Offshore Leaders to Discuss the Future of Oil Prices and the Impact on Offshore at the Offshore Marine Forum 2016
Singapore, 12 April 2016 – Offshore industry experts are gearing-up to debate and analyse the future of oil prices and how the local offshore industry should prepare for the next price boom at the Offshore Marine Forum 2016, held in Singapore on 19 April 2016.
The forum’s keynote speaker Jarand Rystad, a global expert on oil macro analysis and Managing Partner of Rystad Energy, will share his insights on whether he believes the industry will see a three figure oil price again and when.
Ahead of the forum, Mr Rystad said, “The global oil market has seen ten consecutive quarters of oversupply which has led to the current price collapse. If you compare prices to the underlying cost and activity level required to produce oil, they’re at their lowest ever levels.
At the forum, Mr Rystad and the other panellists will also share their views on the impact oil price volatility is having on the offshore sector and the industry’s long-term outlook.
“While low oil prices have depressed the offshore sector and led to a decline in global production, the stable demand for energy means the long-term fundamentals are still strong, and the sector must remain prepared for a comeback,” he said.
Amid falling oil prices, many companies are looking at headcount as a way to reduce costs. Mr Rystad says it’s crucial that the industry takes a long-term perspective when thinking about cost-efficiency and productivity in preparation for the inevitable up-cycle.
He said, “Companies in the industry are cutting jobs, resources, and exploration investment in a bid to reduce costs. While it is important that companies look to manage costs at this time, it is also crucial that they look ahead and ensure that there will not be a shortage of oil service capacity in a few years when the current situation turns around.
“I look forward to discussing these challenges, and what the global dynamics will mean for companies based in Asia with other industry leaders at the Offshore Marine Forum in Singapore.”
Speakers at the Offshore Marine Forum 2016 will also tackle other issues such as the future of energy demand and how the Asian region is impacted by the current situation.
Other speakers at the Offshore Marine Forum include Mr Andreas Sohmen-Pao, Chairman of BW Group and the Singapore Maritime Foundation; Mr Carl K. Arnet, Chief Executive Officer of BW Offshore; Mr Y.Y. Chow, Chief Executive Officer of Keppel Offshore & Marine Ltd; and Mr Ron Mathison, Managing Director of Swire Pacific Offshore Operations.
Founded in 1970, Seatrade was acquired in 2014 by UBM, the world’s second largest media and event organiser across a wide variety of industries. Seatrade’s publications, events, management training, research and award schemes cover every aspect of the cruise and maritime industries. The company’s principal strength is its ability to bring key people together, encouraging innovation and facilitating better communication within the industry. Seatrade is headquartered in Colchester, UK, with regional offices in Dubai, Singapore, as well as representatives in all major maritime centres and cruise destinations across the globe.
For more information, visit www.seatrade-maritime.com.
About Singapore Maritime Foundation
The Singapore Maritime Foundation (SMF) was established on 27 January 2004 to facilitate dialogue and cooperation among maritime stakeholders from the public and private sectors. As the bridge between the public and private sectors, SMF aims to provide the industry with a clear and representative voice, and spearhead projects to boost its development.
SMF also organises and participates in a host of maritime events to strengthen the Maritime Singapore brand. To date, SMF has significantly benefitted from strong support from all sectors of the industry which has enabled the organisation to reach out directly to the community for new areas of work to improve the current maritime ecosystem.
For details, please visit www.smf.com.sg.
Baldwin Boyle Shand
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