Egypt's Untapped Opportunities Could Help Offset Market Uncertainties: Shell MDSource: www.export-egypt.com 10/18/2020, Location: Africa |
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Egypt has many opportunities that with effort could develop into upstream projects that are resilient to fluctuations and uncertainty in the market amid the Covid-19 crisis, according to Khaled Kacem, country chairman and managing director of Shell companies in Egypt.
Kacem made his comments during a roundtable held Sunday virtually to discuss ways to increase investments in Egypt’s brownfields. Brownfields are oil or gas accumulations that have matured to a production plateau or even progressed to a stage of declining production. The event was held under the patronage of Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla. Kacem emphasised the substantial potential for optimising operating costs, with key focus areas that include improving the commerciality of work executed by vendors, introducing more competition and better contract management, and improving productivity of people and resources. Kacem added that since Shell’s inception in the Egyptian market 108 years ago, the company succeeded in increasing and sustaining natural gas production from 9B wells for more years. Additionally, Shell Egypt developed Burullus plant, the second largest gas processing plant in Egypt, according to Kacem. “Shell Egypt launched a transformation initiative to improve the efficiency of its projects, entitled ‘Fit for the Future’. The programme aims at operating assets more safely, reliably and cost-effectively, while standardising ways of working and identifying improvements through comparison with competitors,” added Kacem. During the discussions, a number of operating oil and gas companies in Egypt said that they seek to extend the economic producing life of fields using cost-effective, low-risk technologies, adding that stimulation or refracturing operations, completing additional zones, and installing artificial lift equipment are a few technologies commonly applied in brownfields before any drilling options are attempted. |
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