Commercial strategies in gas, LNG and energy industry in focus at Gastech Virtual Summit

oil and gas rigsSingapore’s minister for trade and industry Chan Chun Sing opened the Gastech Virtual Summit, a global event for the gas, LNG and energy industry that is taking place digitally from 7– 11 September

During the summit’s welcome address, Chan Chun Sing said, “The Singapore government remains committed to develop Singapore as an LNG trading hub. While the external environment is uncertain, the longterm drivers for LNG demand, especially in Asia, remain very strong, and Singapore can be a launchpad for you to capitalise on this potential.”

Addressing the delegates, Seamus O’Regan, minister for natural resources of Canada, stated, “Just as our goal of net-zero emissions by 2050 needs our oil and gas industry, our oil and gas industry needs net-zero.” O’Regan added, “We must move now on our common mission, a net zero economy by 2050, a global economy that continues to grow, and an energy transition that leaves no one behind.”

Pratima Rangarajan, CEO of OGCI Climate Investments, explained, “Energy is at the heartbeat of all this activity, but just decarbonising the energy system does not solve the climate problem. That is why it's imperative for us all, even within the energy industry to take a system view of everything we do and work together on decarbonising our ecosystems.”

The need for new technologies and innovations is paramount to ambitious net zero targets. Lorenzo Simonelli, chairman, president and CEO of Baker Hughes, said, “The world will continue to demand more energy every day, and yet the world needs more from energy through decarbonisation at the same time. This is the dual challenge, more energy, less emissions. Technology for the energy industry and the right talent to invent and implement it, it's the only true way we can overcome the dual challenge today.”

The topics which the Gastech Virtual Summit will cover include the role of natural gas in the energy transition; the criticality of IoT and data security in the future of the energy industry; the impact of deregulation on markets and investment; opportunities and challenges to the energy sector posed by Industry 4.0; hydrogen’s ability to deliver on decarbonisation commitments and what impact environmental activism will have on the emerging growth opportunities for the industry.

Asia remains firmly at the heart of global energy demand growth, with gas and LNG continuing to underpin the needs of millions for sustainable, low carbon affordable energy. Singapore, where the Summit was due to take place this week and home to Gastech 2021, retains its global position as a strategic hub for the growing Asian Market.

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