UAE Business: Asset Integrity and Process Safety Conference gets strong response – Gulf Digital News

UAE Business: Asset Integrity and Process Safety Conference gets strong response – Gulf Digital News

The 2nd Asset Integrity and Process Safety Oil & Gas Conference kicked off in Abu Dhabi on June 8 as the latest rally in crude oil price to around $120 per barrel has boosted the economic prospects of the oil exporting countries.

As oil revenues in the Middle East and North Africa (Mena) region are projected by the International Monetary Fund (IMF) to reach $818 billion, $652 billion worth of oil, gas and petrochemicals projects are planned across the region with $200 billion expected to be ploughed into new ventures in the GCC by 2025.

In the UAE specifically, Abu Dhabi National Oil Company (Adnoc) recently announced a $127 billion capital spending plan for 2022-2026, as it reported an increase in the UAE’s oil and natural gas reserves.

Increasing outlays

These investments will encourage oil and gas companies to increase their outlays in Asset Integrity and Process Safety Management in order to strengthen the effectiveness and boost the life cycle of the assets in the oil, gas and petrochemical industries, conference attendees believe.

More than 120 delegates including decision makers in asset integrity and process safety, industry experts and key stakeholders in oil and gas sectors have joined the two-day event at the Conrad Abu