Canada's TransGlobe Energy mulls boosting investments in Egypt

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Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla has met with the CEO of the Canadian oil exploration company TransGlobe Energy Corporation George Maxwell and his accompanied delegation to bolster the firm’s investments in Egypt, especially in new regions, as per a statement on August 23rd.

They also discussed the possibility of conducting a seismic survey to promote reserves and production.

The meeting also tackled the outcomes of the drilling operations conducted jointly by the Egyptian petroleum sector and the Canadian company, which contributed to boosting oil production from TransGlobe’s concessions by 25% during the current fiscal year.

The company’s crude production from its concessions in Egypt totaled 12,500 barrels a day.

It is worth noting that the company is currently operating at its concessions in Egypt’s Western and Eastern Deserts.