Vienna Hosts North Africa Oil and Gas Summit
Vienna plays host November 6 through 8 to the seventh annual North Africa oil and gas summit that will provide attendees with the opportunity to share insights on the region’s recent development prospects and a concrete understanding of the available blocks, evolving fiscal and legal frameworks and contractual terms from strategy leaders in the region.
The Summit, to be attended by some 300 delegates, will assess commercial priorities, investment climate, challenges and opportunities for all parties involved in the oil and gas sectors in the North African region.
With the recent oil and gas developments across Libya, Tunisia, Algeria and Morocco, the summit will provide a critical analysis of the region to help international and national oil companies adapt their operations in accordance with the emerging opportunities, the Energy Exchange, which is organizing the event, said in a release.
“The North Africa Oil and Gas Summit is developed in conjunction with, and supported by the major international oil companies operating in the region. Attendees can be sure to receive the latest up-to-date information on the hottest oil and gas topics that are flooding the region,” event director Elodie Huiban said adding that Algeria, Egypt, Libya, Morocco, Mauritania and Tunisia have all confirmed participation in the summit.
According to the organizers, Libya will be one of the prime areas of focus at the conference. With revenue from Libyan oil production reaching US$30.4 billion, a thorough analysis will be provided on whether this is sustainable, especially since earnings from oil exports account for more than 90 per cent of Libya’s income.
Furthermore foreign investment opportunities in Libya will also be discussed as the country’s oil and gas professionals and leaders will explore other avenues of interest, such as hydrocarbon potential, partnerships in operating at all levels in Libya, unlocking more reserves and overcoming technical challenges through the utilization of cutting-edge technologies and innovations.
The collaboration between Morocco and the World Bank and its outcomes will also be discussed at the Summit as the international financial institution is helping the North African country address its most important challenges and is working on a new initiative to underpin economic competitiveness. Speakers will explain the assets making of this country an investment destination, shed light on the current business climate, and give details on latest exploration and production developments.
Investment opportunities in Egypt will also be at the focus of the summit. Egypt has proven gas reserves of 77.1 trillion cubic feet (tcf), according to the US Energy Information Administration. Meanwhile, BP recently announced it would invest US$10 billion in Egypt’s natural gas production. Furthermore, the company’s offshore gas project is expected to add 20 per cent to Egypt’s natural gas production.