Egypt Oil & Gas Newspaper held the third technical convention in Cairo in May, bringing together key representatives of the oil and gas industry to debate one of the timeliest themes of common interest – Enhanced Oil Recovery (EOR) and Waterflooding. On 23rd May, leaders in the oil sector gathered at a roundtable to search for ways forward through enhancement of the economics of Joint Venture companies (JVs).
Managing Director of Egypt Oil & Gas, Eng. Mohamed Fouad, opened the session stressing the significance of discussions about integrated practical solutions for the challenges in the sector. The way to do so, said Eng. Fouad, is to provide “a platform that incorporates all elements of the solution,” which events such as EOG Convention offer. He also expressed gratitude to the 27-member Brownfields Technical Committee and to Egypt’s Minister of Petroleum and Mineral Resources, H.E. Eng. Tarek El Molla, for taking the event under his patronage and for his remarkable role in driving the oil sector forward.
In light of the ongoing efforts in the industry, Country Manager & Director of TransGlobe Energy & Chairman of the Brownfields Technical Committee, Brian Twaddle, who chaired the roundtable, stressed that “within the economic and social constraints in Egypt, it is important and critical to find ways to compete for capital that IOCs allocate on the global basis.” In exploiting the investment opportunity, a focus on consolidating JVs and enhancing their performance necessarily emerges, and if handled well, it could bring about substantial improvements in the economic environment in Egypt in the future.
The discussion thus addressed four areas of interest that can affect prospects of Egypt’s oil sector as a whole: The efficiency and performance of JVs; Flexibility with the current Production Sharing Agreements (PSAs); Concession terms for conventional, unconventional, and EOR investments; Partnership with service sector using risk sharing agreements.
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