Minister of Petroleum and Mineral Resources, Karim Badawi, held a meeting with officials from the UK’s Capricorn Energy Company. The Capricorn delegation included Randy Neely, CEO Capricorn Energy PLC; Geoff Probert, Capricorn Energy COO; and Eleanor Rowley, Capricorn Egypt’s Managing Director.

The meeting discussed the company’s Egyptian operations and future prospects in the context of EGAS’s 2024 bid to search for and exploit oil and gas in 12 sectors in the Mediterranean and the Nile Delta.

During the meeting, Badawi highlighted the importance of increasing reliance on renewable energy. The two sides discussed a number of topics related to investment opportunities that exist in Capricorn’s concession areas or that were offered through the Egypt Upstream Gateway (EUG).

Neely emphasized that the company recognizes the challenges inherent in the industry and is committed to providing a solid investment to ensure sustainability and protect shareholders’ interests. As a result, Capricorn aligns with Egypt’s vision, acknowledging the importance of increasing production and the resulting financial returns that strengthen our financial position and sustain our successful partnership with the Egyptian petroleum sector.

Capricorn also noted that the Ministry’s efforts to enhance investment opportunities, along with its clear support and cooperation, are encouraging in overcoming challenges and driving growth.