KPMG hosted its 3rd Annual GCC Energy Conference titled “Unconventional – Shaping the Future of GCC Energy?” on the 1st of October at the St Regis Hotel, Nation Towers, Abu Dhabi.
The conference was held under the patronage of His Excellency Nahyan bin Mubarak Al Nahyan (Minister of Culture, Youth and Community Development). The one day event was attended by a large number of senior executives, from the energy industry, both the private and government sectors.
In his opening address His Excellency Nahyan bin Mubarak Al Nahyan said “you have assembled here because your eyes are on the future. You know that the talented firm of KPMG will help you look into that future in a distinctly intelligent and informed manner. KPMG has provided superb service in the United Arab Emirates for forty years, beginning just two years after our founding president, the late Sheikh Zayed bin Sultan Al-Nahayan, established our nation.”
He also talked about unconventional and alternative energy solutions and said “Today, our global societies face monumental challenges that threaten our future. Depleted fossil fuel resources, potential dangers from global climate change, explosive population growth, increasing energy demand, rising energy prices, and unequal distribution of energy resources—all signal an unpredictable future. All of these factors contribute to the urgent need to transform the energy sector. Developing new, unconventional, sustainable, and renewable energy resources is one of the key solutions to the current challenges facing the world. We are beginning to see change. About 20% of the world’s energy now comes from renewable energy. However, the current use of renewable energy is still far too limited in spite of its vast potential.”
The conference keynote speech was given by Alan Gelder, Head of Oils Research, at Wood Mackenzie. He talked in detail about what ‘Unconventional’ practices look like and how they are seeing rapid growth due to their relative immaturity and room for growth. This then led into the panel discussion on “Impact of Unconventional Energy on the Middle East” with participants from Petroleum Development Oman (PDO), Arab Petroleum Investments Corporation and RasGas.
Michiel Soeting who is the Global Chairman of Energy & Natural Resources for KPMG based in the UK gave the update on “Energy & Natural Resources Outlook.” He highlighted the key components of the unconventional energy solutions and their short and long term effect on the GCC market.
Hilda Mulock Houwer Global Head of Advisory, Energy & Natural Resources at KPMG and the conference chairperson said that “this event has now become a respected platform for the top minds in the energy sector throughout the GCC to come together and discuss new ideas. Under the patronage of His Excellency Nahyan bin Mubarak Al Nahyan we have had the opportunity to grow this event into a major milestone in the region’s event calendar. We have specialist and clients in attendance from all over the globe, who have come together to discuss a vast array to topics ranging from “Capital Management in the Oil and Gas Industry” to “Talent Management in the Energy Sector.”
In her closing remarks Hilda concluded the conference by thanking all those in attendance and said “I am very grateful for all of you coming today and making this event such a great success once again. The ideas discussed here today will have a definite impact on the future of the “Unconventional” in this region. I look forward to welcoming you all again next year and taking forward what we started 3 years ago even further.”
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 155 countries and have more than 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
For media queries:
Assistant Manager, Markets
T: +971 4 424 8906
M: +971 52 991 0159
© 2017 KPMG, KPMG LLP and KPMG Lower Gulf Limited, registered in the UAE and member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The views and opinions expressed herein are the personal opinions of the interviewees and authors based on their personal experience working as Auditors in the industry and do not necessarily represent the views or opinions of KPMG International or any KPMG member firm.