Oil brownfields are the backbone of the oil industry. According to a report from IHS Cambridge Energy Research Associates, two-thirds of the world’s daily oil production hails from mature fields. This figure is even greater in Egypt, and according to empirical data at Egypt Oil & Gas’ (EOG) “Future of Egypt’s Brownfield Development” roundtable, crude production from brownfields in Egypt makes up a resounding 77%.
With the Eastern Mediterranean home to over 70 trillion cubic feet (tcf) of gas discovered since 2009, its commercial potential is undeniable. As large swathes of these reserves are located offshore, production costs are naturally higher. Thus, the challenge that faces Eastern Mediterranean gas producers is identifying markets where gas extraction can be commercially viable.
Introducing new laws is a lengthy and challenging process that could face any country, and Egypt is no stranger to the world of the ever-changing laws that vied several times to keep up with international standards. One clear example of that is the change the Mining Law and its Executive Regulations has been through over the years.
For millennia, ancient Pharaohs built powerful kingdoms made possible by the unparalleled riches of the Egyptian gold deposits. More recently, however, active gold mining has been recorded throughout the 20th Century when British mines were producing gold. However, despite the obvious prosperity that lies underfoot, modern Egypt has seen little in the way of active gold mining over the last 100 years, with only the Sukari mine producing gold at present. This overview intends to examine how gold mining has ebbed and flowed from the very beginning up until the modern day and the reasons for its evolution.
Thanks to the vision of the Minister of Petroleum and Mineral Resources, Eng. Tarek El Molla, the Egyptian oil and gas sector has begun its journey towards developing the sector for a brighter future. This was achievable through the Modernization Project, which stemmed from the ministry’s belief in creating motivated, talented, and well-developed young professionals to succeed in this journey and accomplish its future ambitions. The Modernization Project specified a whole pillar, the Human Resources (HR) Management, for this aim.
In accord with Egypt Vision 2030; the Ministry of Petroleum and Mineral Resources under the patronage of Minister Eng. Tarek El Molla, has been revamping the oil and gas sector by an efficient, sustainable and modern strategy; also known as the Modernization Project.
The Ministry of Petroleum and Mineral Resources (MoP) has succeeded in achieving a chain of unprecedented milestones through the Modernization Project. The project was launched at the end of 2016, aiming at modernizing the Egyptian oil and gas sector. The implementation of such an inclusive strategy plays a vital role in boosting the country’s economic growth, in addition to transforming Egypt into a regional energy hub.
Egypt has embarked on a development plan in collaboration with international oil companies (IOCs), as human resources (HR) training programs play a key role in Egyptian oil and gas companies. These trainings are a catalyst to attracting valuable talents, developing their technical know-how, and qualifying them to take on leadership positions in the future.
Under the umbrella of the Modernization Project, health, safety and environment (HSE) comes as a top priority to secure the industry’s work environment. This stems from the belief that the oil and gas industry’s success is based on lowering its risks. Thus, the Ministry of Petroleum and Mineral Resources (MoP) has endeavored to ensure safety on both levels; the employees’ safety and the occupational safety.
An increase in production rates comes as a sign of success for the oil and gas sector in Egypt. The total production of crude oil and natural gas recorded around 6.8 million tons in June 2019, up from 6.1 million tons in June 2018. In July 2019, crude oil production reached around 675,000 barrels per day (b/d). It is also worth keeping in mind that the Ministry of Petroleum and Mineral Resources spares no effort in maintaining a minimum crude oil production rate of around 670,000 b/d; it also targets raising the daily production of crude oil to 720,000 b/d by the end of fiscal year (FY) 2019/20.
