Conference Review - 2014 International Petroleum Technology Conference

A sharp decline in oil prices is pushing oil and gas companies to innovate to increase efficiency and prepare to meet the world’s long-term energy needs, panelists said at the International Petroleum Technology Conference (IPTC) held in Kuala Lumpur, Malaysia, in December.

Under the theme of “Innovation and Collaboration: Keys to Affordable Energy,” the IPTC attracted an attendance record 10,318 industry professionals from 68 countries. Hosted by Malaysian state oil company Petronas and cohosted by Shell and Schlumberger, the conference featured a ministerial session, high-level plenary and panel sessions, a comprehensive multidisciplinary technical program, an exhibition, a young professionals workshop, and various educational activities.

The 3-day conference was opened by Dato’ Sri Abdul Wahid Omar, a minister in the Office of the Prime Minister of Malaysia, who delivered the keynote speech about the paradox of energy affordability. One side is positive, with more affordable prices for those buying oil and gas, thus aiding consumers and the economy. The other side is negative for oil producing countries such as Malaysia, whose collections on production represent more than half of government revenues.

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