Fahmy, marine advisor at Zakum Development Company (ZADCO) and chairman of ADIPEC 2015 Offshore and Marine Conference, urged that companies maintain their important assets and not compromise health and safety procedures, as “safety should always come first”.
Experts also emphasised during the inaugural Offshore and Marine Conference that companies and contractors who choose to cut health, safety, and environment (HSE) funds risk suffering serious consequences and even greater cost implications.
In addition, oil and gas stakeholders in the offshore and marine sector should have a strategy to managing their business and ensure that these assets are operated by professionals with the right expertise.
“Retaining highly qualified staff through continuous education and training programmes is essential for the progress of the industry and for a company’s long-term development,” explained Fahmy.
“With a rebound in oil prices expected, now is the right time to invest. In the last couple of months there have been a number of major projects that have been announced in the region, confirming the need for major oil companies to make the right investments towards securing market demand.”
Abu Dhabi recently announced plans to increase its offshore production capacity so that it accounts for 50 per cent of oil output in the emirate by 2018. And with US$25bn worth of investments in offshore oil projects planned by the Abu Dhabi National Oil Company (ADNOC) over the next five years, industry professionals are zeroing in on research and development.
Christopher Hudson, president – Global Energy, dmg events, noted, “The offshore sector is playing an increasingly important role in meeting the world’s growing demand for energy, accounting for about one third of global oil production.
“Realising the potential of offshore reserves, which are often expensive and complicated to tap into, requires continuous industry innovation. This is what inspired us to create a new and dedicated zone for the offshore sector, and with the support of all stakeholders, provide a knowledge-sharing platform for the offshore and marine community.”
