North Africa & the Mediterranean’s Largest Oil and Gas Conference Returns to Egypt in February 2019
Cairo, Egypt, 23 January 2019 – The Egypt Petroleum Show (EGYPS) returns with its third annual flagship strategic conference this February, kick-starting the opening of the Show on Monday 11 February, 2019 at the Egypt International Exhibition and Conference Center (EIEC). Held under the patronage of the Egyptian President Abdel Fattah El Sisi and with the support of the Ministry of Petroleum and Mineral Resources, the central theme for EGYPS is "North Africa and the Mediterranean's Journey in Delivering the Energy Needs of Tomorrow".
This year’s Show has expanded bringing with it a highly-anticipated and enhanced programme. “As the oil and gas market in Egypt continues to progress we continue to receive overwhelming international interest enabling the Egypt Petroleum Show to remain relevant and central to providing high-level knowledge exchange to discuss commercial opportunities across the region and facilitate business partnerships and collaboration between leading NOCs and IOCs and industry stakeholders,” said Jean Phillipe Cossé, Vice President of dmg events, organisers of EGYPS.
With more than 20 panel discussions, presentations, strategic roundtables, and investment and finance briefings, the 2019 agenda covers the entire value chain. More than 30 speakers, including thought leaders and high-level decision makers will participate in robust discussions on new oil and gas discoveries, investments, downstream diversification and integration, data-driven operations, and digital innovations through to human capital and talent management.
The first day of the conference will feature a ministerial session on fostering collaboration between nations to secure energy accessibility, efficiency and sustainability, serving as a platform to discuss critical actions required from governments to develop global security of supply and harness disruptive technologies to create social value. The session assumes significance given that Egypt plays a pivotal role in establishing much needed energy infrastructure to secure greater production levels in the region. The North African country is planning to export liquefied natural gas (LNG) to Europe following massive discoveries in recent years, including the largest gas field in the Mediterranean, Zohr, ensuring energy security and to achieve gas self-sufficiency.
Senior level representatives including His Excellency Mohammad Sanusi Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC), His Excellency Dr Xiansheng Sun, Secretary General, International Energy Forum (IEF) and His Excellency Abbas Al Naqi, Secretary General, Organisation of Arab Petroleum Exporting Countries (OAPEC) and Dr Houda Ben Jannet Allal, General Director, Observatoire Méditerranéen de l'Energie (OME) will also discuss critical industry topics, such as the rebalance of global markets and reinventing global trading routes. Day one will further feature three global business leader sessions with speakers including Patrick Pouyanné, Chairman and CEO, Total, Bob Dudley, CEO, BP, Marco Alverà, CEO, Snam, and Russell Hardy, Group CEO, Vitol. Global business leaders will share their insights on creating open gas markets, moving towards cleaner-burning fuels, and capitalising on the new era of digitalisation. Moreover, a series of parallel strategic roundtables will take place on the eve of the first day to examine opportunities within North Africa and the Mediterranean region’s oil and gas industries, promote collaboration, and share knowledge.
Day two of the conference will feature five leadership panels, which focus on creating a sustainable energy mix and adopting data driven initiatives. Industry leaders will share insights on European supply cooperation agreements, the progress of new infrastructure and pipelines that support the European Union’s mission to diversify its energy supply. Speakers include Josephine Wapakabulo, CEO, Uganda National Oil Company, Ali Al Jarwan, CEO, Dragon Oil, Nick Boyle, CEO, Lightsource BP, Mathios Rigas, CEO, Energean, Mahdjouba Belaifa, Head Gas Market Analysis Department (GMAD), Gas Exporting Countries Forum Secretariat (GECF), Dr Patrick Allman Ward, CEO, Dana Gas, Stefano Cao, CEO, Saipem, and Dr Symeon Kassianides, Executive Chairman, Natural Gas Public Company (DEFA), Cyprus.
The second day of the conference will also include two investment and finance briefings. Government representatives, NOCs, IOCs, local operators, local and international banks and private equity firms will convene and share insights to unlock project finance and create investment opportunities in the global oil and gas industry. Key panellists include Panos Banos, Chief Financial Officer, Energean, Alan Haywood, CEO Global Energy Trading, BP and Tameer Nasser, Chief Financial Officer – North Africa, Baker Hughes, a GE Company.
The Strategic Conference will be held as part of the third edition of the Egypt Petroleum Show (EGYPS), North Africa and the Mediterranean’s largest specialised event, which is expected to attract over 20,000 attendees from more than 40 countries.
For more information, visit - www.egyps.com
Something interesting to share?
Join NrgEdge and create your own NrgBuzz today
The UK has just designated the Persian Gulf as a level 3 risk for its ships – the highest level possible threat for British vessel traffic – as the confrontation between Iran with the US and its allies escalated. The strategically-important bit of water - and in particular the narrow Strait of Hormuz – is boiling over, and it seems as if full-blown military confrontation is inevitable.
