Inauguration of MOC 2014 in Alexandria

Eng. Sherif Ismail, Minister of Petroleum and Mineral Resources inaugurated in Alexandria the 7th Mediterranean Offshore Conference & Exhibition MOC -2014, which was held this year under the slogan " Unlocking the Potentials of the Mediterranean Oil and Gas" for 3 days .

The Conference is accompanied by an exhibition with the participation of 59 local, Arab and international companies, where multiple activities in the fields of oil and gas industry and the latest technologies used in the industry are exhibited.

The minister pointed out that this conference is the seventh in the conferences series which is held in Alexandria, and the fourteenth, which is held alternately between the twin cities the Italian Ravina and Alexandria since April 2000, and it has become a landmark on the agenda of international conferences and one of the most important events that experts in the oil and gas field are keen to attend. In Fact, holding the conference in Egypt represents an important message to the world that the new Egypt, is, currently, working to realize the hopes and aspirations of the people in the provision of a decent life, possesses the key factors for success and it is able to receive and organize global events.

The Conference was attended by Major General, Tariq Mahdi Governor of Alexandria and Eng. Tariq Al-Mulla, Chief Executive of the Egyptian General Petroleum Corporation (EGPC) and Mr. Tighton Ainosnzo President of the Conference Mediterranean countries Italian Ravina- 2015 and heads of international oil companies operating in Egypt and the leaders of the Egyptian Petroleum Sector.

The minister stressed in his opening speech that the Mediterranean has a great potential that will play a crucial role in promoting interaction and economic cooperation among the Mediterranean countries and people encompassing 3 continents for the benefit of our people.

He noted that the target to achieve sustainable economic growth rate of 7% annually, which means energy demand growth rate of 10% and impose further pressure on the energy sector, which is currently facing many challenges. Also, the Ministry of Petroleum has a clear vision to ensure the achievement of those aspirations by working to secure the domestic energy demand and maximize the added value of natural resources and exploit the optimum utilization along with setting national cadres and leaders with high efficiency in the field of oil and gas industry.

The Minister explained that the challenges facing the Petroleum Sector in light of the recent conditions experienced by Egypt is in the gap between supply and demand and declining supplies due to the slowdown in investment research, exploration & production as a result of delayed payment of dues to foreign partners in addition to delays in major gas fields such as north Alexandria gas field development project and the aging of crude oil fields along with the lack of energy mix balance , aging infrastructure and refineries in addition to increasing energy subsidies.

On his part, Mr. Tighton Ainosnzo Chairman of the OMC -2015 Conference to be held next year, stressed that relations between Egypt and Italy are stable and pointed to the important role that Egypt plays the Mediterranean region after the recent discoveries in the region which will contribute to the provision of additional energy supplies to meet growing domestic demand in the region, and explained the importance of research and exploration operations and modern technologies in the exploitation of unconventional energy resources such as oil shale and in the deep-water fields in addition to energy efficiency.

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