Media ININ Economy We Trust
Media In / Cairo / Agencies
Egypt’s second International Petroleum Conference and Exhibition (EGYPES 2018) opened today in Cairo, inaugurated by Egyptian President Abdel Fattah Sisi in the presence of OPEC Secretary General Mohamed Barkindo.
In his speech at the opening of the conference, Egyptian Minister of Petroleum Tariq Al-Mulla announced the launch of work on the largest geophysical data collection project of the Egyptian economic water in the Red Sea with investments of more than 750 million dollars, which will contribute to putting this area on Egypt’s investment map for oil and gas, Stressing that “this was not possible without signing the Convention delineation of the maritime border with Saudi Arabia.”
He stressed that the Egyptian oil sector has been able to achieve unprecedented success stories over the past four years, breaking many of the world record rates, noting that these successes added more than 1.6 billion cubic feet per day, representing about 40% of gas production in Egypt at the beginning of the same year.
The Secretary General of the Organization of Petroleum Exporting Countries “OPEC” Mohammed Barkindo increase the rate of growth in energy and its continuation over the coming years, where oil and gas production is expected to increase by 35% until 2040, noting that the oil and gas industry will play an important role In the field of global energy mix in the coming period, which calls for the use of huge investments.
“The year 2017 witnessed a recovery in global economies which reached 3.8 percent, while growth in oil productivity is expected to increase to 1.6 percent to 1 million barrels per day in 2018,” he said in his opening speech today.
He pointed out that oil production has witnessed a significant increase, reaching 100 million barrels per day, and this increase was expected to be achieved in 2019, indicating that investment in petroleum exploration has decreased by 27 percent during 2015-2016, and it is necessary to have stability In the field of petroleum investment and exploration.
