Sustaining Economic Expansion
Pavilion F, Conference Hall F3

The most critical phase of the global oil market crisis is over. However, oil prices are still low, investments in oil production and exploration are being cut for the second consecutive year, and a high degree of uncertainty remains in the market. What are the short-term and long-term effects of underinvestment in the oil industry? How will it influence the resource-to-production ratio? Is the price increase seen in the recent weeks a long-term trend? Is this level of prices sufficient to recover investments? What is the role of shale oil production in the demand and supply balance and pricing in the mid-term? Is it possible to speak about the start of a new era in the development and regulation of the global oil market?

Nobuo Tanaka , Chairman, Sasakawa Peace Foundation; Executive Director (2007–2011), International Energy Agency

Robert Dudley , Group Chief Executive, BP
Eulogio Antonio Del Pino Diaz , People's Minister for Petroleum and Mines of the the Bolivarian Republic of Venezuela
Claudio Descalzi , Chief Executive Officer, Eni S.p.A.
Patrick Pouyanne , Chief Executive Officer, Chairman of the Board, Total
Lorenzo Simonelli , President, Chief Executive Officer, GE Oil & Gas SpA

Key moments

Data technology is going to be central and utilization of this data will let the industry to become more predictive, decrease downtime and improve outcome for customers.
Lorenzo Simonelli
Technology will be pathway to carbon future that we seek both in terms how we continue supply the energy and how we will consume it in less impactful way.
Rex Tillerson
The key parameter determining oil extraction in Russia consists in the fiscal conditions, rather than oil prices.
Igor Sechin
In Russia we can find low cost resources, the lowest cost of resources in the world. This is the main driver for us.
Patrick Pouyanne
People short CAPEX around the world and it is the main strategic trend in the world right now.
Robert Dudley
For the long run we need fossil fuel, we need absolutely to reduce coal and to increase gas and we need to focus on the right energy mix.
Claudio Descalzi