E V E N T C OV E R AG E
EOG’S ROUNDTABLE EXPLORES EGYPT’S BROWNFIELDS DYNAMICS
BY FATMA AHMED, JASMINE SHAHEEN
U
nder the patronage and with the participation of H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources , Egypt Oil & Gas (EOG) Committee hosted a virtual roundtable on October 18, focusing on increasing investments in Egypt’s brownfields. The minister, alongside several prominent figures from international oil companies (IOCs), Abed Ezz El Regal; CEO of Egyptian General Petroleum Corporation (EGPC), and Samir Abady; EGPC’s Deputy CEO for Production, delved into a topical discussion on brownfields optimization in Egypt.
The discussion probed several issues of concern regarding brownfields development. The selected topics included optimum brownfield revival strategies, technology’s role in boosting production from brownfields, as well as the economic barriers of using brownfields. The roundtable created a space for discussing Egypt’s untapped opportunities in brownfields as well as to present strategic and possible recommendations to improve mature fields. Mohamed Fouad, EOG’s Managing Director, began his opening remarks affirming that the current pandemic urges action to lay down a foundation for growth. He noted that “brownfields count as a fundamental element for the oil and gas sector that also reflects on its economy.” This has been made evident enough that industry leaders and foreign partners in Egypt began expanding their scope of exploring brownfield opportunities. Fouad remarked that the roundtable hopes to “be another enabler to the government’s efforts to increase investments in Egypt’s brownfields.”
The minister commenced the virtual event denoting that “Egypt has taken several bold reforms over the past few years on both the government and economic levels as well as the oil and gas sector level." The minister alluded to such steps which have raised the bar for Egypt’s oil and gas sector, leading it to withstand the pandemic’s aftereffect. El Molla asserted that through developing technologies and refining competent skills and human resources, Egypt can go a long way. When it comes to brownfield enhancement, “Egypt has several opportunities in this area as well as some successes,” the minister continued, requesting that EOG Committee and EGPC form an action plan to attract brownfield investments, improve performance, and increase crude production. That is exactly where the Brownfield of Excellence (BCoE) comes to play.
THE MAIN OBJECTIVES ARE TO ATTRACT INVESTMENTS IN THE BROWNFIELDS AND IMPROVE PERFORMANCE AND INCREASE CRUDE OIL PRODUCTION H.E. TAREK EL MOLLA MINISTER OF PETROLEUM & MINERAL RESOURCES - ARAB REPUBLIC OF EGYPT
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EGYPT OIL & GAS NEWSPAPER
