UK-based Capricorn Energy has reaffirmed its long-term commitment to Egypt and outlined plans to significantly scale up operations in the Western Desert, following high-level discussions with Petroleum and Mineral Resources Minister Karim Badawi in Cairo.
The meeting, attended by Capricorn CEO Randy Neely, Chief Operating Officer Geoff Probert and Managing Director of Capricorn Energy Egypt Eleanor Rowley, covered the company’s concession areas and strategies to increase oil and gas output. Neely said recent progress in Egypt’s energy sector and constructive cooperation with the ministry and EGPC have encouraged the company to adopt a long-term strategy, with Capricorn aiming to leverage Egypt’s developed infrastructure and skilled workforce to double the size of its business in the country.
Minister Badawi highlighted that the government is close to finalising more flexible contractual models that will support horizontal drilling and hydraulic fracturing technologies, offering new incentives to boost domestic oil production in line with Egypt’s approved five-year plan.
Capricorn Energy, through its subsidiary and joint venture with Cheiron Oil and Gas Limited, has been active in Egypt’s Western Desert since acquiring upstream assets in 2021. In December 2025, Egypt’s cabinet ratified a $208 million exploration and development agreement covering multiple blocks in the Integrated Badr El-Din (BED) area, involving Capricorn and its partners.
Source: egyptoil-gas.com