SPE CTCE: Caspian Oil And Gas Industry Set To Continue Growth In New Oil Price Reality
Speaking at the Opening Ceremony, Magzum Mirzagaliev, Vice Minister of the Ministry of Energy of the Republic of Kazakhstan, noted that several important decisions have been made this year on large oil and gas projects in Kazakhstan, that will have a knock-on effect on other industrial sectors. CTCE is part of this multiplier effect, in his opinion.
Vice-Minister Mirzagaliev commented: “In June this year, for example, Tengizchevroil announced the launch of the Further Growth Project. The cost of this project is evaluated at almost USD 37 billion, with profits expected from 2022. Implementation of the project will mean a 13 million ton increase in production compared with the current period”.
He went on to point out that such challenges as maintaining a stable world oil price, as well as ensuring the growth of hydrocarbon reserves, can be resolved through optimisation of subsurface costs and the introduction of new technologies. This will also mean a reduction in production costs.
Sauat Mynbayev, Chairman of the Board of KazMunaiGas, highlighted that the main purpose of CTCE is to cover both the tasks and changes which the oil and gas industry of the Caspian region is currently facing.
Mr Mynbayev commented: “This year, production at the Kashagan field has been started, we have survived when the oil price has been 30 USD per barrel and have overcome many other problems. And I believe that we have become stronger as an industry having faced these problems.
At KazMunaiGas we have brought in specific processes to adjust to new realities, and are in the process of transitioning to a new operation model based on the systems successfully used by the most efficient leaders in the international oil and gas industry”.
Later in the morning, the first of the keynote panel sessions was launched by Ted Etchison, General Director of TCO. Senior representatives of key regional players including TCO, KMG, Meridian, KPO and ENI, as well as the Ministry of Energy of the Republic of Kazakhstan, then discussed how Kazakhstan’s existing petroleum resources can be added to through frontier exploration, near-field exploration and building reserves in existing reservoirs in order to sustain and drive production in the future.
Over the next three days, oil and gas professionals and students will gain valuable insights from high-profile industry leaders in three keynote panel sessions, and get the latest updates on how cutting edge tools, technology and techniques are being applied in the Caspian in the technical programme. Participants will also be attending a variety of networking events which will be a chance to share experiences with peers, building new professional relationships and strengthening existing ones.
Taking place from 1-3 November, CTCE is hosted by Kazakhstan’s national oil and gas company KazMunaiGas, with The Ministry of Energy of the Republic of Kazakhstan, KAZENERGY and PSA as the supporting partners of this year’s event. ExxonMobil is the Platinum Sponsor of CTCE, NCOC is the Gold Sponsor and TCO and Chevron are Silver, along with Weatherford, Schlumberger, DeGolyer and MacNaughton, Shell, Eni, Halliburton, Karachagnak, ModelTech, Tieto, Wipro.
SPE will be continuing down the road of a collaborative approach with other oil and gas associations and is being supported by the Society of Exploration Geophysicists (SEG). It has also renewed its support from local service and supply companies, represented by KAZSERVICE, and the academic community, in the form of the Kazakhstan Association of Petroleum Geologists (APGK) and the British Council.
For more information, please visit: http://spe.org/