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
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Headline crude prices for the week beginning 11 February 2019 – Brent: US$61/b; WTI: US$52/b
Headlines of the week
Midstream & Downstream
Global liquid fuels
Electricity, coal, renewables, and emissions
2018 was a year that started with crude prices at US$62/b and ended at US$46/b. In between those two points, prices had gently risen up to peak of US$80/b as the oil world worried about the impact of new American sanctions on Iran in September before crashing down in the last two months on a rising tide of American production. What did that mean for the financial health of the industry over the last quarter and last year?
Nothing negative, it appears. With the last of the financial results from supermajors released, the world’s largest oil firms reported strong profits for Q418 and blockbuster profits for the full year 2018. Despite the blip in prices, the efforts of the supermajors – along with the rest of the industry – to keep costs in check after being burnt by the 2015 crash has paid off.
ExxonMobil, for example, may have missed analyst expectations for 4Q18 revenue at US$71.9 billion, but reported a better-than-expected net profit of US$6 billion. The latter was down 28% y-o-y, but the Q417 figure included a one-off benefit related to then-implemented US tax reform. Full year net profit was even better – up 5.7% to US$20.8 billion as upstream production rose to 4.01 mmboe/d – allowing ExxonMobil to come close to reclaiming its title of the world’s most profitable oil company.
But for now, that title is still held by Shell, which managed to eclipse ExxonMobil with full year net profits of US$21.4 billion. That’s the best annual results for the Anglo-Dutch firm since 2014; product of the deep and painful cost-cutting measures implemented after. Shell’s gamble in purchasing the BG Group for US$53 billion – which sparked a spat of asset sales to pare down debt – has paid off, with contributions from LNG trading named as a strong contributor to financial performance. Shell’s upstream output for 2018 came in at 3.78 mmb/d and the company is also looking to follow in the footsteps of ExxonMobil, Chevron and BP in the Permian, where it admits its footprint is currently ‘a bit small’.
Shell’s fellow British firm BP also reported its highest profits since 2014, doubling its net profits for the full year 2018 on a 65% jump in 4Q18 profits. It completes a long recovery for the firm, which has struggled since the Deepwater Horizon disaster in 2010, allowing it to focus on the future – specifically US shale through the recent US$10.5 billion purchase of BHP’s Permian assets. Chevron, too, is focusing on onshore shale, as surging Permian output drove full year net profit up by 60.8% and 4Q18 net profit up by 19.9%. Chevron is also increasingly focusing on vertical integration again – to capture the full value of surging Texas crude by expanding its refining facilities in Texas, just as ExxonMobil is doing in Beaumont. French major Total’s figures may have been less impressive in percentage terms – but that it is coming from a higher 2017 base, when it outperformed its bigger supermajor cousins.
So, despite the year ending with crude prices in the doldrums, 2018 seems to be proof of Big Oil’s ability to better weather price downturns after years of discipline. Some of the control is loosening – major upstream investments have either been sanctioned or planned since 2018 – but there is still enough restraint left over to keep the oil industry in the black when trends turn sour.
Supermajor Net Profits for 4Q18 and 2018
- 4Q18 – Net profit US$6 billion (-28%);
- 2018 – Net profit US$20.8 (+5.7%)
- 4Q18 – Net profit US$5.69 billion (+32.3%);
- 2018 – Net profit US$21.4 billion (+36%)
- 4Q18 – Net profit US$3.73 billion (+19.9%);
- 2018 – Net profit US$14.8 billion (+60.8%)
- 4Q18 – Net profit US$3.48 billion (+65%);
- 2018 - Net profit US$12.7 billion (+105%)
- 4Q18 – Net profit US$3.88 billion (+16%);
- 2018 - Net profit US$13.6 billion (+28%)