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.
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When asked in December about the projected slowdown in American shale output, the new US Energy Secretary shrugged off the notion, describing it as a mere ‘pause’. Blaming the expected slowdown to the ‘natural adjustments’ of oil and gas prices instead of a structural decline in production, Dan Brouilette is painting a rosy picture of US shale – where riches still lie underneath, waiting for the right price to be extracted. Of course he would paint such a picture. Brouilette is the new Energy Secretary, replacing Rick Perry. He couldn’t come in on a message of doom and gloom. But his pretty picture isn’t accurate either.
Schlumberger just posted a US$10 billion loss for the full year 2019, despite relatively flat y-o-y revenues. CEO Oliver Le Peuch called its international performance ‘positive’, but blamed ‘land market weakness’ causing a sharp decline in North American revenues and profits. Land market is code word for shale, and Schlumberger isn’t the only one facing problems. Halliburton announced a loss of US$1.1 billion in 2019, taking a US$2.2 billion charge on weakening US shale activity as North American revenue for Halliburton fell by 21% in 4Q19 and 18% for the whole year. While its results managed to beat analyst predictions – already stung by Schlumberger’s results – Halliburton doesn’t expect things to get rosier either, signalling that it expected ‘customer spending’ in North America to be down again in 2020.
And it isn’t just service companies suffering. US supermajor Chevron booked a US$11 billion write-down on a collection of assets in its latest set of financials, including on a major deepwater project in the Gulf of Mexico, the Kitimat LNG project in Canada and onshore Appalachian shale assets. Taken as a whole, the total impairment might coming from Chevron’s lowered forecast for oil and gas prices to the US$55-60/b range for 2020, but that shale was singled out is a major factor. And Chevron isn’t the only one. BP, Repsol and even ExxonMobil are expecting weakness. Only Shell and Total, who haven’t devoted as much attention to US shale, particularly the Permian, have been relatively insulated.
Why is this happening? There are two different factors operating. From a producers’ standpoint, the rising tide of US shale output is contributing to weakening global prices for oil – and that has a lot to do with the debt burden of existing US shale players, who have to keep drilling to pay off loans. Added conventional production coming online from Guyana, Brazil and Norway at the same time aren’t helping with prices either, despite OPEC+’s best intentions. From a service company’s perspective, firms like Schlumberger and Halliburton derive their revenue from drilling activity, not drilling output. And US drilling activity has dropped steeply over the past year, currently down by over 250 rigs according to the Baker Hughes weekly rig count. Much of this is onshore, principally in the Permian but also in other basins, as the once nimble and dynamic drillers are forced to stop activity either through bankruptcy or to shut shop temporarily as crude prices fall to uneconomical levels.
The US EIA has issued a new forecast, predicting that US shale output will slow down to a 1.1 mmb/d gain over 2020. That’s still optimistic, taking total US production to 13.3 mmb/d. In 2021, however, the EIA think output growth will fall even further, to an annual gain of just 400,000 b/d. Implicit to that forecast is that the EIA expects prices to remain subdued over the new two years, because shale drillers would respond to higher prices with increased drilling. There is also production structure to consider. Shale well produce immediate results, but show steep declines after. From 2012 to 2019, the amount of drilled but uncompleted (DUCs) wells – ie. wells that can be exploited within a short time frame – grew and grew; in the last 9 months, the glut of DUCs has shrunk – suggested that the industry is not drilling new wells as fast as they are completing already-drilled. Drilling activity has declined, and the chronic decline in the Baker Hughes active rig count – 18 of the last 21 weeks showed a net loss of rigs – is just proof of that.
It may not be the picture that Dan Brouilette wants to paint, but it is reality. The shale slowdown is real. It is also true that shale activity would increase if prices rose to more viable levels – say the US$65-70/b range – but let’s be honest, what are the odds of that happening when shale itself is the cause of weakening prices.
Nagman has diversified into dealing with Flow meters or Instruments viz Electro-Magnetic Flow Meters, Coriolis Mass Flow Meter, Positive Displacement Flow Meter, Vortex Flow Meter, Turbine Flow Meter, Ultrasonic Flow Meter.
