Features / Overview

Keeping the Economy Afloat Amid COVID-19

The past year, 2020, has been undeniably one of the most challenging years for the whole world, not just Egypt. It has severed a deep cut across myriad aspects of our lives especially on the economic level. Almost the majority of global economies’ gross domestic product (GDP) has been slashed losing at least 2.4% of the value of their GDP in 2020. However, Egypt kept its GDP growth rate at 3.6% during the previous fiscal year (FY) 2019/20, withstanding the economic challenges presented by the coronavirus (COVID-19) pandemic.

Egypt’s Oil and Gas Partnerships: A Silver Lining Amid Industry Crisis

2020 was dominated by coronavirus which affected most of the industries worldwide, but the Egyptian petroleum sector has a different story to tell. Despite the economic recession and lockdowns in most countries, the Egyptian oil and gas sector managed to keep adequate performance at many levels. However, cooperation and partnership agreements, conducted through our the year, can be seen as a cornerstone that reinforced the industry’s structure amid the pandemic crisis.

Revitalizing Egypt’s Refining Market

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 expansion and development of the Egyptian economy, the domestic demand for refined petroleum products has increased significantly. Having the means to satiate demand through local refineries is crucial to help ensure Egypt’s future development.

Oil Fights Back: Brownfield Rejuvenation in Egypt

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%.

THE EMGF: Navigating Choppy Waters

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.

The Evolution of Egypt’s Mining Law

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.

The Golden Years: Egypt’s Gold Mining Throughout History

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.

The Ministry’s Roadmap to Generate Future Leaders

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.

The Middle Management Program: Rebuilding Egypt’s Human Calibers

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.

Modernizing Human Resources: A Propelling Potential

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.

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