The risk assessment comes as the British warship HMS Montrose had to escort the BP oil tanker British Heritage out of the Persian Gulf into the Indian Ocean from being blocked by Iranian vessels. The risk is particularly acute as Iran is spoiling for a fight after the Royal Marines seized the Iranian crude supertanker Grace-1 in Gibraltar on suspicions that it was violating sanctions by sending crude to war-torn Syria. Tensions over the Gibraltar seizure kept the British Heritage tanker in ‘safe’ Saudi Arabian waters for almost a week after making a U-turn from the Basrah oil terminal in Iraq on fears of Iranian reprisals, until the HMW Montrose came to its rescue. Iran’s Revolutionary Guard Corps have warned of further ‘reciprocation’ even as it denied the British Heritage incident ever occurred.
This is just the latest in a series of events around Iran that is rattling the oil world. Since the waivers on exports of Iranian crude by the USA expired in early May, there were four sabotage attacks on oil tankers in the region and two additional attacks in June, all near the major bunkering hub of Fujairah. Increased US military presence resulted in Iran downing an American drone, which almost led to a full-blown conflict were it not for a last-minute U-turn by President Donald Trump. Reports suggest that Iran’s Revolutionary Guard Corps have moved military equipment to its southern coast surrounding the narrow Strait of Hormuz, which is 39km at its narrowest. Up to a third of all seaborne petroleum trade passes through this chokepoint and while Iran would most likely overrun by US-led forces eventually if war breaks out, it could cause a major amount of damage in a little amount of time.
The risk has already driven up oil prices. While a risk premium has already been applied to current oil prices, some analysts are suggesting that further major spikes in crude oil prices could be incoming if Iran manages to close the Strait of Hormuz for an extended period of time. While international crude oil stocks will buffer any short-term impediment, if the Strait is closed for more than two weeks, crude oil prices could jump above US$100/b. If the Strait is closed for an extended period of time – and if the world has run down on its spare crude capacity – then prices could jump as high as US$325/b, according to a study conducted by the King Abdullah Petroleum Studies and Research Centre in Riyadh. This hasn’t happened yet, but the impact is already being felt beyond crude prices: insurance premiums for ships sailing to and fro the Persian Gulf rose tenfold in June, while the insurance-advice group Joint War Committee has designated the waters as a ‘Listed Area’, the highest risk classification on the scale. VLCC rates for trips in the Persian Gulf have also slipped, with traders cagey about sending ships into the potential conflict zone.
This will continue, as there is no end-game in sight for the Iranian issue. With the USA vague on what its eventual goals are and Iran in an aggressive mood at perceived injustice, the situation could explode in war or stay on steady heat for a longer while. Either way, this will have a major impact on the global crude markets. The boiling point has not been reached yet, but the waters of the Strait of Hormuz are certainly simmering.
The Strait of Hormuz:
Headline crude prices for the week beginning 8 July 2019 – Brent: US$64/b; WTI: US$57/b
Headlines of the week
Utility-scale battery storage units (units of one megawatt (MW) or greater power capacity) are a newer electric power resource, and their use has been growing in recent years. Operating utility-scale battery storage power capacity has more than quadrupled from the end of 2014 (214 MW) through March 2019 (899 MW). Assuming currently planned additions are completed and no current operating capacity is retired, utility-scale battery storage power capacity could exceed 2,500 MW by 2023.
EIA's Annual Electric Generator Report (Form EIA-860) collects data on the status of existing utility-scale battery storage units in the United States, along with proposed utility-scale battery storage projects scheduled for initial commercial operation within the next five years. The monthly version of this survey, the Preliminary Monthly Electric Generator Inventory (Form EIA-860M), collects the updated status of any projects scheduled to come online within the next 12 months.
Growth in utility-scale battery installations is the result of supportive state-level energy storage policies and the Federal Energy Regulatory Commission’s Order 841 that directs power system operators to allow utility-scale battery systems to engage in their wholesale energy, capacity, and ancillary services markets. In addition, pairing utility-scale battery storage with intermittent renewable resources, such as wind and solar, has become increasingly competitive compared with traditional generation options.
The two largest operating utility-scale battery storage sites in the United States as of March 2019 provide 40 MW of power capacity each: the Golden Valley Electric Association’s battery energy storage system in Alaska and the Vista Energy storage system in California. In the United States, 16 operating battery storage sites have an installed power capacity of 20 MW or greater. Of the 899 MW of installed operating battery storage reported by states as of March 2019, California, Illinois, and Texas account for a little less than half of that storage capacity.
In the first quarter of 2019, 60 MW of utility-scale battery storage power capacity came online, and an additional 108 MW of installed capacity will likely become operational by the end of the year. Of these planned 2019 installations, the largest is the Top Gun Energy Storage facility in California with 30 MW of installed capacity.
As of March 2019, the total utility-scale battery storage power capacity planned to come online through 2023 is 1,623 MW. If these planned facilities come online as scheduled, total U.S. utility-scale battery storage power capacity would nearly triple by the end of 2023. Additional capacity beyond what has already been reported may also be added as future operational dates approach.
Of all planned battery storage projects reported on Form EIA-860M, the largest two sites account for 725 MW and are planned to start commercial operation in 2021. The largest of these planned sites is the Manatee Solar Energy Center in Parrish, Florida. With a capacity of 409 MW, this project will be the largest solar-powered battery system in the world and will store energy from a nearby Florida Power and Light solar plant in Manatee County.
The second-largest planned utility-scale battery storage facility is the Helix Ravenswood facility located in Queens, New York. The site is planned to be developed in three stages and will have a total capacity of 316 MW.