OTC Asia To See Lower Business Deals

KUALA LUMPUR, March 3 (Bernama) -- The biennial Offshore Technology Conference Asia 2016 (OTC Asia 2016) is expected to garner a lower business deals this year as compared to US$806.3 million (RM3.33 billion) in 2014. OTC Asia's Malaysia Task Force Co-Chairman, Rao Abdullah, said this was on the back of weaker current global oil market as compared to the situation in the previous event. "The highlight for the event this year should be collaboration and working together between industry players despite the market volatility," he told reporters here Wednesday. The four-day OTC Asia 2016 will start from March 22, 2016. The conference, themed 'Excellence In Asia', is anticipated to attract 15,000 participants and 2,000 organisations from 60 countries. He said conventional oil and gas players should take the example of the unconventional players in the US to improve efficiency and focus on collaboration. "There is a lot of wastage in the system that we need to focus on. We need to be lean and mean to be able to address these problems," he said. -- BERNAMA