-
The MoU is aligned with the Ministry of Petroleum & Mineral Resources (MoP) Modernization Program
-
The agreement aims to attract new investment in Egypt’s oil and gas sector
-
BHGE’s digital capabilities will help drive efficiency improvements for managing bid rounds, and consolidating data securely
Cairo, Egypt; Dubai, UAE; February 19, 2018 – BHGE (NYSE: BHGE) signed a memorandum of understanding (MoU) for the “Upstream Gateway Project” with the Egyptian Ministry of Petroleum & Mineral Resources, on the sidelines of the Egypt Petroleum Show (EGYPS), to support the modernization of the Egypt’s oil and gas sector.
The MoU, which is aligned to the ministry’s Modernization Program, focuses on driving efficiency across Egypt’s oil and gas sector through the management of bid rounds using BHGE’s advanced digital technologies for data consolidation and aggregation in a secure central data lake. The digital transformation of MoP’s National Data Center will further support the energy sector’s growth and attractiveness to international investors.
H.E. Eng. Tarek El Molla, Egypt’s Minister of Petroleum & Mineral Resources, said: “The MoU is a key step towards the modernization and digitization of Egypt’s oil and gas sector. We are proud of our partnership with BHGE to help us bring the Modernization Program to life via the Upstream Gateway Project. This project is aligned to our future vision in making Egypt’s oil and gas sector an attractive investment destination and a hub to serve the region.”
Under this agreement, BHGE will be exploring avenues for managing, operating and financing Egypt’s Upstream Gateway Project and providing the right digital infrastructure, platform and applications to support the project, in addition to consultancy services for bid rounds, asset valuation and promotion of bid round blocks and predictive algorithms for bid round management.
BHGE will also be providing training to skilled professionals in the petroleum sector that will be managing the project, contributing to the advancement of local capabilities and skill development. The MoU is aligned to MoP’s Modernization Program, with a special focus on the investment attraction, people, downstream & upstream performance and decision support & data flow pillars.
Ayman Khattab, VP of South Gulf and East Africa, BHGE, said: “We are proud of our partnership with the Ministry of Petroleum in Egypt. Today’s announcement demonstrates our continuing support of the ministry’s Modernization Program, with special focus on the upstream sector as a starting point. In the longer term, the project has scalability to support the digitization of Egypt’s midstream and downstream oil and gas sector, leveraging BHGE’s fullstream capabilities and solutions to drive further productivity and cost-efficiency across the value-chain.”
BHGE has been a partner to Egypt since 1910, and this MoU is a testament of the company’s continued commitment to the country and support to the future vision for the oil and gas sector.
# # #
About Baker Hughes, a GE company
Baker Hughes, a GE company (NYSE: BHGE) is the world’s first and only fullstream provider of integrated oilfield products, services and digital solutions. We deploy minds and machines to enhance customer productivity, safety and environmental stewardship, while minimizing costs and risks at every step of the energy value chain. With operations in over 120 countries, we infuse over a century of experience with the spirit of a startup – inventing smarter ways to bring energy to the world. Visit us at BHGE.com.
