Kuala Lumpur -The 20th Asia Oil & Gas Conference (AOGC) came to a close, leaving industry players and policy makers with a clear view of the challenges, opportunities and the solutions required to address the new energy future.
The final day of AOGC kicked off with Dr Fereidun Fesharaki sharing his views on both the short and medium term oil price outlook, together with the new International Maritime Organization (IMO) regulations, the growth of LNG and the geopolitical outlook. He also noted that current issues in the Middle East could impact both international LNG and crude supply.
At a session on “A New World Order” on how disruptive drivers and forces continue to alter the global industrial landscape, Prof Dr Jomo Kwame Sundaram, Senior Research Advisor at the Khazanah Research Institute, said: “Populism, protectionism and reverse globalisation are very much on the radar at the moment. The risk of cyber-attacks which could cripple global and political financial systems, are on the increase. How we deal with these issues will determine our business future”.
Simon Flowers, Chairman (Energy) and Chief Analyst at Wood Mackenzie said: “There’s a lot of momentum behind protectionism at the moment and in some respects, this is quite good because I think it can lead to greater energy independence and a desire for self-sufficiency.”
Sustainability was very much on the agenda throughout AOGC 2019 and Dr Ken Koyama, Chief Economist and Managing Director at the Institute of Energy Economics, Japan, addressed the structural changes that will be affecting the industry due to the changing energy mix and how energy companies should position themselves strategically in what will be a low-carbon future within a circular economy.
Bringing AOGC 2019 to a close, the Chairman of the A0GC 2019 Organising Committee, Mohd Yusri Mohamed Yusof, said AOGC 2019 attracted more than 7,000 participants from 39 countries.