Last Updated: February 6, 2018
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EGYPS 2018 Highlights Industry Achievements and Brings Together Global Key Players in North Africa’s largest Oil and Gas Exhibition and Conference

4 February 2018, Cairo - The Egypt Petroleum Show (EGYPS 2018) held under the patronage of H.E. President Abdel Fattah El Sisi, and the auspices of the Ministry of Petroleum and Mineral Resources, is set to take place February 12th – 14th  at the Egypt International Exhibition Center. As the primary platform highlighting Egypt’s substantial progress and ambitious development plans in the oil and gas industry,  the show brings together key ministers, government officials and representatives of major global oil companies as well as local and regional national oil companies, and leading technology and service providers.

Speaking at the pre-show press conference, highlighting its strategic significance and the goals of its proceedings, H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources said, “On the back of the tremendous success achieved by the first edition, we are very optimistic about EGYPS 2018. The show’s diverse participants and attendees and its unique features make us very confident that we are on the right track.  This year has kicked off with a lot of success stories for the oil and gas sector driven by local and international efforts. Our achievements to date span four mega projects. For the first time in years, we have added a capacity of 1.6 billion cubic feet of natural gas. Last week we celebrated the inauguration of Zohr gas field, and in the past months we have issued the new law regulating the gas market – one of the most important laws that will support the growth of the gas sector across all phases. We look forward to strengthening Egypt’s positioning on the global industry map as a serious contender and a regional energy hub.”

The second edition of EGYPS boasts a number of new and significant features, making it the prime destination for key regional and international investors to work hand in hand with the Egyptian government to expand its capabilities. Mr. Christopher Hudson, President dmg events Global Energy, said of EGYPS 2018, “We are very proud to be the Egyptian government’s partner in success for the second year in a row. With the significant developments in the industry and the country over the past 12 months, we see our role as even more crucial in terms of bringing together industry professionals setting up a show that is a strategic industry pillar in Egypt and the region, and which champions diversity and inclusion.”

H.E Eng. Tarek El Molla continued, “EGYPS 2018 could not have come at a better time, opening further avenues to mutual long term cooperation between the Egyptian government and major global industry players. This year EGYPS is set to witness even bigger participation and will effectively showcase our success to the world as well as our plans to continue to strengthen our achievements.”

EGYPS 2018’s opening ceremony features keynote speakers and ministerial and intergovernmental panels and includes some of the region and the world’s most prominent energy ministers and leaders including H.E. Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, H.E. Mustapha Guitouni, Minister of Energy, People’s Democratic Republic of Algeria, H.E. Dr Saleh Ali Hamed Al Kharabsheh, Minister of Energy and Mineral Resources, The Hashemite Kingdom of Jordan, H.E. Gabriel Obiang Lima, Minister of Mines and Hydrocarbons, Equatorial Guinea and H.E. Jabbar Ali Hussein Al Luaibi, Minister of Oil, Republic of Iraq, H. E. David Mahlobo, Minister of Energy, Republic of South Africa, H.E. Mohamed Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC), H.E. Abbas Al Naqi, Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), H.E. Yury Sentyurin, Secretary General, Gas Exporting Countries Forum (GECF),

Among the show’s highlights is “The Strategic Industry Conference”, bringing together a host of Oil & Gas executives including Claudio Descalzi, CEO, Eni, Bob Dudley, Group Chief Executive, BP, Grigoris Stergioulis, CEO, Hellenic Petroleum, Lorenzo Simonelli, Chairman & CEO, Baker Hughes, a GE Company and Mustafa Sanalla, Board Chairman, NOC Libya to name a few.

While the “CEO Strategic Roundtables” focus on the roles upstream, midstream and downstream sectors play in helping the country achieve its sustainable energy development objectives. Equally of note is the “Finance and Investment Lunch Briefing”, connecting government representatives, NOCs and IOCs with local and international banks, and private equity firms.

