Global energy sector needs $644B in investment

The International Energy Forum (IEF) Secretary-General, Joseph McMonigle, has stated that $644 billion worth of investments is required in the energy sector, with an average annual investment of $4.6 billion until 2023. McMonigle has also predicted that the global energy market will experience fluctuations and a significant increase in energy prices.

The Egypt Petroleum Show (EGYPS 2023) commenced on February 13, with Egyptian President Abdel Fattah El-Sisi in attendance. The three-day event, which is being held at the Egypt International Exhibition Center, has the theme ‘North Africa and The Mediterranean: Supporting Sustainable Global Energy Supply and Demand’. The inauguration was attended by several high-ranking officials, including Prime Minister Mostafa Madbouli and Minister of Petroleum and Mineral Resources, Tarek El-Molla.

The EGYPS 2023 is expected to attract the participation of CEOs from the global energy, oil and gas sector, as well as energy ministers, government representatives, EU officials, secretaries of major international energy organizations, business leaders and investors in the energy sector. The participants will discuss several issues relevant to the development of the oil and gas sector.