ture field operator, emphasizes the need for
more attention to be paid to mature fields as
well as the actors that work within these fields.
“Egypt still has huge remaining oil and gas
potential and a significant diversity in its pro-
ducing regions. It benefits from having a spec-
trum of oil and gas companies operating in
the country. As the Egyptian basins mature, it
is the mid-sized and smaller companies that
will continue to drive the petroleum industry
as the IOCs become less motivated due to
“PICO has been expanding and diversifying
its portfolio and will invest significant funds in
Egypt over the next three to five years.” Thom-
as adds, “companies like PICO can deliver real
value to Egypt by combining a highly focused,
cost-effective approach with local knowledge
and technical know-how” while propagating
“the highest international standards.”
A TASTE FOR REFINEMENT
Petrochemicals have been identified as a national priority because the sector
has the potential to bring huge value to Egypt’s development, not just in
terms of meeting domestic demand – and thus reducing import costs – but
also as an export industry for Egypt to generate much-needed hard currency.
As Mohamed Saafan, chairman and CEO of the Egyptian Petrohemicals
Holding Company emphasized, “the petrochemicals sector is a value-added
one that is key to Egypt’s economic development.”
As seen from her stunning pyramids, Egypt is a country of megaprojects,
not pilots. This explains why Egyptian Ethylene and Derivatives Company
(ETHYDCO) “was designed to be a world-class petrochemical facility with
a project budget of USD 1. 9 billion,” laughs Chairman and CEO Saad Helal
– with President Sisi personally inaugurating the plant in August 2016. State-
of-the-art technology ensures the longevity of the facility; utility and offsite
manager Hossam El-Fahmy elaborates, ETHYDCO has a permanent power
generation plant generating 70 megawatt (MW) of power, operating on an
n+ 1 principle where there is always a spare generator ready at any moment.
The facility is also the first in Egypt and the first ethylene plant in the world
to have implemented an award-winning zero-liquid-discharge (ZLD) waste management
South Valley Egyptian
Petroleum Holding Company
Ganoub El Wadi Holding Company (GANOPE) was established in March 2003 under
the Ministry of Petroleum and Mineral Resources to supervise all petroleum activities
under latitude line N 28 degree in Egypt, representing two-thirds of Egypt’s land mass.
GANOPE’s exploratory working area spans
· Western Desert · Eastern Desert · Nile Delta · Red Sea · South of the Gulf of Suez
Through innovative approaches like the USD 1 billion multi-client seismic survey
project launched in 2017, GANOPE is inviting international investment
in exploration and production of its high-potential working areas.
71 percent of GANOPE’s working area is open for exploration today.
There is a great unexplored oil shale belt extending from the Red Sea across the Upper
Egypt, with expected least estimates of total reserves exceeding 500 billion tons.