Major players see opportunities in the region despite production cut to comply with OPEC agreement.
The 7th North Africa Petroleum Exhibition & Conferences (NAPEC) to be held from 21-24 March, 2017 in Oran, Algeria, is set to focus on strengthening operational excellence and increasing productivity as the market in North Africa showed signs of stability, despite the production cut to comply with OPEC’s decision.
Building on the extraordinary success of last year’s edition, which attracted more than 25000 visitors, and the signature of thousands of deals; attendees and exhibitors at NAPEC expect to generate more business this year as oil prices stabilized around $50/bbl over the last few months. Major oil field service providers such as GE, Baker Hughes, Siemens, are expected to attend and exhibit during the 3 days event, in addition to the European Association of Geoscientists & Engineers (EAGE).
“As oil prices stabilize, activity will stabilize and improve. The industry focus will move from cost cutting to value/efficiency so technology will become more important as will productivity improvement,” said Dr. Chris Ward, President of the European Association of Geoscientists & Engineers (EAGE).
While oil price changes are cyclical, the recent trends have underlined the need for all operators – across the value chain – to strengthen their operational efficiency and maximize productivity. “That is the biggest opportunity that digital industrial solutions will bring to the oil and gas sector and which will be the big strategic trend for 2017,” said Mr Smail Bouderba, CEO, GE Oil & Gas Algeria.
“Simplifying in many critical areas of the oil and gas industry is happening and our industry is now primed for the next industrial era, which is in digital. We believe opportunity like this can be answered with technology, so we are focused passionately on how we can help solve these difficult challenges,” Bouderba said.
Meanwhile, the recent announcement of OPEC to slash production to reduce a global oversupply of crude, is expected to have a minimum impact on oil production in the North Africa region. “We expect a small reduction of activity to a flat activity and that is due to the requirement to comply with OPEC agreements,” said Mr Salim E-D Mouici, North West Africa Country Director at Baker Hughes.
In addition to the presence of major service companies, the 2017 edition of NAPEC is an ideal platform to explore partnerships and meet with major National Oil Companies (NOCs) such as Algeria’s Sonatrach, Libya’s National Oil Corporation (NOC), Egypt’s EGAS and Tunisia’s ETAP, apart from International Oil Companies (IOCs) such as Repsol, and major service companies. The event will also feature representatives of North Africa energy ministries and regulatory organizations such as Algeria’s ALNAFT.
The trade exhibition at NAPEC will showcase products, services and technologies in the upstream, midstream and downstream sectors, and will be held at the Le Meridien Oran Hotel and Convention Centre from 21-24 March 2017.
(NAPEC Press Release)