Continuing on the show’s other features, Hudson added, “the technical conference will run parallel to EGYPS 2018 exhibition, encompassing 31 sessions that cover more than 11 technical disciplines intended to tackle some of the most eminent matters in the energy sector.” Hudson indicated that the convention also includes the “Women in Energy Conference” - and its newly introduced Awards - and the Security and HSE in Energy conference, he said, “ “The Women in Energy” conference and awards reflect the government and industry’s commitment to inclusion and diversity, saluting and recognising the outstanding achievements and contributions of women in the sector. EGYPS 2018 will also feature the newly introduced “Security and HSE in Energy” conference, which comes at a time when the health, safety and security of human resources and infrastructure is more crucial than ever.”

EGYPS 2018 will host over 400 exhibiting companies, 15,000 attendees, 11 country pavilions from major oil producing countries that include Bahrain, China, France, Germany, Italy, Norway, Russia, Scotland, United Arab Emirates, United Kingdom and the United States of America, more than 1,000 conference delegates,  in addition to over 150 expert speakers taking part in over 50 dedicated industry sessions.

Ends  –


For Arabic-speaking media enquiries, please contact:

Asmaa Ghonem|+201005587865 |[email protected]

For English-speaking media enquiries, please contact:

May Badrawy|+201114821005 |[email protected]

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Your Weekly Update: 11 - 15 February 2019

Market Watch

Headline crude prices for the week beginning 11 February 2019 – Brent: US$61/b; WTI: US$52/b

  • Oil prices remains entrenched in their trading ranges, with OPEC’s attempt to control global crude supplies mitigated by increasing concerns over the health of the global economy
  • Warnings, including from The Bank of England, point to a global economic slowdown that could be ‘worse and longer-lasting than first thought’; one of the main variables in this forecast are the trade tensions between the US and China, which show no sign of being solved with President Trump saying he is open to delaying the current deadline of March 1 for trade talks
  • This poorer forecast for global oil demand has offset supply issues flaring up within OPEC, with Libya reporting ongoing fighting at the country’s largest oilfield while the current political crisis in Venezuela could see its crude output drop to 700,000 b/d by 2020
  • The looming new American sanctions on Venezuelan crude has already had concrete results, with US refiner Marathon Petroleum moving to replace Venezuelan crude with similar grades from the Middle East and Latin America
  • While Nicolas Maduro holds on to power, Venezuela’s opposition leader Juan Guaido has promised to scrap requirements that PDVSA keep a controlling stake in domestic oil joint ventures and boost oil production through an open economy when his government-in-power takes over
  • Despite OPEC’s attempts to stabilise crude prices, the US House has advanced the so-called NOPEC bill – which could subject the cartel to antitrust action – to a vote, with a similar bill currently being debated in the US Senate
  • The see-saw pattern in the US active rig count continues; after a net loss of 14 rigs last week, the Baker Hughes rig survey reported a gain of 7 new oil rigs and a loss of 3 gas rigs for a net gain of 4 rigs
  • While demand is a concern, global crude supply remains delicate enough to edge prices up, especially with Saudi Arabia going for deeper-than-expected cuts; this should push Brent up towards US$64/b and WTI towards US$55/b in trading this week


Headlines of the week

Upstream

  • Egypt is looking to introduce a new type of oil and gas contract to attract greater upstream investment into the country, aiming to be ‘less bureaucratic and more efficient’ with faster cost-recovery, ahead of a planned Red Sea bid round encompassing over a dozen concession sites
  • Lukoil has commenced on a new phase at the West Qurna-2 field in Iraq, with 57 production wells planned at the Mishrif and Yamama formation that could boost output by 80,000 boe/d to 480,000 boe/d in 2020
  • Aker BP has hit oil and natural gas flows at well 24/9-14 in the Froskelår Main prospect in the Alvheim area of the Norwergian Continental Shelf
  • Things continue to be rocky for crude producers in Canada’s Alberta province; production limits were increased last week after being previously slashed to curb a growing glut on news that crude storage levels dropped, but now face trouble being transported south as pipelines remain at capacity and crude-by-rail shipments face challenging economics

Midstream & Downstream

  • The Caribbean island of Curacao is now speaking with two new candidates to operate the 335 kb/d Isla refinery after its preferred bidder – said to be Saudi Aramco’s American arm Motiva Enterprises – withdrew from consideration to replace the current operatorship under PDVSA
  • America’s Delta Air Lines is now reportedly looking to sell its oil refinery in Pennsylvania outright, after attempts to sell a partial stake in the 185 kb/d plant failed to attract interest, largely due to its limited geographical position

