Adipec 2015: Deals exceed $9 billion in value, survey shows

Deals signed at Adipec this year topped US$9 billion, according to a survey of participants by the petroleum conference’s organisers.

The figure is an estimate based on a survey of the delegates in Abu Dhabi, where the number of visitors were on track to exceed 90,000, according to Chris Hudson, the head of energy events at DMG Events, which runs the annual Adipec conference and exhibition.

“Based on our early survey results and compared with last year, the total amount of deals signed at this year’s event will be more than $9bn, and in our experience that doesn’t reflect the biggest deals,” he said.

Although not a precise tally of deal values, the survey is an indication of the relatively robust state of the oil industry in the region inspite of the oil price collapse over the past year.

The tally from last year’s survey indicated deals of about $8bn in total were signed during the event.

One of the themes at this year’s event was that all the national oil companies in the region – through their oil and gas operating companies – were pushing hard on prices of the services and equipment they are acquiring. But also that they are continuing to spend a lot of money on their major strategic projects, making the Arabian Gulf one of the bright spots in the world, where investment in oilfield infrastructure has declined by between $150bn and $200bn in the past 12 months.

There was a record number of companies represented at this year’s conference looking for business. And “when you look at the major oil and gas service providers here, Abu Dhabi is really contributing as a platform for such transactions”, said Saif Ahmed Alghfeli, a co-host of this year’s event and the chief executive of Al Hosn Gas, which develops the Shah gasfield in the west of the country.

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Anthony McAuley

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