Corrosion costs oil and gas industry around $1.372 billion every year

MECOC 2024 unveiled cutting-edge technologies on steel & non-metallic materials and strategies to tackle corrosion

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Published: Wed 7 Feb 2024, 5:35 PM

The oil and gas industry is crucial for providing global energy, but it faces a constant problem, corrosion. According to a study by NACE, corrosion costs the industry around $1.372 billion every year. To break it down, $589 million goes to surface pipeline and facility costs, $463 million for yearly downhole tubing expenses, and an extra $320 million for capital expenditures related to corrosion.

As such, it is imperative that the oil and gas industry has an effective corrosion management strategy in place to help reduce operational costs in the long run. In the same context, Aldrich International is hosting the Middle East Metallurgy Corrosion & Coatings Expo (MECOC) 2024 in Abu Dhabi from February 6 to 8. The event brings together 40+ countries, 300+ industry professionals, 30+ exhibiting companies and 60+ expert speakers to delve into the latest technologies related to metallurgy, corrosion, and coatings for the oil and gas industry.


“Repairing corrosion comes with a hefty price tag, and the accidents it causes pose significant risks to both workers and the environment. Moreover, it leads to the wastage of valuable time and materials. Preventing corrosion is thus of utmost importance. MECOC 2024 aims to bring experts together under one roof to identify trends, access essential technologies, share valuable insights, foster unique collaborations, and explore countless opportunities,” said Romin Mathew, Director of Aldrich International and organizer of the event. “MECOC 2024 will play a pivotal role in helping oil and gas companies adhere to safety and health policies, reduce leaks, and trim operational costs associated with corrosion,” he added.

MECOC 2024 delves into the forefront of materials science and engineering, specifically focusing on the dynamic landscapes of steel and non-metallic materials. Geared towards providing a platform for exploration, this event saw the presence of experts, researchers, and innovators who exchanged valuable insights, expertise, and practical experiences.


The event is showcasing groundbreaking technologies from the GCC and worldwide and facilitated communication and knowledge exchange among major stakeholders, including oil & gas producers, power generators, and energy sector members, to enhance materials, metals, equipment, and corrosion management practices. The event also featured presentations and discussions led by experts in material & equipment design, standards, corrosion & coating, and asset integrity practices, offering a new perspective on technology and engineering expertise in heavy industries across the GCC. In addition, it presented the latest innovations and best practices, setting new benchmarks in cost-effective solutions for the industry.

The event also witnessed two conferences spanning across three days. While one conference focused on steel & non-metallic materials, the second delved into the realms of corrosion & coatings. Both conferences ran in tandem, offering a comprehensive exploration of these vital topics.


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