Natural Gas/LNG

  • Total reports that it has made a new ‘significant’ gas condensate discovery offshore South Africa at the Brulpadda prospect in Block 11B/12B in the Outeniqua Basin, with the Brulpadda-deep well also reporting ‘successful’ flows of natural gas condensate
  • Italy’s Eni and Saudi Arabia’s SABIC have signed a new Joint Development Agreement to collaborate on developing technologies for gas-to-liquids and gas-to-chemicals applications
  • The Rovuma LNG project in Mozambique is charging ahead with development, with Eni looking to contract out subsea operations for the Mamba gas project by mid-March and ExxonMobil choosing its contractor for building the complex’s LNG trains by April
February, 15 2019
SHORT-TERM ENERGY OUTLOOK

Forecast Highlights

Global liquid fuels

  • Brent crude oil spot prices averaged $59 per barrel (b) in January, up $2/b from December 2018 but $10/b lower than the average in January of last year. EIA forecasts Brent spot prices will average $61/b in 2019 and $62/b in 2020, compared with an average of $71/b in 2018. EIA expects that West Texas Intermediate (WTI) crude oil prices will average $8/b lower than Brent prices in the first quarter of 2019 before the discount gradually falls to $4/b in the fourth quarter of 2019 and through 2020.
  • EIA estimates that U.S. crude oil production averaged 12.0 million barrels per day (b/d) in January, up 90,000 b/d from December. EIA forecasts U.S. crude oil production to average 12.4 million b/d in 2019 and 13.2 million b/d in 2020, with most of the growth coming from the Permian region of Texas and New Mexico.
  • Global liquid fuels inventories grew by an estimated 0.5 million b/d in 2018, and EIA expects they will grow by 0.4 million b/d in 2019 and by 0.6 million b/d in 2020.
  • U.S. crude oil and petroleum product net imports are estimated to have fallen from an average of 3.8 million b/d in 2017 to an average of 2.4 million b/d in 2018. EIA forecasts that net imports will continue to fall to an average of 0.9 million b/d in 2019 and to an average net export level of 0.3 million b/d in 2020. In the fourth quarter of 2020, EIA forecasts the United States will be a net exporter of crude oil and petroleum products by about 1.1 million b/d.

Natural gas

  • The Henry Hub natural gas spot price averaged $3.13/million British thermal units (MMBtu) in January, down 91 cents/MMBtu from December. Despite a cold snap in late January, average temperatures for the month were milder than normal in much of the country, which contributed to lower prices. EIA expects strong growth in U.S. natural gas production to put downward pressure on prices in 2019. EIA expects Henry Hub natural gas spot prices to average $2.83/MMBtu in 2019, down 32 cents/MMBtu from the 2018 average. NYMEX futures and options contract values for May 2019 delivery traded during the five-day period ending February 7, 2019, suggest a range of $2.15/MMBtu to $3.30/MMBtu encompasses the market expectation for May 2019 Henry Hub natural gas prices at the 95% confidence level.
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  • EIA estimates that U.S. coal production declined by 21 million short tons (MMst) (3%) in 2018, totaling 754 MMst. EIA expects further declines in coal production of 4% in 2019 and 6% in 2020 because of falling power sector consumption and declines in coal exports. Coal consumed for electricity generation declined by an estimated 4% (27 MMst) in 2018. EIA expects that lower electricity demand, lower natural gas prices, and further retirements of coal-fired capacity will reduce coal consumed for electricity generation by 8% in 2019 and by a further 6% in 2020. Coal exports, which increased by 20% (19 MMst) in 2018, decline by 13% and 8% in 2019 and 2020, respectively, in the forecast.
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U.S. residential electricity price

  • West Texas Intermediate (WTI) crude oil price
  • World liquid fuels production and consumption balance
  • U.S. natural gas prices
  • U.S. residential electricity price
  • West Texas Intermediate (WTI) crude oil price
February, 13 2019