A major draw within the oil and gas industry, in recent years International Petroleum Week (IP Week) has focused on the challenges facing operators, such as consolidation, achieving efficiencies and streamlining operations. With over 1,500 senior executives attending across the three days of IP Week, Aramco's evening reception also saw strong attendance, of over 600 professionals, representing the full spectrum of the hydrocarbon value chain, making the evening the premier networking event of IP Week.
"IP Week, and this well attended reception, provides us with another opportunity to demonstrate our commitment to our customers in this region," commented Ahmed Al-Subaey, Vice President of Marketing, Sales and Supply Planning at Saudi Aramco. "I look forward to IP Week to update our customers on what we are doing to maintain our position as the most reliable supplier of energy to the world, and exhibit how we continue to invest in strengthening our value proposition." An example of this was Aramco's recent purchase of crude oil storage in Rotterdam that nearly doubled the company's storage capacity in support of this market.
Meanwhile, Ibrahim Al-Buainain, Aramco Trading Company CEO said, "It's important that Aramco maintains visibility, particularly in times of transition, when the industry looks towards major companies to show leadership, and face challenges head on. It's excellent to see so many counterparts here tonight, discussing these very challenges."
On being asked how Saudi Petroleum Overseas benefits from IP Week, Emad Al-Dughaither, SPOL Managing Director advised, "we engage with our customers constantly throughout the year. However, IP Week provides us with the opportunity to listen and discuss, together with industry experts, the challenges we are trying to tackle in a focused and collaborative fashion."
The majority of attendees comprise Aramco Petroleum Marketing's customers in the region, representing a host of oil, gas and refining majors, which the company supplies with crucial feedstock.
Indeed, Aramco's customers benefit from the company's unprecedented scale – its size and quality of reserves (260.8 billion barrels) – which together with the company's constant investments in production and supply chain facilities offer a strong competitive advantage. In terms of its production, Saudi Aramco continues producing 10.5 million barrels of crude per day, with overall hydrocarbon output at 13.5 million boepd (barrels of equivalent per day).
In addition, Aramco is considered among the lowest cost producers, achieved through the application of leading industry technologies. Furthermore, integration of the value chain – from exploration to product marketing – allows for the optimization of production, with strategic access to key markets through dedicated outlets, such as Saudi Petroleum Overseas Ltd (SPOL), hosts of the IP Week reception.
Indeed, falling oil prices still shape much of the dialogue at recent IP Week gatherings, with this year's discussions based on transitioning to a new working model in the face of changing market conditions. The program also looked at the role the industry needs to play in decarbonisation, while also looking at the ever-increasing role of gas, and strategies to enhance sustainable energy development.
This year's speaker roster was also a strong one, which featured BP CEO Bob Dudley and Pratima Rangarajan, both of whom play significant roles in OGCI (Oil and Gas Climate Initiative), which Saudi Aramco is a founding member of, alongside nine other oil and gas majors.