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"Oil and gas exploration in the Red Sea still goes ahead" Red Sea Oil
& Gas 2015 Summit, 23rd-24th February, Dubai
March 14, 2015 6:01 AM EDT
London (PRWEB UK) 14 March 2015
Chaired by the General Manager of the General Petroleum Company of
Egypt (GPC), Dr. Tarek Hamed, the first day of the Summit began with
Ganope's (Ganoub El-Wadi Petroleum Holding Company) Chairman, Abubakr
Ibrahim, presenting the company's Red Sea and Upper Egypt future
plans. Being one of the five entities of the Petroleum Ministry of
Egypt, GANOPE just extended the deadline for the 2014 International
Bid Round for two additional months to the end of May, with 6 out of
the 10 blocks on offer located at Egypt's Red Sea region. Abubakr
Ibrahim gave a thorough overview of the geology and the potential for
each one of the offered blocks and revealed that long-term, the
company plans to issue multi-client projects.
Dr. Tarek Hamed gave an insightful presentation on the Red Sea
exploration and discoveries in Egypt, Saudi Arabia, Sudan, Yemen and
Eritrea, explaining the petroleum system and offering delegates a
review of the discovery potential in each area, based on the geology
of the grounds.
Given that Eritrea is one of the most underexplored countries in the
world, the Head of Energy & Hydrocarbons of the Ministry of Energy &
Mines of Eritrea, Teklehamanot Debretsion, presented conclusive
evidence for the existence of a hydrocarbon generating system in
Eritrea's Red Sea. This part of Red Sea has attracted interest from
1920's when Agip started drilling a few shallow wells, following
which, a number of undeveloped discoveries have been made in
consequent years. There is a wide range of seismic data available for
Eritrea's Red Sea and with the stability of the political environment
in recent years, renewed oil investment is underway. The Government
has prioritised the petroleum sector as part of the country's economic
development, revising two laws and giving additional incentives to oil
companies with the royalty tax being negotiable as part of every
contract with a sliding scale of daily production.
Oyster Oil & Gas Limited was the first oil company to operate under
the new petroleum system in Djibouti, and their Vice President, Colin
Wilson, shed light to the question of whether Djibouti is a
considerable oil and gas player in the Red Sea. Oyster operates four
blocks in Djibouti and one in Madagascar. Colin Wilson stated that the
company's assets in Djibouti are described as ones with high
potential, as their blocks are located between two successful
hydrocarbon rift plays and the northern extension of their offshore
blocks has been producing oil and gas for 50 years. The company has
managed to reduce the exploration risk and therefore will be able to
soon start drilling.
When it comes to Somalia which is an established oil producer amongst
the countries of the Red Sea, the Government recently adopted a
production sharing agreement to facilitate investments, showing the
political stability in the country despite the recent Government
change. As part of the East African Indian Ocean Margin, which became
an oil and gas hotspot in the past decade, Somalia's hydrocarbon
potential is of great interest to the oil industry and Dr Hussein Ali
Ahmed, Petroleum Management Director within the Ministry of Petroleum
in Somalia, presented the facts. Dr Ali Abdullahi, CEO of Amsas
Consulting followed his presentation, giving an overview of the
opportunities and challenges in Somalia's E&P.
The second day of the Summit was chaired by Marek Al Refai, General
Director of Al Hakmah Management Consultancies, and opened with a
presentation led by the Director of Petroleum within the Ministry of
Energy & Mineral Resources of Jordan, Hazem Al Ramini, who presented
on the current developments and opportunities within the shale oil and
gas sector in Jordan. Jamal M Ali, General Manager of Al Janoub for
Oil Shale in Jordan followed with his presentation, sharing the
methods and processes used for unconventional E&P by their company
with delegates.
The Head of Petroleum Operations at Yemen's Oil & Gas Corporation,
Ibrahim Al Kadhi, then gave an overview of the hydrocarbon potential
in the country, highlighting that there are 69 available blocks
currently open for licensing.
Other highlights of the two-day agenda included a panel discussion on
how the Governments' plan to facilitate investments in the Red Sea
countries, and sessions on best options for oil companies to expand
commercially within the Red Sea countries; Sudan's potential for oil
recovery; how to enhance the exploration process given the new
conditions of the oil market and the innovation programming for
geoscience growth in MENA.
Amongst the delegation were senior executives from Eni E&P, Kuwait
Energy, RWE Dea, KUFPEC, TransGlobe Egypt, Kuwait Petroleum
Corporation, Hunt Oil, ION Geophysical, Greensand Exploration and
others. The Society of Exploration Geophysics, the Middle East
Association, the international gas association Cedigaz and the Society
for Gas as a Marine Fuel were supporters of this high profile forum.
More information about the Red Sea Oil & Gas 2015 Summit is available
on
http://www.redseasummit.com while documentation is available for
purchase for those who were not able to attend.
Received on Sat Mar 14 2015 - 16:03:05 EDT