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11-13 February 2020 Egypt International Exhibition Center
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DAY THREE
DEBATE ON FUTURE OIL AND GAS OPPORTUNITIES ATTRACTS INDUSTRY LEADERS In the second day of the Egypt Petroleum Show (EGYPS 2020), a very informative strategic conference took place at Al Manara. The conference connected industry leaders from different countries to discuss the updates of the oil and gas industry worldwide. Moreover, the session reviewed both opportunities and challenges facing industry players, especially in Egypt, the East Mediterranean and Africa.
ENERGY TRANSITION The first discussion of the second day of EGYPS 2020 Strategic sessions, entitled "Responding to Energy Transition and the World's Future Energy Mix" covered energy transition, focusing on ways to respond to the transition in the middle of the fluctuating market. The session was moderated by Eithne Treanor, Presenter, EGYPS 2020. The session also witnessed the participation of four prominent panelists talking about the importance of hydrocarbon industries to the global energy mix. The four leaders were Her Excellency Dr. Amani Abou-Zeid, Commissioner of Infrastructure, Energy, ICT and Tourism African Union Commission; Steven Winberg, Assistant Secretary for Fossil Energy US Department of Energy; Dr. Ayed S Al-Qahtani, Director of Research Division at the Organization of the Petroleum Exporting Countries (OPEC); and Pál Ságvári, Ambassador-at-Large for Energy Security Ministry of Foreign Affairs and Trade in Hungary. During the panel, which cast light on energy demand in Africa, Abou-Zeid explained that “Africa will be in a few years the most populous region of the world, and the youngest,” adding that “half a billion people in the continent are going to live in urban areas, that are more than rural areas, from here to 2040. This means an additional demand for energy either for industrial products, mobility, cooling or other things. She also referred tp Africa’s richness with both renewables and non-renewable sources of electricity, adding that “40% of the gas discoveries in the world were in Africa,” during the period from 2011 to 2018. Yet, “more than half of the population, around 600 million people, does not have access to energy.” Therefore, the future of energy is important to be discussed. The panellists highlighted the increasing global energy demand, which recorded a 2.1% increase in 2017, when compared to 2016. The energy leaders talked about ways for countries to ensure meeting their oil and gas commitments in order to feed the needs of the emerging markets. The session also tackled partnerships between oil and gas companies, as well as neighbouring countries to connect producers and consumers in middle of the changeable market and the geopolitical conflicts. Al-Qahtani pointed out the importance of working together to stabilise the market and to decrease volatility. “The declaration of co-operation is not all about prices, but rather more about stabilising the markets to create an investor friendly environment.” As the petrochemical industry is turning into the main source of oil demand, the session discussed petrochemical models (paradigms), drawing the light on the necessary steps to be prioritised in order to have higher productivity capital and to reach a higher position of cost advantage. The panelists further reviewed methods to help the oil and gas industry achieve high profitability and boost returns. “I have not seen one infrastructure getting to FID without the massive support of some kind of public fund and also the massive supportive approach of the European Development Bank,” Ságvári stated commenting on infrastructure projects in Central Europe. Moreover, the panel went on to discussing the future of energy transition, which is the topic of interest in the global energy industries, reviewing emerging changes like electric cars and SUVs, and the future of oil fuelled vehicles, referring to emerging economies role to deal with these changes. Winberg stated his disagreement with “the notion that the world is transitioning away from fossil fuel energy into renewable energy.” Winberg further explained that transition is through technology. “Throughout the world’s history, people have used technology to resolve issues and challenges,” adding that energy transition could be managed through technology to move into clear zero-emission energy age. Continued in page 3 OFFICIAL PUBLICATIONS
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