Arab Finance: Engineer Karim Badawy, Minister of Petroleum and Mineral Resources, held a discussion session with a delegation from the American company Valco Energy, which included Thor Brackle, Chief Operating Officer, Iman Hill, General Manager of the company in Egypt, and Tawfiq Nassif, Executive Vice President for Government Relations, according to statement Issued by the Ministry.
Badawy explained that the discussions covered a review of the company’s activities, plans, and work programs to increase oil and gas production rates in its areas of operation in the Eastern and Western Desert. Badawy pointed out the interest of the petroleum sector in constant communication with international companies operating in Egypt to support them, and work to attract new investments and intensify research and exploration programs. And development using the latest technologies to improve operating efficiency and reduce the cost of producing a barrel of oil.
For his part, Thor Brackle stressed the importance of Egypt as a promising region to increase Valco’s activities in its concession areas in the Eastern and Western Desert, especially after its acquisition of the assets of the Canadian TransGlobe Company. He explained that the field of oil production from obsolete fields represents a good opportunity for the company to expand its investments during the coming period.
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