New oil discovery in Gulf of Suez offshore Egypt - AspenTech statement

Dubai, United Arab Emirates - October 29, 2019:     The recent breaking news about a large new oil discovery in the Gulf of Suez offshore Egypt - with estimations of about 200 million barrels of oil in place – is significant. This will further drive the rapid  development of the offshore E&P business as well as the onshore, midstream and refining sectors as Egypt’s oil and gas industry modernizes and expands.   Not only is it significant for Egypt, but also for the region, global energy markets and AspenTech’s business in the Middle East. 

Even bigger is the opportunity to take advantage of an important time and true inflection point for industry. The volume of data being collected within our customers’ businesses has increased exponentially, and the insights that can be derived from it are now enabled by high-performance computing and cloud technologies, making analysis and predicting outcomes around complex problems a reality in a way that conventional engineering, operations and maintenance technologies have not been able to in the past. 

The energy industry is no stranger to data. Virtually every oil, gas and petrochemical enterprise has been pursuing digitalization for decades. This is now changing with increased focused on digital technologies. The key to benefiting from digital transformation is to select those areas of investment that create the most value and enable sustained operational excellence.  However, the real prize of digital transformation is operational excellence. As much as technology is an enabler, the domain expertise and process knowledge needed to be truly successful with any new technology — let alone predictive analytics — cannot be understated.  

AspenTech is looking forward to continuing to serve Egypt, the region, our industries and customers during this important time. - Rob Howard, Vice President Sales, MENA, AspenTech