Petroleum Min., TransGlobe Delegation Follow up on Exploration Work in Eastern, Western Deserts

Tariq el-Molla, Minister of Petroleum and Mineral Resources discussed drilling activities with the delegation of the Canadian TransGlobe Company, headed by George Maxwell, 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 concession areas include West Ghareb, West Bakr, Northwest Ghareb 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 12.5 thousand barrels of crude per day.

During the meeting, el-Molla pointed out 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.

He affirmed 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.

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.

The Canadian company officials expressed their full appreciation for the distinguished support and partnership with the Egyptian oil sector, stressing that the company's assets in Egypt represent great importance in the company's investment portfolio, and that it aims to expand and pump new investments in Egypt in line with its growth strategy.

It is noteworthy that TransGlobe is affiliated with the American energy company Falco Energy and invests alongside Egypt in Canada, Gabon and Equatorial Guinea, and aims to focus on the African continent in its work to develop oil and gas resources.