From the President - May 2008

Demand for oil continues to exceed supply with a resultant increase in oil price. We increasingly hear that we are at, or are close to, 'peak oil'.

For our industry, 'peak oil' necessitates working in ever more challenging environments: deeper water, Arctic climate and remote locations with little infrastructure, as well as high security risk locations.

Not good news for the planet, perhaps, but it does reinforce the sustainability of our industry at a high level for many years to come.

However, there is also some good news on the oil exploration side - news which at the present time comes mainly from Brazil. Brazil has always been an important country for our industry and it seems that its importance will only increase in the future. This aligns well with the effort IMCA is putting in to translate a number of our documents into Portuguese (as well as Spanish for other South American countries) in order to overcome the language barrier.

For IMCA to be better able to support its members where the activity is, the question arises as to whether Brazil and other South American countries should have a region of their own within the IMCA network. This topic is currently being debated.

The geopolitical barriers study which is ongoing in IMCA is approaching its conclusion and I am revealing no great secret when I say that there are many barriers. Over the coming quarters the report will be analysed and the intention is to add selected problem areas to the association's long term objectives, for IMCA to influence these areas to the best of its ability in the direction of a more open market.

To conclude, there are two forthcoming events to look forward to on the IMCA calendar over the next two months. The IMCA Golf Day is taking place on 22 May, while the Midsummer Charity Ball will take place this year at Castle Fraser in Aberdeenshire on 6 June. Recalling the spectacular success of last year's ball, I feel confident in saying that it is an event which should not be missed.

Knut Boe, Technip
IMCA President 2007-8