The inauguration of Egypt Petroleum Show’s (EGYPS 2023) sixth edition was honoured with the presence of Egyptian President Abdel Fattah El Sisi who affirmed the importance of the East Mediterranean Gas Forum (EMGF) and Egypt’s efforts to create stability in oil and gas markets.
“The effort [that Egypt] exerts in cooperation with exploration and production companies is a critical element which assists the EMGF in playing its role in mitigating the effects of the [energy] crisis and securing the demand for gas in Europe in the coming period,” El Sisi said. “More discoveries, whether in Lebanon, Israel, Egypt or any other country, can provide gas to Europe and hence relieve the demand and pressure created by the Russia-Ukraine conflict [on global energy markets].”
Under the patronage of the Egyptian President, EGYPS 2023 kicked off to a vibrant and stimulating start with emphasis on this year’s theme ‘North Africa and the Mediterranean: Supporting Sustainable Global Energy Supply and Demand’.
In his speech during EGYPS 2023 opening, the Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla elaborated further on the importance of this significant occasion. “This edition, under the theme of ‘North Africa and the Mediterranean: Supporting Sustainable Global Energy Supply and Demand’ comes at a critical time as global communities face a wide range of challenges, the consequences of which have affected the whole world, including Egypt.”
“In an effort to mitigate the impact of these challenges and work to transform them into opportunities that support the Egyptian economy, the sector has worked to exploit the advantages that Egypt enjoys in overcoming the energy crisis,” El Molla added.
El Molla also took advantage of this joyous occasion to announce that next year’s edition of the show will be rebranded as Egypt Energy Show (EGYPES). “Starting from the upcoming edition, the conference will become Egypt Energy Show (EGYPES), allowing for the expansion of the conference and exhibition topics to include issues of energy transition, emissions reduction, and hydrogen to keep pace with the rapid global changes in the energy sector.”
dmg events President Christopher Hudson also delivered opening remarks saying: “This year’s Egypt Petroleum Show is our largest to date. We have 280 speakers across a range of conferences, 500+ exhibitors and 12 international country pavilions. We are anticipating to welcome over 32,000 attendees from more than 70 countries over the next three days to engage in dialogue, build partnerships and advance business opportunities at the local, regional and international levels, harnessing Egypt’s position as a strategic global energy hub.”
In a keynote address by Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), talked about the organisation’s commitment to the market “OPEC remains committed to supporting oil market stability. OPEC also remains committed to investment in order to meet rising demand and reduce the industry’s carbon footprint.”
Al Ghais highlighted the importance of Egypt’s contribution to stabilizing petroleum markets. “Egypt has been a supporter of the Declaration of Cooperation which has been recognized by the G20 and leading consumer countries for its constructive and positive role in supporting global oil market stability.” Moreover, Al Ghais commented on global oil demand noting that “[OPEC’s] latest forecast shows that oil demand is on course to exceed pre-pandemic levels this year, reaching almost 102 million barrels a day and further rising to reach 110 million barrels a day by 2045.”
The EGYPS 2022 opening witnessed a panel discussion between President El Sisi, Minister El Molla, Secretary General of the International Energy Forum (IEF) Joseph McMonigle; bp’s CEO Bernard Looney, and Apache Corporation’s CEO John Christmann.
El Molla talked about how to deepen international cooperation in the coming period. The Egyptian minister pointed out how the past crisis, COVID and the Russian-Ukrainian war, shed light on energy security challenges. “The recent [global] events revealed that several measures should have been taken that were not complete at the time of the crisis. These include the value of investments that should contribute to energy transition and decarbonisation,” adding that the crisis showed the necessity for injecting “big investments into technologies for energy transition, while [ensuring] sustainability in parallel.”
Looney agreed, stating that “the events of last year taught us that [the world] needs energy transition, and it needs the energy transition to be orderly.”
Christmann offered an optimistic outlook on demand in the energy sector for the years to come saying, “We see good long-term demand. Let’s not forget that 10% of the world’s population still needs access to reliable, affordable energy. In Egypt, a big part of our portfolio, we have increased investments based on the vision of His Excellency President Abdel Fattah El Sisi and Minister Tarek El Molla to modernize Egypt. It has given us a platform to triple our investments.”
Echoing the importance of oil in energy markets, International Energy Forum (IEF) Secretary General Joseph McMonigle asserted that the global oil industry is in dire need of more investments to maintain market stability. “Until we address this underinvestment problem, I am afraid the new normal is going to be high prices and volatility.”
The conference witnessed the participation of leaders of major international energy organizations, led by OPEC, the International Energy Agency (IEA), the Eastern Mediterranean Gas Forum (EMGF), the Organization of Arab Petroleum Exporting Countries (OAPEC), the African Petroleum Producers’ Organization (APPO), the Union for the Mediterranean (UFM), the Mediterranean Energy Observatory (OME), the International Energy Forum (IEF), the International Gas Union (IGU), the International Association of Oil & Gas Producers (IOGP), the African Energy Commission (AFREC), and the World Energy Forum.
In all of its editions, EGYPS has enjoyed remarkable success in bringing energy leaders together and standing out as one of the most prominent oil and gas events in the Mediterranean region and North Africa.