Sami Iskander, Shell executive vice president, said that investment in the oil sector has faced many challenges, notably the decline in prices in 2014 and 2015, but there are indicators of improvement that increase investment opportunities in Egypt, especially after reforms in the sector along with laws on gas and investment that attracted large companies such as British Petroleum (BP) and Eni.
“The Mediterranean has the largest share of deep-water investments and we cannot overlook the reforms Egypt is making and the investments that are being pumped by companies like Eni, BP, and Shell,” he said in a statement to Daily News Egypt.
He added that Egypt’s location on the Mediterranean Sea is characterised by the presence of two factories for liquefaction of gas and a good market and infrastructure. He pointed out that Shell’s West Delta Deep Marine project is close to the infrastructure of the city of Alexandria and is the fastest field in terms of time between its discovery in 2000 and the departure of the first liquefied natural gas (LNG) vessel from the port in 2005.
He pointed out that Shell has been operating in Egypt for 107 years and acquired British Gas Group in 2016 to become one of the largest producers in the oil and gas sector in fields and distribution.
He noted that his company is able to adjust its strategies and carry out a research and exploration programme called Ready for the Future to operate projects more safely, confidently, and at a low cost. Moreover, he added that Shell’s initiatives for change have helped the company cut costs by 20% since 2015.
Finally, he explained that the company has succeeded in increasing its production by 20% and has done so in its projects in the Gulf of Mexico and with Badr El-Din Petroleum Company (Bapetco) and Rashid Petroleum Company (Rashpetco) in Egypt. He pointed out that its PT2020 project development programme has helped improve capital returns, increase efficiency, and provide technology at reasonable prices to boost competitiveness.