Energy demands create opportunities for investment in the region

During the closing of Conference ARPEL 2015, held April 7-9 in Punta del Este, Uruguay, the main state-owned and international oil companies operating in the region, in addition to regulatory agencies and consulting firms, agreed that the continent has a medium- and long-term horizon in which a growing demand for energy must be met, mainly in the areas of oil, gas and electric power generation. This will imply a challenge estimated at one trillion dollars in investment for the next 20 years.

This investment volume is in line with the future population growth which will add 130 million people, the need to produce 10 million barrels of oil per day and deal with at least 1,000 new energy projects, as stated by Javier La Rosa, President of Chevron Colombia, on the last day of the regional event that brought together more than 300 senior representatives of the energy sector in Latin America.

"The industry is strongly committed to providing a response to the growing demand for energy in the region, while investing in the development of new technologies, and in the incorporation of improvements in the production chain in order to achieve excellence in management and operations," said the Chairman of the Board of Directors of ARPEL, Benito Piñeiro, during the closing ceremony.

"The current situation of low crude oil prices implies new challenges and opportunities. Investment in our industry is a medium- and long-term process, which implies that it cannot be stopped by temporary situations," he added.

On the other hand, Piñeiro stated "fossil fuels will continue to be the key source of energy" and "given this context of growth in energy consumption, climate change and the responsible management of resources are becoming increasingly important."

Conference ARPEL 2015 is a biennial event that this time was held in the framework of the 50th anniversary of the Regional Association of Oil, Gas and Biofuels Sector Companies in Latin America and the Caribbean.

During three days, the main players of the regional energy industry gathered at the Conrad Hotel in Punta del Este to analyze the present of the sector, the risks and challenges in a year marked by the fall in international crude oil prices.

Under the theme "Cooperation and innovation for a sustainable energy development," the Conference featured seven plenary sessions, seven keynote addresses, eight concurrent technical sessions, in addition to dialogues and speeches given by more than 90 international speakers who addressed the regional and global perspectives of the industry, as well as the development of new technologies, leadership, human rights and the sectoral perspectives within a new global context.

Raúl Sendic, President-in-Office of Uruguay, José Coya, President of ANCAP, Benito Piñeiro, Chairman of the Board of Directors of ARPEL, and Jorge Ciacciarelli, Executive Secretary of ARPEL, attended the closing ceremony.

At the end of the event, founding companies and member companies were honored during the celebration of 50th anniversary of the foundation of ARPEL, and signed a Statement of Reaffirmation of Commitments within the organization.

In addition, recognition awards for performance in industrial safety were presented to the following member companies: Equion, Chevron, Ecopetrol and Petroleum Corporation of Jamaica (PCJ).

"We hope that in Conference ARPEL 2015 you have found a space for dialogue, discussion and exchange of experiences, and identifying new business opportunities. It is an honor for ARPEL to have here several Presidents and CEOs of member companies, who have shared with us their vision of the challenges and opportunities in the region," Benito Piñeiro concluded.