Decio Oddone, director general of Brazil's National Petroleum, Natural Gas and Biofuels Agency (ANP), said in a speech at the opening of the World Petroleum Congress-WPC in Istanbul on July 9 that the speed of change has increased with progress and new technologies.

The development of shale and continued progress in technology proved that oil resources are not as limited as we thought years ago, "said Oddone. We are living in a time when we are concerned about climate change and as a result we are starting the transition to a low carbon economy. "

The world still needs oil and gas, but in a different way, Oddone noted.

"Successful operators will be those who will learn to anticipate change and develop adaptive capacity," he said.

The transition to a low carbon economy without the specter of oil shocks represents good news for the global economy and means less risks to global economic growth, "he said.

"We have the shale in the US affecting oil prices, financial institutions are now part of the industry, we have the transition to a low carbon economy, reducing future dependence on hydrocarbons," he said.

For the benefit of society new reserves still have to be discovered and go into production. 

"To achieve this, capital must be attracted. Government and regulatory policies must be adapted." 

Oddone explained that the Brazilian oil and gas industry is undergoing the biggest transformation possible to adjust its strategy for the future.