The 4th Argus Middle East Crude Conference hosted the Secretary General of the IEF, Dr Sun Xiansheng alongside the Under Secretary of Oil and Gas of Oman, HE Salim Al-Aufi as key note speakers among other senior industry and government representatives at the Al Bustan Palace in Muscat, Oman on 23-24 January 2017.
The IEF Secretary General discussed the new features of the global oil market, proposing to strengthen the Joint Organisation's Transparency Initiative (JODI), make full use of the platform for dialogue and cooperation that the IEF uniquely provides to accommodate new trends in green, low carbon, and efficiency, strengthening, secure, and sustainable energy market functioning for all.
The Under Secretary of Oil and Gas of Oman highlighted the strategic position and longstanding tradition of Oman in expediting trade and investment flows between the Middle East and Africa with growth markets in Asia and beyond. He also noted that Government and industry cooperation has enabled Oman to reduce upstream unit operating costs, and remove downstream fossil fuel subsidies achieving greater energy productivity in general. Under Secretary Al-Aufi further noted that Oman has successfully attracted substantial new investments in the petrochemical and storage sector in addition to its engagement in the upstream sector that will maintain production at around 1 mb/d.
Challenges in the oil and gas sector also relate to manpower. Oman is extending training opportunities to ensure that employment for Omani talent exists across sectors. The IEF is now working with the Russian Federation on organising the 2nd IEF Conference on Human Resources. The conference will be hosted by the Kingdom of Bahrain, in Manama on 17-18 May 2017.