El Molla,TransGlobe Discuss Ways for Boosting Investments in Egypt

El Molla,TransGlobe Discuss Ways for Boosting Investments in Egypt

Minister of Petroleum and Mineral Resources Tarek El Molla met a delegation from TransGlobe Energy headed by George Maxwell, CEO of the company, which carries out research, exploration and production of oil and gas as a major operator in its concession areas in the Eastern and Western Deserts.

The meeting followed-up on the Canadian company’s work plans and the current activities of research, exploration, drilling and production in the merged concession area, West Gharib, West Bakr, Northwest Gharib in the Eastern Desert, and South Ghazala in the Western Desert.

The meeting reviewed the positive results of the intensification of activities and drilling programs in cooperation between the petroleum sector and the Canadian company, which contributed to achieving an increase of 25% in oil production from the Canadian company’s work areas during the current fiscal year, bringing its total production to 12,500 barrels per day (bbl/d) of crude oil.

During the meeting, El Molla highlighted the importance of continuing to intensify activities in the company’s work areas and using new technologies that support maximizing reserves and production from old fields in the Eastern Desert, which are still full of opportunities that require new technologies to exploit them.

El Molla stated that the positive results achieved in recent years support the confidence of investors and partners in the investment climate in the petroleum sector and encourage them to work and invest more, and that the petroleum sector provides all aspects of support to partners and companies operating in Egypt.

During the meeting, the two sides discussed opportunities to increase the investments of the Canadian company, especially by investing in new promising areas or cooperating with new partners, in addition to discussing conducting a seismic survey to maximize opportunities for increasing reserves and production.

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Sarah Samir 3498 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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