Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, met with a delegation from TransGlobe, a Canadian oil and gas company.
The meeting focused on the company’s business plans and current activities in Egypt. TransGlobe is the main operator in its concession areas in the Eastern and Western deserts.
The two sides discussed the positive results of the intensified activities and drilling programs in cooperation between the petroleum sector and TransGlobe. These efforts contributed to a 25% increase in oil production from TransGlobe’s work areas during the current fiscal year.
El Molla emphasized the importance of continuing to intensify activities in TransGlobe’s work areas and using new technologies that support maximizing reserves and production from old fields in the Eastern Desert. He confirmed that the positive results achieved in recent years support the confidence of investors and partners in the investment climate in the petroleum sector.
The two sides also discussed opportunities to increase TransGlobe’s investments, especially by investing in new promising areas or cooperating with new partners.
Officials from TransGlobe expressed their full appreciation for the excellent support and partnership with the Egyptian petroleum sector. They confirmed that the company’s assets in Egypt represent significant importance in the company’s investment portfolio, and that it aims to expand and inject new investments in Egypt in line with its growth strategy.
It is worth mentioning that TransGlobe is a subsidiary of American energy company Vaalco Energy and, in addition to Egypt, invests in Canada, Gabon, and Equatorial Guinea. The company aims to focus on the African continent in its work to develop oil and gas resources.