The world has passed through an unprecedented challenging time as a result of Covid-19. It had a negative impact on most of the industrial sectors, particularly the oil and gas sector. This pushed many companies to rethink about how to improve their performance to keep their long-term sustainability as well as manage their workforce. The Human Resources (HR) department is the key player in this regard.
The liquefied natural gas (LNG) scene has witnessed a remarkable change in 2020 and actually this change was inevitable and imperative due to the COVID-19 pandemic; the crisis that revealed how Egypt could be an active exporter of LNG despite any circumstances. It could even reach a huge milestone by restarting the long-awaited Damietta LNG Plant after eight years of hiatus. To review the ebb and flow of the market, it is important to look at how both plants, Idku and Damietta, performed in 2020.
Methanex, in collaboration with the Egyptian Petrochemicals Holding Company (ECHEM), started a partnership in 2018 to raise awareness about Process Safety Management (PSM) within the petrochemical sector. In doing so, they hosted two conferences in 2018 and 2019 bringing together more than 800 representatives from various companies of the oil and gas industry. The success which the conferences brought highlighted the importance of PSM systems and started a dialogue on PSM best practices.
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.
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.
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 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.
