New Delhi, Oct 13 (IANS): Open sea for networking opportunities (OSEA), a Singapore-based trade show for the oil and gas industry, has said that Indian explorers ONGC and Reliance Industries (RIL) will take part in December in the OSEA 2014 international conference, which is expected to be a major draw for Indian companies.
From India, Windlass Engineers and Services, Rotex Manufacturers and Engineers and Sungov Engineering will also be displaying a range of products and solutions in the exhibition scheduled Dec 2 to 5, that has become the premier sourcing platform in Asia for the oil and gas industry, OSEA said in a statement here.
More than 200 speakers and delegates from 30 countries attended the last edition of the conference in 2012, the organisers said.
The Asia-Pacific is a growing market for the oil and gas industry accounting for 56 percent of the increase in global oil demand between 2000 to 2010, while estimates project the region will account for 70 percent of global demand in the decade upto 2020, the statement added.
This year's conference will happen in the backdrop of an unprecedented softening of international crude oil prices. Global benchmark Brent crude oil futures have fallen steadily for almost four months, dropping 23 percent from a June high of over $115 a barrel as fears of a Mideast supply disruption ebbed, US shale production boomed and demand from Europe and China showed signs of flagging.
Brent crude has averaged around $103 since 2010, trading mostly between $100 and $120.
The international crude oil price of Indian basket continued falling and went below $90 a barrel on the last trading day Friday.
US crude stockpiles added five million barrels to 361.7 million barrels last week, according to data from the Energy Information Administration (EIA).
Analysts have warned that if crude prices fall below $80 a barrel, oil production from shale gas formations in the US will become uneconomical.
According to the International Energy Agency (IEA), oil from shale costs $50-100 a barrel to produce against $10-25 a barrel for traditional supplies from the Gulf.