Halliburton optimistic about Egypt’s long-term reserves viability

Colby Fuser, vice president of Egypt and Libya at Halliburton speaks about the Egypt market and the company’s operations there

Which projects is Halliburton active in within Egypt?

Egypt is an important part of our portfolio, and we remain bullish about the prospects for oil and gas services and the fiscal improvements in the economy at large. Halliburton is involved in numerous projects across the country including in the deepwater Mediterranean, West Nile Delta, the Gulf of Suez and others. Halliburton has also been a key partner in several operators’ onshore exploration and development campaigns in the Western Desert and Sinai. In the Western Desert, we recently collaborated to help a customer drill the longest horizontal well in Egypt.

How have the recent Egypt exploration and production awards benefited the company?

The new awards will allow Halliburton to work closer with operators to deploy technologies that help increase production and lower costs per BOE. Halliburton’s value proposition is to collaborate and engineer solutions to maximise asset value for our customers.  When the countries we work in expand their exploration plans, we collaborate and seek to achieve zero HSE incidents, no non-productive time and high service quality.

How has your business outlook in the country changed in the last year?

Halliburton is optimistic about the long-term viability of Egypt’s reserves, and we remain committed to making a positive contribution to growing hydrocarbon resources. The addition of new IOC’s and other operators reaffirm that despite challenges, the market is resilient. We also see the business changing as it relates to HSE and service quality. 

Halliburton is leading the efforts to collaborate with customers and execute on best practices to help minimise risk and prevent injuries. The changes in HSE, along with the new blocks in the Mediterranean and Red Sea, provide a positive outlook for Egypt.

How is Halliburton planning to increase its oil and gas activities in Egypt?

Halliburton is involved in offshore and onshore projects to help operators increase production and lower costs per BOE.  For example, our fracturing technology and subsurface insight help operators unlock reservoirs that were not commercially produced in the past. Additionally, another important factor is providing customers with the right solutions and technologies to help ensure the development and production of Egypt’s reservoirs over the long-term.

There are many examples where Halliburton technology delivered superior results including for an operator in the Mediterranean Sea where we performed one of the deepest intervention and acid stimulations that increased production.

In the Western Desert, we doubled the daily production by executing a nitrogen foam frac combined with technology to mitigate proppant flow-back.  When we execute on our value proposition, our customers can accomplish more with their budgets, which creates new opportunities for Halliburton.

What is your view on the available workers resource in the country?

We are excited about the opportunity to accelerate and broaden the capabilities of Egypt’s already strong skilled workers. We focus on developing the local workforce through on-site training and enabling employees to gain experience outside of Egypt where they can eventually utilise this experience locally as the market grows.

Halliburton is investing in young and middle-management development programs to support the government’s plans. Can you share some details?

Human capital development is critical to the success of our business, and investing in our people will pay dividends by increasing the diversity and skill base of employees. The agreement we signed with the Egyptian Ministry of Petroleum & Mineral Resources offers new training opportunities to grow local talent. Halliburton introduced a customised development program for select participants to expand their capabilities and assist Egypt in its role as a leading regional oil and gas hub. The Modernization Project is an excellent step toward achieving sustainability.

We completed our phase one training, which consisted of 20 individuals who spent three months with Halliburton learning various skills.

Phase two of this training starts in March where we will select five of the 20 to travel to the U.S. for a three-month rotation. They will gain valuable experiences in leadership, operational execution, strong HSE culture and many other skills they can share with their teams upon returning to Egypt.