Baku, Azerbaijan, Aug.20
By Leman Zeynalova - Trend:
Technological development and digitalization are the two overseen factors affecting the global oil and gas market, the International Association of Oil and Gas Producers (IOGP) told Trend.
IOGP said it advocates for sustained investment into oil and gas exploration and production to make up for the depletion of existing fields (often forgotten) to meet current demand, and the growing global demand for energy.
“Another, often overseen factor is technological development, as it can have profound impact on market supply: the US shale revolution was enabled by the generalization of large-scale hydraulic fracturing and horizontal drilling. Another, perhaps less one is the digitalization of the oil and gas sector, which is quite exciting given its potential to further improve exploration, efficiency, and safety performance,” said the IOGP.
IOGP said that as a trade association, its goal is to help its members – including Azerbaijan’s state oil company SOCAR and BP – by collecting and analyzing data, sharing good industry practices and knowledge in order to improve global oil and gas operations.
“Our different committees focus on issues such as safety, environment, health, security, standards and many others. We count around 80 members today, and indeed welcome new members on an ongoing basis,” said the association.
The International Association of Oil & Gas Producers (IOGP) is the voice of the global upstream industry. Its members produce 40 percent of the world’s oil and gas. They operate in all producing regions: the Americas, Africa, Europe, the Middle East, the Caspian, Asia and Australia.
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