8th World Deepwater Summit & Expo China 2014 Announced
- Business & Finance
The 8th World Deepwater Summit & Expo China 2014 will be held in September 9th-10th, 2014, in Guangzhou, China. The theme of this year’s event is “Strengthening International Cooperation in Offshore Oil & Gas Exploration!”, reflecting the exciting growths in offshore oil & gas industry in China and Asia Pacific region.
The WDSEC 2014 will gather Industry professionals from throughout the energy centers of the Asia-Pacific area, including Malaysia, Indonesia, China, Thailand, Vietnam, Australia and India and it will be the only conference focused entirely on Asia-Pacific deepwater exploration and production.
The focus of most attention regarding the South China Sea resources has been on hydrocarbons in general, and oil in particular. Oil deposits have been found in most of the littoral (adjacent) countries of the South China Sea. The South China Sea region has proven oil reserves estimated at about 7.5 billion barrels, and oil production in the region is currently over 1.3 million barrels per day. Malaysian production accounts for about one-half of the region’s total.
Total South China Sea production has increased gradually over the past few years, primarily as additional production from China, Malaysia and Vietnam came online. Statoil’s Lufeng Field in China (southeast of Hong Kong) came on stream in 1997, and oil was discovered in 1997 in Vietnam’s Block 46 (southwest of Vietnam).
Cooperation plays a significant role in Asia-Pacific deepwater development. The games between IOCs, NOCs and services companies attract lots of attention. Traditionally, IOCs were regarded as technology providers, project managers, money collectors and field developers. However, this situation has changed because of services companies’ transformation and NOCs’ development.
The Oilfield services sector is facing unprecedented levels of business. To some extent, services companies partially supplant the big oil firms as technology providers and field operators. Also, NOCs have ready access to money from their government’s treasury, or global capital markets. Strengthening cooperation among these parties is a critical factor that will maximize output in this region.
This year’s high- profile event will bring together distinguished participants from global offshore industry including regulators, IOCs, NOCs, oilfield services companies, drilling contractors, engineering consulting, equipment & technical solution providers, investment banks & funds and legal firms, etc.