TEHRAN Oct. 19 (Shana) – President of the World Petroleum Council Jozsef Toth said leading oil companies need to make their businesses more robust and focus on developing sustainable cost transparency and optimization capability.
“It is not a fight between suppliers and contactors, but a common challenge that has to be solved together,” he told participants of the Iranian Petroleum and Energy Club 2015 Congress and Exhibition (IPEC 2015) which opened here on Monday.
The three-day conference which is started one day after formal end to anti-Iran sanctions is going to discuss the theme Post-Sanctions Iran: An Open Door to Oil and Gas Investment Opportunities.

Besides Toth, chief executives and policy makers in the field of energy and delegates from OPEC, GECF and IEA are taking part in the conference.
“People are our greatest assets and skilled workers are the human capital of our industry. Companies should therefore be encouraged to continue investing in training and working to retain key skills through the down-cycles,” he added.

Toth said innovation is a strong driver for the oil industry while inexpensive and easy-to-access conventional reserves of oil and gas are gone and “the industry if exploring in ever more challenging new frontiers where large oil and gas discoveries are still being made.”
The WPC President also highlighted collaboration and said, “Producers already partner with oil field service operators and other strategic partners, suppliers or universities around the globe.”

“There are good opportunities for independent oil companies (IOC’s) to partner with national oil company (NOC’s) on a long term, sustainable basis,” he added, “The economic crisis can be a good time to focus on forming and strengthening strategic alliances, particularly with NOC’s.”
Invited speakers to the conference include representatives from OPEC, GECF, IEF, Total, Eni, Ansaldo, World Petroleum Council, OMV, Mistsui, Siemens, Mitsubishi Hitachi Power System, Linde and Mitsui.

By SHANA