Egypt Acts to Attract Additional Oil and Gas Investments
Egypt may soon be the new hot spot for energy investment thanks to some significant changes to the oil and gas contract process in this Middle Eastern nation. By offering added incentives for foreign investors, Egypt hopes to increase its gas output and profitability. The discovery of the Zohr gas field has created considerable buzz regarding the opportunities available in Egypt. For those looking to explore undeveloped resources in this part of the world, MWD training and equipment are essential tools to ensure the greatest return on investment.
Incentives for New Exploration Efforts
The oil minister of Egypt, Tarek El-Molla, announced the new contract and incentives to present the country as open for business to foreign investors. Currently, the domestic gas production in Egypt is estimated at 6.6 billion cubic feet each day. Egypt hopes to establish itself as a gas exporting center by boosting production and modernizing terms for exploration and drilling.
Fundamental Changes to Egypt’s Energy Policies
Before these changes, investors were entitled only to one-third of the project’s profits. The Egypt government was legally entitled to purchase all of the production of the company at a preset price. These limitations made it difficult for Egypt to attract new investors. Widespread fuel shortages have also caused difficulties for Egyptian oil and gas production. Oil production was largely mitigated by the 2015 discovery of the Zohr oil field.
Advanced Technologies Increase Production
MWD kits are a vital element in the modern oil exploration industry. By implementing these technologies, companies in Egypt and here in the U.S. can ensure effective drilling operations. MWD technologies are designed to allow adjustments to geological conditions and physical parameters to boost oil and gas production and ensure profitability.
At MWD Supply, we offer comprehensive MWD technical support and supplies to help your company achieve better productivity and profitability in the energy industry. We work with companies to provide MWD training, support, and other options for our customers. Call us today at 281-664-0196 to request a catalog or to get a quote for MWD training, kits or other MWD services. We look forward to the opportunity to serve you.