Total was the host company, and Management Committee Chai Fawaz Bitar began proceedings by thanking Mike Borrell, also on the MC, for Total’s generosity in hosting the previous evening’s tour and dinner at the Danish National Museum.
The Chair went on to highlight the multiple challenges that the industry faces; from economic to regulatory and social. “All are interconnected,” he said. “Economically, we need to improve our efficiency as an industry; eliminating waste and so helping to maximise returns for shareholders.” He cited JIP33, originated and now managed by IOGP, as a prime example of how to keep the industry competitive and make it more efficient.
On the regulatory front, he then described how IOGP is being called on more frequently to liaise with regulators in order to maintain the industry’s licence to operate. “That is our main focus in Brussels,” he said and, increasingly, “IOGP is being called on to work with new producing nations in the first stages of creating their regulatory regimes. With them, we are introducing and sharing good practice.”
He then commented on public concerns over climate change. A lower emissions future notwithstanding, he said, “A world growing in population and prosperity will need more energy and our industry will continue to play a crucial role in providing that energy. Even in the International Energy Agency’s Sustainable Development Scenario for 2040, oil and gas will still be needed to meet 48% of the world’s energy demand – alongside other energy sources such as solar and wind.”
The Chair then handed over to IOGP Executive Director Gordon Ballard, who provided a financial review that included a runthrough of the year’s achievements. Among these was the launch of Project Safira to eliminate upstream fatalities and the initiation of the 5-star campaign to promote the use of safer fleet vehicles around the world. Gordon also referred to the recording of fewer fatalities than ever in the Association’s latest report on Safety Performance Indicators. Other achievements included the first ever official IOGP representation at the UN Climate Change Conference COP in Katowice, Poland, work with environmental regulators in Africa, signing up to the Methane Guiding Principles and involvement in the B20 before the G20 summit in Buenos Aires.
Resolutions passed at the AGM included approval of 2018’s statutory accounts, the reappointment of the Association’s auditors, approval of the 2019-21 MC elections and the election by national oil companies of Petrobras and Petronas to serve on the MC as Designated Members.
The next general meeting will be held in Kuala Lumpur, Malaysia on 20-21 November. Petronas will be the host.