Electro-Magnetic Flow Meter:
Size : DN 3 to DN 3000 mm
Flow Velocity : 0.5 m/s to 15 m/s
Accuracy : ±0.5%, ±0.2% of Reading
Coriolis Mass Flow Meter:
Size : DN8~DN300
Flow Range : 8 to 2500000 Kg/hr (for liquids)
4 to 2500000 Kg/hr (for gases)
Accuracy : 0.1% 0.2% 0.5% of Normal Flow Range
Positive Displacement Flow Meter:
Size : DN 15 ~ DN 400
Max. Flow Range : 0.3 m3/hr to 1800 m3/hr
(Will vary based on the measured media & temperature)
Accuracy : 0.1% 0.2% 0.5%
Vortex Flow Meter:
Size : DN 25 to DN 300
Flow Range : 1.3 m3/hr to 2000 m3/hr (Water)
8.0 m3/hr to 10000 m3/hr (Air)
Accuracy : ±1.0% of Reading
Turbine Flow Meter:
Size : DN 4 to DN 200
Flow Range : 0.02 m3 /hr to 680 m3 /hr
Accuracy : 1.0% or 0.5% of Rate
Ultrasonic Flow Meter:
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Accuracy : ±1% of Reading at rates > 0.2 mps
Measuring Range : DN 15 – DN 6000
In its Short-Term Energy Outlook (STEO), released on January 14, the U.S. Energy Information Administration (EIA) forecasts that U.S. natural gas exports will exceed natural gas imports by an average 7.3 billion cubic feet per day (Bcf/d) in 2020 (2.0 Bcf/d higher than in 2019) and 8.9 Bcf/d in 2021. Growth in U.S. net exports is led primarily by increases in liquefied natural gas (LNG) exports and pipeline exports to Mexico. Net natural gas exports more than doubled in 2019, compared with 2018, and EIA expects that they will almost double again by 2021 from 2019 levels.
The United States trades natural gas by pipeline with Canada and Mexico and as LNG with dozens of countries. Historically, the United States has imported more natural gas than it exports by pipeline from Canada. In contrast, the United States has been a net exporter of natural gas by pipeline to Mexico. The United States has been a net exporter of LNG since 2016 and delivers LNG to more than 30 countries.
In 2019, growth in demand for U.S. natural gas exports exceeded growth in natural gas consumption in the U.S. electric power sector. Natural gas deliveries to U.S. LNG export facilities and by pipeline to Mexico accounted for 12% of dry natural gas production in 2019. EIA forecasts these deliveries to account for an increasingly larger share through 2021 as new LNG facilities are placed in service and new pipelines in Mexico that connect to U.S. export pipelines begin operations.
Net U.S. natural gas imports from Canada have steadily declined in the past four years as new supplies from Appalachia into the Midwestern states have displaced some pipeline imports from Canada. U.S. pipeline exports to Canada have increased since 2018 when the NEXUS pipeline and Phase 2 of the Rover pipeline entered service. Overall, EIA projects the United States will remain a net natural gas importer from Canada through 2050.
U.S. pipeline exports to Mexico increased following expansions of cross-border pipeline capacity, averaging 5.1 Bcf/d from January through October 2019, 0.5 Bcf/d more than the 2018 annual average, according to EIA’s Natural Gas Monthly. The increase in exports was primarily the result of increased flows on the newly commissioned Sur de Texas–Tuxpan pipeline in Mexico, which transports natural gas from Texas to the southern Mexican state of Veracruz. Several new pipelines in Mexico that were scheduled to come online in 2019 were delayed are expected to enter service in 2020:
U.S. LNG exports averaged 5 Bcf/d in 2019, 2 Bcf/d more than in 2018, as a result of several new facilities that placed their first trains in service. This year, several new liquefaction units (referred to as trains) are scheduled to be placed in service:
In 2021, the third train at the Corpus Christi facility in Texas is scheduled to come online, bringing the total U.S. liquefaction capacity to 10.2 Bcf/d (baseload) and 10.8 Bcf/d (peak). EIA expects LNG exports to continue to grow and average 6.5 Bcf/d in 2020 and 7.7 Bcf/d in 2021, as facilities gradually ramp up to full production.
Source: U.S. Energy Information Administration, Natural Gas Monthly