Cooperation is the Key Ingredient to Addressing Future Energy Challenges

His Excellency, Mohammad Sanusi Barkindo, stresses the importance of dialogue and cooperation between oil industry stakeholders in order to achieve a stable and sustainable energy future. Through its theme 'Petroleum - Cooperation for a Sustainable Future', the 7th OPEC International Seminar provides a high-level forum for the exchange of ideas and perspectives, while confronting the major issues facing the global oil and gas industry.

In the run-up to the 7th OPEC International Seminar from 20-21 June 2018 at the Hofburg Palace in Vienna, OPEC Secretary General, HE Mohammad Sanusi Barkindo, emphasizes the need for cooperation between relevant stakeholders in view of the so-called 'new energy era': "We chose this year's theme 'Petroleum - Cooperation for a Sustainable Future' because it confronts one of the key questions of our time: While it is clear that all forms of energy will be needed in the future, it is also evident that fossil fuels will continue to play a dominant role in meeting the ever-rising demand for energy. Thus, we will gather energy ministers from OPEC Member Countries, non-OPEC producing and consuming nations as well as high-ranking representatives from international companies and organizations, leading scientists and energy experts at the Seminar in order to discuss the contribution of petroleum to a stable and sustainable global energy future," states HE Barkindo.

The Seminar's two-day programme will provide a unique, high-level forum in which the major issues of the day will be discussed, including industry investment, the role of technology and innovation, as well as sustainability and the future of oil.

'Declaration of Cooperation' as a model process
Enhanced dialogue and cooperation between oil industry stakeholders constitute the key ingredients to a successful future and characterize the landmark 'Declaration of Cooperation' between 24 OPEC and non-OPEC oil producing countries as a model process.

"In an increasingly interdependent and complex world, we all need to work towards a more integrated industry. We need to continually break down barriers, as we cannot work in silos. This has become reality in the 'Declaration of Cooperation', which is a historic achievement that has helped to accelerate market rebalancing and enhance stability," says the Secretary General.

"I am confident that this year's Seminar, with its many highly distinguished speakers and panelists, will bring to the forefront potential solutions to some of the industry's most pressing challenges, while also enhancing and expanding avenues of dialogue and cooperation," concluded HE Barkindo.

Source: OPEC Secretary General
Date: May 29, 2018