Press releases
2022 SPE annual Caspian Technical Conference in Astana addressed uncertainty, decarbonisation and digitalisation in the oil and gas sector
London, UK – (24 November 2022) The 9th Caspian Technical Conference of the Society of Petroleum Engineers (SPE) concluded last week at the Hilton Astana following three intense days of high-level technical presentations, interactive panel discussions, and professional networking among participants. The forum has brought together more than 350 regional and international oil and gas specialists, including a wide range of high-profile speakers, representing the biggest players in the Caspian region. The iconic regional SPE conference returned to a live format after two years of online participation.
Attendees praised the conference for providing an excellent platform to discuss many critical issues and the importance of continuing these discussions due to changes taking place around the Caspian region and the industry in general. As well as the global pandemic and economic turmoil, the speakers mentioned the uneasy regional geopolitical situation, and the crisis in Ukraine, resulting in disrupted logistical chains, issues with transportation and instability in pipeline operations.
Magzum Mirzagaliev, Chairman of the Management Board, National Company «KazMunayGas» (KMG), co-host of the SPE Caspian Technical Conference, announced that, in spite of challenging times, KMG decided to proceed with the IPO process, taking into consideration the low stock price that the world sees today. The IPO follows the launch of the largest KMG polypropylene plant in the Caspian region and Central Asia. Mr Mirzagaliev also highlighted discussions with investors concerning the largest renewable energy projects in Western and Central Kazakhstan emphasising that despite all the challenges faced by the company this year, there are a lot of positives to look forward to.
With its recent deployment of renewable energy sources, Kazakhstan is pursuing its commitment on reducing greenhouse emissions and stays on the path to combining decarbonisation and growth. In 2016, the government signed the Paris agreement committing to reduce the greenhouse emissions by 15-20%, which was later implemented in the local law. In December 2020 president Tokayev signed an agreement to reach zero emissions by 2060. These commitments are very important for the country and its achievement of carbon neutrality, and an increased use of renewable energy is instrumental in this effort, stressed Konilkosh Suyessinov, Deputy General Director of Tengizchevroil (TCO). Clear actions, sequence and time plans for the transition are needed.
Reducing costs and carbon emissions, whilst improving reliability and availability of assets, has become imperative for those who seek to remain competitive and grow. This was one of the messages of the Panel Session ‘Delivering Sustained Value through the Digital Transformation’. Organisations operating in the Caspian region and across the globe are recognising digitalisation as a key enabler for realising their goals. Advancements in core technologies like data analytics, artificial intelligence (AI) and others, are unlocking a vast array of possibilities for process optimisation, automation and simplification, asset tracking, and data management in the oil & gas industry.
Supported by a broad range of key stakeholders from the Caspian energy industry, including the Ministry of Energy of the Republic of Kazakhstan, KMG, KAZENERGY, TCO, NCOC, Chevron, ExxonMobil, Weatherford, ENI, SLB, Shell, Degolyer and McNaughton, TotalEnergies, Halliburton and KPO, the SPE Caspian conference remains the biggest yearly event for the oil and gas industry professionals in the Caspian Region.
An inclusive, market-based economic growth model that is based on efficient and sustainable use of natural resources might help Kazakhstan to find its way to economic recovery and sustainability.
To find out more about SPE’s 9th Annual Caspian Technical Conference, please visit: http://go.spe.org/spe-caspian
About SPE
The Society of Petroleum Engineers (SPE) is a not-for-profit professional association whose members are engaged in energy resources development and production. SPE serves more than 124,800 members in 134 countries worldwide. SPE is a key resource for technical knowledge related to the oil and gas exploration and production industry and provides services through its publications, events, training courses, and online resources at www.spe.org.