Ever since the outbreak of the first coronavirus case in Egypt back in February, one-by-one, several industries began slightly shifting their mode of behavior, anticipating the inevitable shift of the economy. The past few months have also witnessed a shift in the consumption of petroleum products as it was largely affected by the decrease of transportation and the halting of almost all flights inside and outside of the country.
When it comes to job hunting in the midst of a pandemic, the COVID-19 generation has seen it all. From interviews on Zoom, to the horror of maskless face-to-face interviews, and to the constant disappointment of rejection letters; there is no surprise that the current crisis will have a profound impact on all industries. However, the oil and gas sector can learn from this crisis. It can actually be acatalytic moment to accelerate permanent shifts, flatten hierarchies, reduce bureaucracy, and push decision-making to the limit. In short, paving the way for a new era of future opportunities.
Amid the coronavirus outbreak and shutdowns that are imposed on most industries around the world, some workers have to continue their missions and take risks in order to serve others. During the crisis, workers of fuel stations kept their positions in the frontlines of the pandemic to keep delivering energy and fuel across Egypt.
Lately, the world has been directed to the digitalization of all industrial sectors, replacing human beings with machines. By the evolution of machine learning, artificial intelligence (AI) and internet of things (IoT), new smart machines enabled easier, faster and more accurate data through cost-saving devices. Also, these devices are saving human efforts and enabling distant working, which is the future trend.
Aftershocks of the recent oil-price war and production cuts, fueled by the COVID-19 pandemic, have created an unprecedented environment for mergers and acquisitions (M&A) in the oil and gas industry. During uncertain times, companies tend to place a stronger emphasis on cash flow and, as Adi Karev, the global oil and gas leader at EY, says, “Everything in the oil and gas sector has switched to a short-term perspective.” Subsequently, many upstream companies have announced major cuts in planned 2020 operational expenditure (Opex), in some cases in excess of a 50% decrease from 2019 figures. However, opportunities present themselves in times of chaos and companies may have the chance to enact structural change by making strategic and opportunistic investments, securing their long-term success.
For the past several months, most of the world had shut its doors, creating an eerie and deafening silence among the oil and gas industry. Now, gradually, the world is beginning to reopen its doors in a cautious and careful manner, with a sense of fear and anticipation still lingering in the air. As the world is getting back to a new normal after the coronavirus (COVID-19) crisis; now more than ever health, safety, and environment (HSE) measures should be a priority to all of us.
Recently, due to the Coronavirus pandemic, there has been instability in most jobs in the oil and gas field. In fact, many industry professionals around the world have been victims of salary deductions or lost jobs as a result of the low production in the industry. This has not only resulted in a series of staff eliminations, but has also generated a new niche in the job market in the oil and gas field.
As joint ventures (JVs) involve two or more businesses pooling their resources together, their goals as well as their risks become also commonly shared. However, overshadowed by the COVID-19 crisis in addition to a global oil price war, oil and gas JVs are under the growing pressure from shareholders, governments, and the general public to adjust their business models and transparently compete in a new energy landscape.
For the past four years, the Egyptian Ministry of Petroleum has been reaping the fruits of the ambitious modernization project that was launched in 2016. Under the leadership of H.E. Eng. Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, this unique overhaul transformation project was designed to unlock the petroleum sector’s potential to further increase its contribution in Egypt’s economic growth.
Many sectors including oil and gas industry, are now suffering due to the outbreak of the coronavirus pandemic. The global lockdown and imposed curfew everywhere have led to heavy economic and commercial losses as some industries have come to a halt. The reduction in oil consumption and the declining oil prices have dealt a blow to the oil industry affecting the production and operation of oil companies. The crises led National Oil Companies (NOCs) and International Oil Companies (IOCs) to develop their own ways to survive. Egypt Oil & Gas (EOG) has explored the opinions of production and field engineers working in different oil companies, as well as industry experts, to better understand how the situation has been handled in Egypt.
