SPE recently chatted with Ali Al Jarwan, CEO of Dragon Oil. Dragon Oil is the host organization for SPE's 2021 Annual Technical Conference and Exhibition (ATCE).
Al Jarwan shared that he has a very positive outlook for the future. He said he is optimistic about prices, growth, and the global trade situation. He sees how the vaccine rollout globally is contributing to increased travel, which will benefit both the industry and ATCE.
When the pandemic occurred, Dragon Oil, like most companies, experienced cash-flow issues and had to cut both capital and operating expenditures. While it stopped making new hires, Al Jarwan said that he is proud that Dragon had no layoffs. Dragon Oil broke even for the year and experienced a significant increase in operating efficiency in doing so.
Innovation and the willingness to adapt and try new things had positive benefits for the company. Without the capital for new drilling to boost production rates, the company was able to develop a strategy for increased water injection that would have the same end result. The company has increasingly used machine learning to identify new opportunities.
Asked about the energy transition, Al Jarwan said he believes that, even with huge growth in renewables, oil and gas will remain a significant part of the energy mix through 2050 at least. Our industry will continue to supply energy to a world that needs it.
Al Jarwan said he believes that ATCE 2021, to be held 21–23 September in Dubai, will be the perfect showcase for the R&D and technology advances that have come from the pandemic. Companies have needed to be creative and innovative and to become more efficient. There will be many learnings to share during ATCE. Mr. Al Jarwan said he believes that confidence is resurging and that the timing of ATCE is perfect to share what has been accomplished.