Leveraging untapped potential

Manama : Technology and innovation will play an instrumental role in securing heavy oil’s valuable position in the global energy mix, according to the region’s industry experts.
Speaking ahead of the upcoming Middle East Heavy Oil Congress (MEHOC), the largest gathering of heavy oil professionals in the region, Dr Peter Bartlett, Chief Executive of the Bahrain Petroleum Company (Bapco), said overcoming the challenges associated with leveraging this complex – but invaluable – energy resource will depend on the industry’s ability to develop commercially viable recovery solutions.
“Fossil fuels will continue to account for the majority of the world’s primary energy needs for the next few decades, and heavy oil will feature in that mix. In order to compete, though, heavy oil producers will have to overcome cost challenges versus commercially competitive alternatives.  They will innovate in order to do so.  At Bapco, we consider heavy oil in the mix of feedstocks we purchase for our refinery,” Dr Bartlett said.
“Our participation in the Middle East Heavy Oil Congress is part of our strategy in monitoring important developments in the heavy oil marketplace.”
According to a recent study by international management consultancy Arthur D. Little, heavy oil accounts for 21 per cent of the world’s crude oil reserves. Of this, nearly 30 per cent is in the Middle East, at 971 billion barrels of heavy crude oil.
MEHOC will take place on 11 and 12 April at the Gulf Hotel. The event is expected to welcome more than 20 exhibiting companies, 40 speakers, and 200 professionals from over 15 countries.