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UNCONVENTIONAL OILS A New Frontier for Energy Security
Global population has grown to an estimated 7.4 billion, with the majority of people scattered across Asia, followed in the distance by Africa. Accordingly, the world consumes millions of barrels of oil to fuel our daily lives and drive economic growth needed to sustain ever growing societies. In 2016, the International Energy Agency’s Oil Market Report estimated that worldwide demand of oil would reach an average of nearly 96mb/d. It was only natural that economies would look beyond the conventional for additional sources of hydrocarbons.
BRIDGING THE GAP: Oil & Gas Industry Tackles Skills Shortage
By Shaden Esam Al-Dine
Human capital is a vital component in determining socio-economic development in any country. Enhancing human capacities within any business is, therefore, crucial. This is particularly true of the energy sectors in the Middle East where oil and gas are the key to sustaining economic growth and bettering the general standard of living.
BETTER TOGETHER: Joint Ventures in Oil and Gas
When the first joint venture was formed in Egypt in 1911, the oil and gas industry was in its infancy. Anglo-Egyptian Oilfields Company was a marriage of two private companies: Royal Dutch Shell and British Petroleum (BP). The company went on to be the major player in the industry for over fifty years, until it was nationalized in 1964 as the Egyptian General Petroleum Corporation (EGPC). As the oil and gas industry has expanded and shifted in the years since, joint ventures have played a significant role.
OILFIELD SERVICE COMPANIES ADOPT A NEW ROLE
Oil drillers have struck a “Gusher”! This is, however, a gusher they do not want, one of red ink signifying unprofitable budgets. The overproduction of crude oil, along with low price per barrel, has led to less demand for crude, resulting in loss of revenues for oil service companies. The question is, can service companies survive the severe fall in revenues, and still remain healthy enough to perform on future contracts?
COMPLEXITIES OF REGULATORY FRAMEWORK ALTERNATIVES
Investments in Egypt’s oil and gas sector have remained fairly weak over the last few years. This reality emerged not only because of the nation’s high political risk and unstable economic situation, but also because some legal aspects within Egypt’s oil and gas regulatory framework failed to grant both the international oil companies (IOCs) and the privately-owned oil and gas companies the rights that they were seeking.
Corporate Social Responsibility Offers Win-Win Scenario
Corporate Social Responsibility (CSR) has recently turned into a buzz word that is trending among all the savvy oil and gas companies all over the world. These companies are frequently caught publicizing the contributions they make to the economic development of their hosting communities, which focuses on ethical, philanthropic, and environmental practices.
ZERO GAS FLARE PROSPECTS FOR Egypt
When environmental improvement promises economic prospect, the hesitation is hardly in place. An assumption that environmental responsibility is unattractive as it comes with higher investments has already been shattered. This is particularly visible in the practices of associated petroleum gas (APG) flaring, which is truly a global conundrum.
The New Age of Zohr
Egypt’s gigantic Zohr field has raised enormous expectations for the future of offshore exploration in the Eastern Mediterranean. As it is one of the largest gas finds in this region, there is no doubt that the country has found itself a goldmine, which has marked a launch of a new age for Egypt’s industry.
Will Foreign Investments Tip the Scales for Egypt’s Oil Industry?
Five years of political instability and internal struggles have dealt a huge blow to the already fragile Egyptian economy. A reality that manifested itself in the dwindling foreign currency reserves of the Egyptian state, threatening pay debts its capacity to import goods and to foreign partners.