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The oil and gas industry gathered in Abu Dhabi, UAE, from the 11^th to 14^th of November for the 2012 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). ADIPEC began in 1984 as a bi-annual event for oil and gas professionals to come together to discuss industry developments and technology enhancements. Due to its presence as the second largest international oil and gas industry event, ADIPEC will become an annual meeting place for these industry leaders.

The 2012 ADIPEC was projected to host 45,000 attendees and 1,600 exhibitors from over 90 countries. Organised in partnership with the Society of Petroleum Engineers (SPE), this year’s ADIPEC was a four day conference offering breakout sessions, panel discussions, Middle East country briefings, tradeshow exhibitions and speakers from across the industry. Attendees had the opportunity to select from over 200 presentations on five major disciplines:

• Geoscience
• Projects
• Field Development
• Drilling and Completions
• Maintenance/Integrity/HSE/Operations

Core training and knowledge competencies remain a key topic for conversation at ADIPEC as the Middle East oil and gas industry looks to reduce incidents in the field. Having a means to easily access, track and verify these core competencies will help create a safer work environment for its personnel.

Building upon its 28 year history, ADIPEC will continue to serve as a global forum for oil and gas industry leaders to address chief matters and future advances.

Resources:
http://www.adipec.com/ 
http://www.exxonmobil.com/Corporate/news_events_adipec2012.aspx 
http://www.pipelinecommunity.com/Oil-News/adipec-annualised-from-2013.html 
http://www.tekla.com/international/about-us/events/Pages/ADIPEC-2012.aspx 
http://www.ameinfo.com/adipec-2012-ready-host-record-1600-314702

OPEC, the Organization of Petroleum Exporting Countries, recently released its annual statistical bulletin showing Venezuela as the world’s largest oil reserve holder. Venezuela’s reserves reached 296.5 billion barrels in 2010, easily surpassing Saudi Arabia with 264.5 billion barrels the previous year.

This discovery has led to investments in the Venezuelan reserves. Italian oil giant, ENI, plans to invest $7 billion in a project in the Orinoco Belt to increase output to 240,000 barrels a day by 2018. This investment includes plans to build a refinery to process the extra-heavy crude extracted by the upstream division into diesel fuel for the European market.

However, there are doubts on how economically viable it is to recover the extra heavy oil in the Orinoco Belt. Many are skeptical of the viability of the Venezuelan reserves. “I doubt the recovery factor could go much higher than 25% and much of that oil would not be economic to produce,” Venezuelan oil geologist and former Petroleos de Venezuela SA (PDVSA) member, Gustavo Coronel, told the Associated Press earlier this year. Iraq and Iran, whose combined reserves equaled 294.3 billion barrels in 2010, joined Venezuela at a recent OPEC meeting, declining to back a Saudi-led push to increase production.

In the future, the boost in the reserves may empower members of OPEC who are in favor of maintaining high prices for crude. In 2010 alone, OPEC members’ overall gross domestic product (GDP) climbed 11% to $2.3 trillion, and total value of their petroleum exports rose to $745.1 billion. Only time will determine if Venezuela will be able to support the potential of their abundant natural resource.

Resources:
http://online.wsj.com/article/SB10001424052702303795304576454251217542830.html
http://www.foxbusiness.com/markets/2011/07/18/venezuela-oil-reserves-surpassed-saudi-arabia-in-2010-opec/
http://news.bbc.co.uk/2/hi/8476395.stm
http://www.laht.com/article.asp?ArticleId=407227&CategoryId=10717
http://www.bloomberg.com/news/2011-07-15/eni-to-loan-pdvsa-2-billion-venezuela-s-ramirez-says-1-.html