Minister of Petroleum and Mineral Resources Tarek El Molla has met with Capricorn’s CEO Randy Neely and the company’s Managing Director in Egypt Eleanor Rowley to discuss the company’s exploration and production (E&P) business plan in Egypt.

This came as part of the minister’s meetings with the CEOs of the major international oil companies (IOCs) in the sidelines of the British Egyptian Business Association (BEBA) event in London. 

During the talks, the company presented its plan to intensify drilling and development operations at its concession areas in light of its strategy to boost production rates. Discussion also touched on seismic surveys which the company has completed in South East Horous and West Fayoum as well as its programs for drilling exploration wells in South Abu Sennan. 

Additionally, the minister affirmed the necessity of accelerating the analysis of seismic survey data and its evaluation to make new discoveries and ramp up production and reserves, given that current global prices are an encouraging sign to boost more investments. 

For his part, Neely praised the cooperation with the Egyptian petroleum sector which is always working for attracting more investments, noting his company’s commitment to implement its operations in its concession areas. He added that the seismic survey data analysis is under way as well as its drilling program for new exploration wells to increase production rates.