Global Energy Industry reaches inflection point
Qatar Min says industry set for a massive shake-up
The global energy industry may be witnessing one of the most disruptive shake-ups since a wave of takeovers in the late 1990s which created the super-majors as a series of game-changers, said Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry and chairman & managing director of Qatar Petroleum.
"In the wake of $10 oil more than a decade ago we witnessed significant consolidation in the energy industry when a wave of M&A activity redefined the sector. Now, in the wake of $100 oil over the last couple of years we have witnessed a new transformation, less defined perhaps but equally as dramatic, where NOCs are becoming IOCs; Supermajors are slimming down; Independents are joining forces and pioneering exploration; Service companies are taking on IOC activities and the development of shale oil and gas has become a global conversation, " he said.
Dr. Al-Sada was speaking at the Gulf Intelligence Doha Energy Forum, which closed in Doha today.
“NOCs and IOCs reached a culminant stage of their development; better cooperation can present a formula for salvation and ensure a win-win situation. They can--without a shadow of a doubt- -engage in long-term partnership to attain mutual benefits, help ensure the industry development, improve global energy security of supply and demand, as today’s choice will definitely impact on tomorrow’s results,” he added.
The Doha Energy Forum was held over the last two days under the patronage of His Excellency Dr. Al-Sada, who participated in an on-stage feature interview and Q&A at the annual industry knowledge event. The forum was produced in partnership with Maersk Oil Qatar, which currently produces around one-third of Qatar’s daily oil production, and hosted by Texas A&M University at Qatar.
“Maersk Oil is a long-term partner with Qatar Petroleum and the State of Qatar and is therefore pleased to encourage on-going dialogue between industry peers to help share knowledge and ideas,” said Sheikh Faisal Al-Thani, Deputy Managing Director, Maersk Oil Qatar.