Digitalization will be the key focus for the 21st edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Egypt Oil & Gas reports.
The oil and gas event will take place between November 12-15 at the Abu Dhabi National Exhibition Centre (ADNEC).
The theme was chosen because of the significant financial impact digitalization is having on the sector.
Digitalization is expected to help energy companies, their customers, and wider society to save $1.6 trillion over the next seven years, according to data presented at the 2017 World Economic Forum Annual Meeting.
International consulting firm, McKinsey, wrote that a range of interconnected emerging technologies can save and increase profit by up to $50.
With technologies such as artificial intelligence (AI), blockchain, robotics, sensor technology, machine learning, deep learning, and edge computing, digitalization is expected to cut capital expenditure by 20%. It will cut upstream expenditure by 3-5% and 1-3% of downstream activities costs.
Digitalization is also bringing important environmental benefits. Using updated digital applications can reduce CO2-equivalent emissions by approximately 1,300 million tons, save about 800 million gallons of water, and avoid oil spills equivalent to about 230,000 barrels of oil.
“Digitalization is an urgent priority for industry CEOs and business leaders, offering cost savings, operational improvements, and safety and environmental gains that will reach into every corner of the business, but the opportunities come with risks that must be understood and navigated,” commented Jean-Philippe Cossé, vice president of energy at ADIPEC organizer DMG Events.
ADIPEC is hosting more than 80 ministers, CEOs, and global oil and gas business leaders as speakers. Its international technical and strategic conference will present 200 sessions with 980 expert speakers and over 10,400 delegates.
For 2018, ADIPEC is expected to attract more than 2,200 exhibiting companies, including 38 NOCs and IOCs, and 30 international country pavilions.
