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Egypt Participates in Abu Dhabi Petroleum Exhibition

Source: www.gulfoilandgas.com 11/9/2015, Location: Africa

Eng. Tarek El Molla , Minister of Petroleum and Mineral Resources participated in Abu Dhabi International Petroleum Exhibition & Conference ( ADIPEC 2015) which started its proceedings in Abu Dhabi city under the patronage of Sheikh Khalifa Bin Zayed Al Nahyan , President of UAE, with the slogan of “Innovation & Sustainability in A New Energy World“. The panel session comprised Suhail AL Mazroui , UAE Minister of Energy, Dr. Mohamed bin Hamad Al Rumhi, Minister of Oil and Gas in the Sulatnate of Oman , and Mr. Etienne Ngoubou, Gabon’s Minister of Petroleum , Energy & Hydrocarbon.UBIt reviewed 4 important topics: innovation, sustainability, energy and world.

Eng. Tarek El Molla clarified that innovation in energy technology is happening more quickly than expected and it could accelerate economic growth and improve sustainability. He pointed that technological innovation has made it possible to extract fossil fuels from unconventional resources (shale and oil sands), which was considered too difficult and expensive in the past, but now it’s transforming the global energy market, that’s beside the fundamental role innovation has played in the oil and gas industry.

He also mentioned that the Egyptian Ministry of Petroleum is seeking to build up an effective scientific base that would absorb, adapt and assimilate new technological advances, through educational and training systems to produce skilled well-trained man-power in different petroleum activities, that’s in collaboration with major technology providers operating in Egypt to enhance capacity and boost technology transfer. Moreover, to ensure long term energy security and sustainability of global energy system, governments need strong new policies, planned between now and 2030 to confront high increase in energy consumption, change energy mix dominated by fossil fuels and treating CO2 emissions problem.

He also pointed out that the Egyptian government launched the “sustainable development strategy, Egypt’s vision 2030”, which targets 3 main goals; economic development, competitiveness of markets and human capital. Through this strategy, the government seeks to maximize the use of local energy sources – traditional or renewable- and the development of the productive capacity of the energy sector to be more effective in boosting the economy and adapt to the ever-growing changes in the field of energy.

The Minister reviewed that the strategy is based on three main pillars of security, sustainability and sector governance backed up by policy measures and key reforms, of which signing 62 new agreements during the past 2 years with investments of about $15 billion with international companies, in addition to 12 new agreements to be signed in the coming period.

He also mentioned “Zohr”, the latest world class supergiant gas discovery in the deep waters of the Mediterranean, in addition to expanding and upgrading refineries, transmission and distribution infrastructure to address the current supply bottlenecks, as well as developing the petrochemical industry to maximize added value. That’s besides diversifying the energy mix through adopting an integrated plan for a more balanced energy mix in 10 years. As well as starting using coal in the cement industry, under strict environmental regulations. He added that Egypt is currently undergoing a crucial transition, aiming for a paradigm shift to fulfill the aspirations of the Egyptian people seeking to achieve a modern democratic state, economic development and better standards of living. This requires strong government commitment, integrated strategies, solid action plans, huge investments and certainly additional energy resources.

The Minister also discussed the changes in the world oil market and the factors affecting oil demand and supply and how that affect world prices levels.

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