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.
For Arabic-speaking media enquiries, please contact:
Asmaa Ghonem|+201005587865 |[email protected]
For English-speaking media enquiries, please contact:
May Badrawy|+201114821005 |[email protected]
Something interesting to share?
Join NrgEdge and create your own NrgBuzz today
Now that Occidental Petroleum has beaten Chevron to the acquisition of Anadarko Petroleum – and the strategic assets it holds in the prolific Permian Basin – one would think that the deal is cut-and-dry. Not so. The fallout of the massive US$57 billion deal has begun, and it pits one legendary billionaire against another legendary billionaire.
The Occidental purchase of Anadarko had all the signs of a classic takeover battle, swooping in after Chevron and Anadarko’s boards had approved their own US$48 billion deal. It was made only possible by Oxy CEO Vicki Hollub making a quick private plane trip that resulted in a last-minute US$10 billion capital injection from Warren Buffet’s Berkshire Hathaway that was contingent on the Anadarko purchase working. It did. And with the US Federal Trade Commission approving the deal, Anadarko will become part of Occidental by the end of 2019.
But not everyone is happy about the situation. Some investors and shareholders of Occidental believe that it badly overpaid for Anadarko, and were rankled by the deal bypassing a shareholder vote on the matter. The chief critic of this is activist Carl Icahn, who owns a US$1.6 billion stake in Occidental, who slammed it as ‘misguided’ with the CEO and Board ‘betting the company to serve their own agendas’. Icahn has already filed a lawsuit demanding access to Occidental’s books and records, and has just take the fight to a new level.
Last week, Icahn filed regulatory paperwork to call for a special shareholder meeting where he hopes to oust four of Occidental directors and modify the company’s charter through stockholder consent from ever engineering a similar takeover. Icahn wants Spencer Abraham, Eugene Batchelder, Margaret Foran and Avedick Poladian out from the Board, holding them responsible for the ‘fiasco’. He has, of course, nominated his own preferred replacements, including one of his portfolio manager’s Nicholas Graziano, his general counsel Andrew Langham, former Jarden finance chief Alan LeFevre and former president of Shell John Hofmeister. While Icahn has publicly acknowledge that the Anadarko takeover will probably go ahead, his aim is for the new Board to oversee ‘future extraordinary transactions to ensure that they are not consummated without shareholder approval where approval.’
Will it work? Before the proxy fight can go ahead, Icahn must get at least 20% of shareholders to agree to a meeting. That’s a tall order, given that the current crop of directors and Boards were re-elected at the May annual meeting, although with lower support. But there is certainly some appetite, given that Occidental’s stock has dropped nearly 17% since the initial April hostile takeover, reflecting market mood that it had bitten off more than it could chew.
All of this is playing out against a backdrop of pessimism in the Permian. Although the shale revolution had brought American crude production to record highs and sent its crude exports to a new record of 3.3 mmb/d in June, there are now cracks showing. With limited infrastructure, low prices and over-exploitation, the Permian boom is slowing down. Once an investor’s darling, financing has now become far tougher for Permian players, as the high production fall off rate means that companies have to spend more and more money to just maintain production. It’s a situation that is particularly negative for the small, nimble players that powered the initial shale revolution who lack the deep pockets to optimise shale assets over a longer production period. All across the Permian, independent players have lost between 50-100% of their market value, making them ripe for acquisition by majors and supermajors. Deals like the Anadarko one make sense in this context, but with the financial risk increasing, these blockbuster deals may never lead to blockbuster returns. Carl Icahn may not be able win his battle for the Occidental board, but he is certainly making a serious – and very valid - point.
The Occidental-Anadarko deal:
According to the Nigeria National Petroleum Corporation (NNPC), Nigeria has the world’s 9th largest natural gas reserves (192 TCF of gas reserves). As at 2018, Nigeria exported over 1tcf of gas as Liquefied Natural Gas (LNG) to several countries. However domestically, we produce less than 4,000MW of power for over 180million people.
Think about this – imagine every Nigerian holding a 20W light bulb, that’s how much power we generate in Nigeria. In comparison, South Africa generates 42,000MW of power for a population of 57 million. We have the capacity to produce over 2 million Metric Tonnes of fertilizer (primarily urea) per year but we still import fertilizer. The Federal Government’s initiative to rejuvenate the agriculture sector is definitely the right thing to do for our economy, but fertilizer must be readily available to support the industry. Why do we import fertilizer when we have so much gas?
I could go on and on with these statistics, but you can see where I’m going with this so I won’t belabor the point. I will leave you with this mental image: imagine a man that lives with his family on the banks of a river that has fresh, clean water. Rather than collect and use this water directly from the river, he treks over 20km each day to buy bottled water from a company that collects the same water, bottles it and sells to him at a profit. This is the tragedy on Nigeria and it should make us all very sad.
Several indigenous companies like Nestoil were born and grown by the opportunities created by the local and international oil majors – NNPC and its subsidiaries – NGC, NAPIMS, Shell, Mobil, Agip, NDPHC. Nestoil’s main focus is the Engineering Procurement Construction and Commissioning of oil and gas pipelines and flowstations, essentially, infrastructure that supports upstream companies to produce and transport oil and natural gas, as well as and downstream companies to store and move their product. In our 28 years of doing business, we have built over 300km of pipelines of various sizes through the harshest terrain, ranging from dry land to seasonal swamp, to pure swamps, as well as some of the toughest and most volatile and hostile communities in Nigeria. I would be remiss if I do not use this opportunity to say a big thank you to those companies that gave us the opportunity to serve you. The over 2,000 direct staff and over 50,000 indirect staff we employ thank you. We are very grateful for the past opportunities given to us, and look forward to future opportunities that we can get.
Headline crude prices for the week beginning 15 July 2019 – Brent: US$66/b; WTI: US$59/b
Headlines of the week