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Oil-and-gas executives from the Asia-Pacific region recently met at the Next Generation Oil and Gas Asia-Pacific summit in Sentosa, Singapore, hosted by GDS, to discuss new technology.

This technology is intended to allow them to close the gap on the Middle East supply.

Last year saw the biggest pullback in oil demand in history and the economic downturn saw oil consumption drop by three million barrels per day.

This year has seen the global market splutter back towards relative normality, offering investment opportunities across the industry, which were capitalised on by the attendees at the recent Asia-Pacific summit.

Industrialisation and population growth in developing countries drive demand in the oil-and-gas industry, but a stable economy is a necessity for development – something that is finally beginning to appear on the horizon, according to GDS.

Growth also needs support, a good infrastructure and the harnessing of new and emerging technologies – a debate that will be key at the upcoming Next Generation Oil and Gas Middle East and North Africa summit, scheduled for April 2010.

The consortium looking to maintain the Middle Eastern hold on the market is considering how to improve business and operational performance while transforming data into actionable intelligence.

Business and operational leaders face a number of challenges related to diverse and non-integrated technologies and informational systems.

Quite often, they are overwhelmed by data overload and technology obsolescence issues.

Such scenarios can lead to low return on investment and missed business opportunities.

Emerging technologies and enhanced regulatory and safety compliance are adding to the complexity at a time of dwindling skilled resource bases.

According to the summit director, consolidation in the sector is inevitable as larger companies take advantage of strategic opportunities.

The positive trends seen in recent months are likely to continue this year and the outlook for oil-and-gas transactions is healthy in upstream and oilfield services.

This is a pattern that emerges globally within the Middle East, Africa and Asia-Pacific regions, the summit director added.

Economically, more cooperation between the oil-and-gas sector’s ‘big businesses’ would reduce the economic costs for the Asia-Pacific region, thus reducing their reliance on the Middle East.

GDS International

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