- Diversified marine transport and offshore services company and an international merchant of petroleum products
- Focused primarily on unexplored, proven oil reserves in Mediterranean and West Africa
- Global oil and gas industry needs to invest more than $20 trillion over next 25 years to meet forecast growth in demand
- Petrogress aggressively expanding to capitalize on opportunities
No one ever gives thought to the journey petroleum must take to fill a vehicle with gasoline. Often produced in far-flung corners of the globe, petroleum products require a major delivery system and corresponding infrastructure to reach their final destinations. Playing an integral role in the worldwide distribution of oil products, Petrogress, Inc. (OTC: PGAS), a diversified marine transport and offshore services company, is on a path of expansion at what appears to be an incredibly opportune time.
To meet expected growth in demand and offset the natural decline in developed fields, the global oil and gas industry needs to invest more than $20 trillion over the next 25 years, according to Saudi Aramco CEO Amin Nasser (http://ibn.fm/EY3Nn). Speaking at the CERAWeek Energy Conference in Houston, he also affirmed his confidence that oil market fundamentals and future demand growth would be healthy, despite significant oil price volatility and forecasts of rising shale oil production.
With expanding oil service operations in West Africa and the Mediterranean, Petrogress is in the thick of the action. The company owns and operates a fleet of tankers and is an international merchant of petroleum products. Petrogress primarily operates through its three subsidiaries:
- Petrogres Co. Ltd., an international supplier and trader of petroleum products operating in West Africa, the Mediterranean, and other regions;
- Petronav Carriers, LLC, a wholly-owned subsidiary that operates an in-house fleet of crude oil carriers in West Africa; and
- Petrogress Oil & Gas Energy, Inc., formed to capitalize on the expanding liquefied natural gas (LNG) market.
Petrogress recently announced the further expansion of its African footprint by way of deals with Nigeria-based A&E Petroleum Co. Limited (http://ibn.fm/Hi0i3). The partnership with A&E Petroleum expands the company’s operations into Nigeria, Africa’s largest producer of oil and the sixth-largest oil producing country in the world. The deal is expected to generate enhanced revenue opportunities and strengthen the company’s international reach.
Petrogress is rapidly expanding operations in one of the last remaining regions on the planet with proven reserves in which oil and gas exploration hasn’t kept pace with the rest of the world. When considered alongside the previously noted $20 trillion suggested investment in the global oil industry, Petrogress’ expanded operations could position the company for an incredibly bright future.
For more information, visit the company’s website at www.PetrogressInc.com
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