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Shoring Up Myanmar's Oil & Gas Industry Capabilities
YANGON, Myanmar, Sep 29, 2015 - (ACN Newswire) - With 45 per cent of more than US$8 billion[1] in Foreign Direct Investment (FDI) received in 2014 pumped into Myanmar's oil and gas sector, the oil & gas (O&G) industry continues on a path of growth and development.
U Kyaw Kyaw Hlaing, Chairman of the Myanmar Oil and Gas Services Society (MOGSS) and Oil & Gas Myanmar 2015 conference speaker thinks that the future of the sector looks bright, even though the O&G industry in Myanmar is 'catching its breath in 2015'.
Economic growth a catalyst in local industry development
According to statistics from the World Bank and Asian Development Bank, Myanmar saw 8.5 per cent growth in its GDP in 2014, and is forecast at 8.3 per cent this year. In a report[2], Myanmar's GDP is expected to rise to US$200 billion by 2030.
Demand for oil and gas will spike in tandem with economic growth; it is estimated that, by 2030 Myanmar's gas-fired power stations will need to produce 4,247 megawatts. Crude oil requirements will reach 320,000 barrels/day and gas - 1,800 million standard cubic feet/day.
Speaking at a press conference today, U Kyaw Kyaw Hlaing is upbeat on growth prospects in the sector: "The oil and gas sector in Myanmar is still in early growth stages. With the winners of the 2014 tenders such as BG, Petro Brunei, PTT Exploration and Production (PTTEP) and Shell most likely to kick start their seismic surveys in the near future, local companies need to level up capabilities in several areas such as technical, operations and human resource. I hope through the Oil & Gas Myanmar exhibition and conference, local industry professionals will have the opportunity to empower their future in the sector."
Oil & Gas Myanmar 2015 Exhibition: An innovative showcase
Following the success of the inaugural edition of Oil & Gas Myanmar in 2014, where more than 2,300 trade attendees, comprising special guests, conference delegates, visitors and members of the press visited the event, Oil & Gas Myanmar will return from 15 to 17 October 2015 at the Myanmar Event Park.
Featuring technologies, services and solutions ranging from exploration to production, Oil & Gas Myanmar 2015 is the sourcing platform and knowledge base for industry professionals. Over 45 exhibitors in areas ranging from Exploration and Development to Engineering Design and Construction from 15 countries and regions such as Australia, China, Germany, Indonesia, Malaysia, Russia, Singapore, Thailand, USA and the United Kingdom will be showcasing not only best-of-breed technologies, but also technologies that will be shown for the first time in Myanmar.
One such exhibitor is Singapore's Calm Oceans, a subsidiary of Blue Capital. The company will feature the Mono Column Platform (MCP) design, an ABS class self-elevating high payload jack-up platform capable of operating in water depths up to 500 feet. This self-installing and relocatable jack-up rig was specially designed to cater to the industry's need for a cost-effective solution. The MCP is versatile and can be constructed quickly, taking between eight to 14 months to complete.
"Myanmar's oil and gas sector will continue to grow and we see the opportunity to introduce a cost-effective solution for local oil and oil services companies to commercialise oil and gas assets in the current oil price environment. Through Oil & Gas Myanmar, we will be connecting with international and local companies to extend our network in the country," says Mr. Issac Lai of Blue Capital.
Oil & Gas Myanmar 2015 Conference: Addressing opportunities and challenges
Held in conjunction with the exhibition, the Oil & Gas Myanmar 2015 Conference will address the opportunities and challenges in the O&G market, plug the gaps in industry knowledge and technical expertise.
Over a course of three days, industry thought leaders from MOGE, GE Oil & Gas, Yoma Strategies, PT Brunei, TOTAL, United Engineering, Sapura Kencana amongst others, will be sharing their perspectives on topics such as investment, development and financial aspects of the market. Also included in the programme is an overview of Myanmar's offshore and onshore markets, new developments in the sector, and panel discussions on the investment outlook, opportunities and challenges in the O&G industry.
The conference will also touch on the financial, infrastructure and human resource aspects of the industry, specifically highlighting the nurturing of local industry professionals and companies.
"Oil & Gas Myanmar is designed to plug the gaps in knowledge and skills, with an invaluable platform for oil and gas professionals in Myanmar to peruse new and innovative technologies from global well-known brands and notable SMEs. The event also allows them to partake in interactive networking and insightful knowledge exchanges between local and international players. As Myanmar continues to be an attractive location for international oil and gas companies to invest and expand in, there is no doubt that prospects continue to be buoyant for players in the oil and gas value chain," comments Mr. Chua Buck Cheng, Project Director for Engineering Events from organiser, Singapore Exhibition Services.
Networking beyond the show floor
MOGSS, in conjunction with Oil & Gas Myanmar 2015, will be organising the MOGSS Golf Tournament for MOGE officials and event participants after the show. To be held on 18 October 2015 in Nay Pyi Taw, the tournament will provide exhibitors and conference delegates with extensive networking opportunities.
[1] Reuters: Myanmar 2014/15 FDI swells to $8.1 bln - got agency
[2] McKinsey & Company: Myanmar's moment: Unique opportunities, major challenges
Event At A Glance:
Oil & Gas Myanmar 2015 Exhibition
Date: 15 - 17 October 2015 (Thursday - Saturday)
Venue: Myanmar Event Park, Yangon
Opening hours: 0900 hrs to 1700 hrs
Admission: Business and trade professionals only
Website: http://ogmyanmar.com/
About Singapore Exhibition Services Pte Ltd
Singapore Exhibitions Services organises a portfolio of international tradeshows serving the Communications, Engineering, Machinery and Lifestyle industries. Its events consistently attract a high level of overseas participation with foreign exhibitors accounting for almost 80% of the show floor. Singapore Exhibitions Services is a member of Allworld Exhibitions Alliance, a global network with over 50 offices worldwide. For more information, please visit www.sesallworld.com.
Editorial contacts
Juliet Tseng
Singapore Exhibition Services
Tel: +65 6233 6635
Email: Juliet@sesallworld.com
June Seah
Singapore Exhibition Services
Tel: +65 6233 6621
Email: june.seah@sesallworld.com
Source: Oil & Gas Myanmar
Sectors: Gas & Oil
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