Wang Yilin attends Abu Dhabi CEO Roundtable 2019 and ADIPEC 2019


The Abu Dhabi CEO Roundtable 2019 and Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) 2019 opened in Abu Dhabi on November 10 and November 11 local time, respectively. Wang Yilin, Chairman of CNPC, was invited to attend the events and related activities and addressed the Abu Dhabi CEO Roundtable. In his speech, Chairman Wang Yilin expressed that oil companies are facing unprecedented challenges and opportunities due to systematic changes in the oil and gas industry. CNPC is pledged to work with companies inside and outside the industry to actively promote innovation and transformation and successfully replace old drivers of growth with new ones for embracing a brighter future of the global oil and gas industry.

In his speech, Wang Yilin pointed out that the global oil and gas industry has entered a critical period of “replacing old drivers of growth with new ones”. First, new technologies have exerted a disruptive impact on the global oil and gas industry. More and more oil companies are using digital technologies such as cloud computing, big data, mobile Internet, artificial intelligence, the Internet of Things, robotics and block chain to transform their business throughout the industry chain for further reducing costs, making faster and better decisions, and enhancing operational efficiency. Second, the emergence of new industries has changed the landscape of energy supply. Represented by solar energy and wind energy, new energies have developed rapidly and are accelerating the rise of renewable energy industry with increasingly prominent cost advantages. Third, new forms of business will further lead the growth of global oil and gas supply. The success of the U.S. shale revolution has profoundly affected global energy security and market equilibrium, turning the U.S. into an important player in global oil and gas trade. Fourth, the combination of digital technology and petroleum industry keeps innovating and restructuring the business model and business ecosystem of the industry. In recent years, new exploration and development models, new project management models, new talent use models, as well as new capital utilization models have significantly impacted the profit model of the oil and gas industry.

In response to the new situations and new challenges, Wang Yilin called for concerted efforts from the oil and gas industry to resolve problems, expand and deepen cooperation, strengthen joint research on new technologies, and conduct more talent exchange and training. During the events, Wang Yilin also held meetings with CNPC’s partners and exchanged views on deepening oil and gas cooperation with them.