New technology vital for oil industry: Minister

Manama : Investing in and adopting new technology is vital for the growth of oil industry, said Shaikh Mohammed bin Khalifa bin Ahmed Al Khalifa, the Minister of Oil and Chairman of Noga holding, yesterday. 

“Although oil prices have taken a tumble in recent years, leading to the subdued profitability of the oil sector, the industry must embrace new technologies in order to keep up growth,” the minister said.  

He was speaking during the Middle East Refining Technology Conference (MERTC) which he inaugurated yesterday. 

Now in its second edition, the event, being organised by the World Refining Association in collaboration with the National Oil and Gas Authority, and with the support of Gulf Downstream Association (GDA) and a number of oil companies, is being held at the Ritz Carlton Bahrain. 

Addressing the conference, the minister stressed that innovation and adoption of technology are necessary for the growth of the oil sector. 

“Technology will help improve operational efficiency and improve financial returns,” the Minister said adding: “There is a need to find ways to improve the operational efficiency with innovative technologies and solutions.”

In this regard, the Minister said the Kingdom has achieved more than 50 per cent completion in the construction and modernisation project for the replacement and upgrading of the oil pipeline between Bahrain and Saudi Arabia. 

The pipeline, Minister said, is being buried in the south of Bahrain, and the project is moving according to the plan and budget.

Meanwhile, an exhibition, held on the sidelines of the conference, witnessed the participation of a number of national and international oil companies including Bahrain Petroleum Company (Bapco), Sabic, Kuwait National Petroleum Company, Abu Dhabi Oil Refining Company, Manufacturing Company of Saudi Arabia, Kuwait Petroleum Corporation (KPC), and many international companies and consultancies in the field of oil refining.

Apart from the minister, Dr. Dawood Nassif, Board Director, Bapco, Dr. Jeff Brown, President, FGE, Mirko Rubeis, Partner and Managing Director, The Boston Consulting Group, Chris Birdsall, Vice President, ExxonMobil Catalyst and Licensing, Fahad M Al-Dawood, Vice President, OTC Project, SABIC and Frédéric Despréaux, Vice President, Head of Large Industries Business Line, Air Liquide were some of the speakers. Roundtable sessions on cyber-security,  process safety, and Promoting dialogue between industry and academia were held.