Red Sea Oil & Gas Summit Discusses Opportunities

Red Sea Oil & Gas 2015 Summit
Red Sea Oil & Gas 2015 Summit discusses Eritrea’s under-explored opportunities and potentials

By ANSAmed,

THE first-ever summit for the Red Sea oil and gas sector held Monday and Tuesday in Dubai focused on investment, exploration and energy production opportunities.

A strategic transit point between Asia, Africa and Europe, the coasts between the Suez Canal and the Aqaba Gulf are also rich in hydrocarbons and untapped potential.

The two-day summit noted that Eritrea is one of the least explored countries in the world, and that over the past 50 years only 23 wells had been dug.

Egypt, Sudan, Eritrea, Yemen, Saudi Arabia and Jordan all took part in the summit, which was organized by International Research Networks (IRN).

In addition to discussion on technical aspects, the essential role governments play in fostering investment in enterprises intending to assess productivity of offshore and onshore platforms was highlighted.