Egyptian Minister of Petroleum and Mineral Resources Karim Badawi held talks with Managing Director of Norwegian company DNO Christopher Spencer and the company’s General Manager for the Middle East Sameh Hanna.
The meeting, which was held on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), discussed the company’s plans to enter the Egyptian market and expand its investments in the oil and gas sector.
The discussions come in light of DNO’s agreement to acquire Capricorn Energy, which has stakes in several concession areas in Egypt’s Western Desert and operates there through Badr El Din Petroleum Company (BAPETCO).
According to a statement issued by the Ministry of Petroleum on Tuesday, Badawi welcomed DNO’s plans to expand its operations in Egypt, noting that the company’s decision to make Egypt one of its key areas of operation reflects its confidence in the promising investment opportunities available in the oil and gas sector.
He stressed that ongoing efforts to improve the investment climate and create an attractive business environment pave the way for increased investment, particularly in exploration, prospecting and production activities.
The minister underscored the importance of leveraging DNO’s advanced operational and technological expertise to accelerate the implementation of new well-drilling programmes and the workover of existing wells. He also highlighted the need to apply the latest technologies to enhance operational efficiency and improve recovery rates.
These efforts would help maximise crude oil and condensate production in Capricorn’s Western Desert concession areas, and, at the same time, develop natural gas resources and increase output.
The talks also addressed opportunities for DNO to expand its exploration activities by participating in Egypt’s upcoming international bidding rounds, particularly in onshore areas close to Capricorn’s existing assets.
This would enable greater integration between concession areas and existing infrastructure, maximise the utilisation of available petroleum assets and resources and open up new opportunities to boost production.
