Magawish Petroleum Company (Magapetco) aims to increase its petroleum reserves to 3.2 million barrels (mmbbl) while maintaining its safety performance at 3.5 million safe working hours, as part of a development plan agreed upon by the company and its partner, Trident Petroleum Company, according to a statement by Egyptian General Petroleum Corporation (EGPC).

Megapetco is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Trident Petroleum, which is a shareholder and technical partner. Megapetco is essentially the operational vehicle through which EGPC and Trident Petroleum jointly manage the Magawish concession under the supervision of South Valley Holding Company (Ganope).

During the company’s general assembly meeting to review its operational results, Magapetco Chairman Sami El-Shahat outlined its development plans, including maximizing the use of existing infrastructure and implementing measures to grow its petroleum reserves.

The meeting was attended by Ganope’s Chairman Samir Raslan and Trident Board Member Mohamed El-Alfi.

EGPC’s CEO Salah Abdel Kerim and Raslan reaffirmed their full support for Magawish’s production activities, stressing that the success of all parties across the petroleum sector serves the interests of the entire industry.

They directed Magawish Petroleum to prepare a clear action plan for developing its reserves, including specific measures and implementation timelines. The plan is scheduled to be discussed in September with representatives responsible for the relevant activities at EGPC and Ganope.