On the Occasion of the 11th OMC
Your Excellency Fabrizio Matteucci (Fabretsio Mateutche), Mayor of Ravenna
Ladies and Gentlemen,
It's my pleasure to be present here and address this distinguished gathering at the 2013 OMC conference in Ravenna.
Like its sister event MOC of Alexandria Egypt, OMC of Ravenna has become - over the years - a landmark in the world’s petroleum calendar.
OMC is an important gathering for oil and gas experts, executives and decision makers to share ideas, expectations and opportunities.
The Mediterranean; along its history, has witnessed extensive interaction among its surrounding countries in Europe and North Africa. It has always been the central superhighway of transport, trade and cultural exchange among different nations & I believe that our conference today is a token of this interaction and cooperation.
This year's conference is held under the theme “Charting a Course in a Changing Sea”.
This theme is quite significant as the world is witnessing several changes reshaping the global markets. However, in a world full of uncertainties, one thing is certain; aspiration for enhancing standards of living and population growth worldwide will push energy needs higher and higher every day.
The world currently consumes volume equivalent of around 250 million barrels of oil every day from all sources of energy. That’s a stunning amount, and it is still growing.
It is expected that global energy demand will increase by one-third during the coming 20 years, with oil and gas still dominating the energy mix.
This means that the oil and gas industry will have to find more reserves, maximize production, and create more opportunities to afford meeting the growing global energy demand.
This is becoming a more difficult task as the oil and gas industry is facing several challenges both on the global economic and political scene and industry related changes.
The world is witnessing financial hardships, affecting economic growth that will definitely cast doubts on energy demand. Economic hardships coupled with geopolitical risks in several regions are creating a highly volatile and rapidly fluctuating oil market.
Securing reliable and affordable energy will require stable markets that will help to avail adequate investments in the right timing to find and develop required reserves. Governments and Financial institutions must give priorities to finance strategic energy projects.
In addition to the global economic situation, the oil and gas industry is witnessing several changes.
It is a fact that most of the easy-oil and gas have already been discovered. There are as much opportunities today as there ever were, but they are different; more small discoveries and marginal fields, and more potential plays laying in more remote and mature areas as well as deep and ultra-deep waters.
Significant potential hydrocarbon reserves exist in the Mediterranean, but in ultra deep waters and harsh environment requiring advanced technologies and great investments.
To achieve better future, we need to continually develop technologies in all fields of oil & gas industry, ensure competent skilled human resources, and boost cooperation and knowledge exchange among all industry stake holders.
Ladies and Gentlemen
These challenges and changes call for collaborative actions to be adopted by all stakeholders to secure sustainable energy for the future energy needs.
This can only be achieved through strengthening the dialogue and cooperation between producers and consumers. And this event is an excellent platform to enhance this dialogue
I’m confident that this conference will greatly aid in the exchange of knowledge, expertise and technology among oil and gas professionals and companies who always drive the industry forward.
Ladies and Gentlemen
Egypt is witnessing an unprecedented awakening that has opened a new era of boundless aspirations. Our people are looking for long-awaited advancements and better lives.
Realization of these aspirations will need more energy to fuel economic and social development plans. It will also require effective planning to achieve optimum utilization of natural resources and maximizing added value.
On the other hand, we are aware of the challenges facing Egypt due to the current circumstances hindering our endeavors.
Despite these challenges, Egypt still possesses solid grounds for success. Moreover, the petroleum sector was one of the few sectors that weren’t deeply affected during the past period.
I want to seize this opportunity to thank our partners from international oil companies and all our working staff; we couldn’t have achieved this without their efforts and understanding of the current exceptional circumstances.
We count on our partners and look forward for their continued support as we are adamant to pursue the quest to achieve our people’s aspirations.
Though the quest is full of massive challenges and impediments, it is still nourished by unshaken will and persistent determination, and supported by the long-standing cooperation with our partners from multinational companies.
The Ministry of Petroleum is ready to take all necessary steps to further encourage international companies to participate in development of the oil and gas sector.
Ladies and Gentlemen
Once again I emphasize that it is really a pleasure and honor to be here with you today. I hope to continue our efforts together, opening up new opportunities, overcoming challenges and ultimately attaining success. Also, I would like to thank the organizers for their efforts in arranging this important event.
I would like to seize this opportunity to invite you all to the 7th Mediterranean Offshore Conference and Exhibition MOC 2014 that will be held in Egypt in the spring of 2014. Hope to see you all next year in Egypt.
THANK YOU for your attention.