Written by: Basant El-Farmawy
The Mediterranean Petroleum Conference and Exhibition concluded its activities after three days of intensive strategic and technical discussions, with wide participation from leaders and experts in the oil, gas, and energy industry, as the outcomes focused on the necessity of accelerating exploration activities, developing new discoveries, and increasing production.
The final statement of the conference, which was held under the theme of supporting energy security in the Mediterranean region, emphasized the importance of transforming visions and discussions into actionable projects that contribute to attracting investments and strengthening partnerships with major global companies.
Six main axes for developing the energy sector
The list of recommendations was topped by six strategic axes aimed at developing the oil and gas industry, primarily accelerating research and exploration activities and linking new discoveries to production in the shortest possible time, and maximizing the utilization of aging fields by applying modern technologies and improving reservoir management.
The second axis included continuing to develop the investment climate and updating contractual models to enhance the competitiveness of available opportunities, while the third axis focused on strengthening Egypt's position as a regional center for energy trade and circulation by leveraging advanced infrastructure and gas transport and liquefaction networks.
Modern technology and empowering young cadres
The conference activities witnessed a special focus on employing artificial intelligence and digital transformation at the forefront of technological development, as participants called for expanding the use of advanced analytics in exploration, reservoir assessment, improving operational planning, and enhancing cybersecurity.
Regarding safety and sustainability, the recommendations called for increasing operational efficiency and reducing costs and emissions while adhering to environmental conservation standards, in addition to supporting local manufacturing and developing supply chains.
The recommendations concluded by focusing on empowering youth and developing technical and university education to keep pace with the requirements of the future of the energy industry, by enhancing direct communication between students and companies and linking educational programs to the actual needs of the labor market.
