National Oil and Gas Forum gave forecast for development of the global fuel and energy sector

Expocentre opened its doors to the National Oil and Gas Forum focused on the most relevant challenges, tasks and prospects of development of the oil and gas industry and the fuel and energy sector in Russia and worldwide.

The National Oil and Gas Forum traditionally runs along with the Neftegaz 2019 international exhibition for equipment and technology for the oil and gas industry resulting in creation of the largest and most effective demonstration and networking platform in our country for direct communication between industry professionals, experts, government representatives, businessmen, and researchers. The Forum opened with a plenary session devoted to key trends and new technologies of current energy markets.

The moderator of the session was Deputy Minister of Energy Pavel Sorokin. He pointed out to the competitive advantage of Russia that, unlike many other countries, had great oil reserves that could be proved and developed.

Deputy Minister believes that flexibility in decision making on the part of both government and companies operating in the market will allow avoiding overregulation in terms of changing oil and gas market. According to him, one should be ready that the oil and gas industry will no longer be the main contributor to the state budget. However, the fuel and energy sector is able to become a driver for the development of the Russian economy and for that purpose it is necessary to make the most of and build technological capabilities of the sector.

Leading Russian and foreign experts made their presentations at the session and identified global trends in the global energy market and highlighted the factors which would influence demand, supply, and pricing in the oil and gas market in the coming decades.

It was noted, in particular, that consumption of oil and gas in the world continued growing but renewable energy sources greatly increased their share in the global energy balance.

The experts noted a considerable growth of gas share in the global energy balance. According to them, the LNG market is expected to grow by 80-100%. The oil and gas companies adapt to the market changes showing a growing interest in shale production. According to the forecasts, the demand for oil will grow and by 2035-2040 it will reach the peak. The major customer of the raw material will be petrochemistry.

Vice President of IHS Markit Jim Burkhard, Vice President of Wood Mackenzie Luke Parker, Vice President of BP Russia Vladimir Drebentsov, Director of Business Development Strategy of Novatek OAO Georgy Nozadze, expert in Ernst & Young Alexey Loza, and other well-known analysts presented their scenarios for the development of the oil and gas market.

The Neftegaz official website is https://www.neftegaz-expo.ru/en.

Press Service, Expocentre AO