Canada’s TransGlobe Energy to boost investments in Egypt

Canadian oil exploration company TransGlobe Energy mulled boosting investments in Egypt, according to a statement from the Ministry of Petroleum and Mineral Resources on Wednesday.

The Egyptian Minister of Petroleum  Tarek El-Molla met the company’s CEO George Maxwell and his accompanied delegation to discuss investment opportunities in Egypt, especially in new regions, the statement added.

They talked about the possibility of conducting a seismic survey to enhance reserves and production, the statement mentioned.

According to the statement, they also discussed the outcomes of the drilling operations conducted by the Egyptian petroleum sector and the company.

These joint operations contributed to increasing oil production from TransGlobe’s concessions by 25 percent in the current fiscal year.

TransGlobe’s crude production from Egypt reached 12,500 barrels per day. The company is currently operating at its concessions in Egypt’s Western and Eastern Deserts.