President Abdel-Fattah El-Sisi inaugurated on Monday the second edition of the Egypt Petroleum Show (EGYPS), which brings together oil and gas industry executives and policy makers to showcase investment opportunities in the country.
The conference, which runs until Wednesday, is part of the petroleum ministry’s wider oil and gas development strategy.
EGYPS is hosting 400 exhibiting companies and 11 country pavilions from countries that including Bahrain, China, France, Germany, Italy, Norway, Russia, Scotland, United Arab Emirates, United Kingdom and the United States.
The platform will feature success stories and the government reforms and policies undertaken to enable them, Petroleum Minister Tarek El-Molla said, according to state-run MENA news agency.
Egypt’s industry witnessed four “successes” last year, with the addition of over 1.6 billion cubic feet of gas produced from Nooros, Atoll, Zohr, and North Alexandria, Minister El-Molla said, in addition to a new law regulating the natural gas market.
The first day of the conference featured presentations on outlook and analysis of emerging global trends, enhancing strategic partnerships by global upstream leaders, and growth in downstream refining and the petrochemical sector.
Day two will showcase the potential for Egypt’s oil and gas industry, discussing successful regional partnerships, competitiveness in the MENA region, and innovation in the country’s industry.
Speakers include oil and gas company representatives Eni CEO Claudio Descalzi, BP Group Chief Executive Bob Dudley; Hellenic Petroleum CEO Grigoris Stergioulis, NOC Libya Board Chairman Mustafa Sanalla, and Lorenzo Simonelli, Chairman and CEO of Baker Hughes, a GE subsidiary.
The conference reflects the attention Egypt pays to the petroleum industries, Mohammed Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), said in his speech.
Barkindo praised Egypt’s leading role in OPEC, stressing the importance of cooperation between member and non-member oil producing companies.
Global oil production increased significantly to reach 100 million barrels per day in 2018, a target initially set for 2019, according to Barkindo.
The Zohr, North Alexandria and Nooros gas fields are expected to increase Egypt’s natural gas production by 50 percent this year and 100 percent in 2020, Egypt’s petroleum ministry announced last July.
Egypt expects to reach natural gas self-sufficiency by the end of 2018, the ministry said.