Africa’s minerals exploration industry is booming, attracting substantial investment from both local and international oil companies eager to tap into the continent’s abundant untapped resources. According to a recent report by environmental research group Urgewald, total capital expenditures for oil and gas exploration in Africa rose from $3.4 billion in 2020 to $5.1 billion in 2022.
However, the sector still faces challenges associated with digital technology. The oil and gas industry is highly dependent on data, and companies need access to large amounts of reliable and accurate information to make informed decisions.
“The main challenge for clients is that the data is not exact,” says Mona, founder and CEO of GeoEnergy Petroleum Services. “Often, information is not properly documented, and when companies need it, they spend a lot of time trying to find it.”
With her company, The Egyptian entrepreneur is helping oil and gas exploration companies manage their data and make more informed decisions. Her background in geology, combined with her marketing and sales skills, has equipped her with the expertise to tackle this challenge.
Inspired by her love for geology and technology, Mona took a leap into entrepreneurship after the birth of her first child. “I wanted to maintain a work-life balance while caring for my child, so I established my business to have more control over my time,” she explains.
When Mona started her business in 2009, digital technology was not widely known or prioritized in the oil and gas industry. “I was only 25 years old with a few years of experience, and when I told companies that I was the digital manager for GeoEnergy Petroleum Services they were hesitant,” she recalls. “But I started with small pilot jobs that paid me $50-$100, proving my capability and building my reputation in the market. Slowly, clients began to recommend me to others.”
GeoEnergy Petroleum Services now provides data management solutions for the oil and gas industry in Africa and the Middle East. The company’s services include supporting clients to properly authorize their physical and digital data assets and restructure and reorganize them to extract the information they need to make investment decisions and reduce risks. GeoEnergy also offers consultancy and training services to transfer expertise from experts to professionals in oil companies, helping them assess areas for exploration and reduce risks.
In 2020, GeoEnergy Petroleum Services was awarded the biggest digital transformation project by the Egyptian government in partnership with Schlumberger. The project involved gathering, digitizing, and verifying all digital and physical data assets for the oil ministry in Egypt, making them readable and standardized in industry standard format on the Egypt upstream gateway (EUG). EUG is now the main gateway for Egypt, providing investors with access to data types and construction areas for investment and exploration opportunities. Mona is also working with the UAE, Angola, and the Asian sea for oil and gas.
Mona emphasizes the importance of using cutting-edge data management technology to help clients manage their data effectively and make better decisions. “We are constantly developing our team and equipping them with the necessary skills to manage data accurately and quickly,” she says. “We use the latest software and are currently testing new tools to make data exchange between clients and us more accessible.”
In recognition of her contributions to the energy sector, Mona was awarded the African Women Innovations and Entrepreneurship Forum Award last year. Mona is also an IFC Nominee Director & Advisory Committee Member and a certified corporate director from the International Finance Corporation (IFC) and the World Bank.
With global energy demand expected to continue growing, Africa’s vast reserves present a significant opportunity for growth and development, with technology playing a crucial role. Mona believes that empowering both young and old with technological skills is essential for the continent’s shift towards development.
“The key to success is knowledge and education,” says Mona. “It’s not just about educating the young generation, but also raising awareness among older generations about the value of data and how to best utilize it for success in their organizations.”
Mona and GeoEnergy have big plans for the future, with plans to expand to other African countries and undertake new projects.
“In the next coming years, we want to penetrate more African countries and be able to deliver the value of our services to the clients and oil ministries in these countries as well, and transfer the knowledge for building the volts and data with these countries for their legacy.”
