Egypt’s PetroBakr and South Ghazalat Petroleum Companies have approved a combined investment of $121 million for fiscal year 2026/27, with the programme targeting a daily crude oil output of 14,000 barrels. PetroBakr Chairman Khaled Mounir presented the plan at a General Assembly that also approved the 2025/26 revised budget and a five-year strategic plan for both companies.
PetroBakr operates as a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Vaalco Energy, with South Ghazalat functioning as a subsidiary of PetroBakr. The assembly underscored the importance of the EGPC–Vaalco partnership model in driving production growth and reducing the cost per barrel. EGPC Chairman Salah Abdel Kerim noted that sustaining production is a core objective alongside output increases, and emphasised an ongoing commitment to occupational health and safety standards.
Ministry of Petroleum First Undersecretary for Production Affairs Ehab Ragaee, speaking via videoconference, stressed the need for thorough preparation to ensure drilling rigs are contracted promptly, and highlighted the exploration potential in the South Ghazalat area as a key growth opportunity. Vaalco Egypt Country Manager Iman Hill said the partnership with EGPC would continue to yield results, with a primary focus on reducing production costs and exploring new opportunities. Vaalco’s operational footprint in Egypt spans the Eastern Desert — covering West Gharib, West Bakr and North West Gharib concessions — as well as the South Ghazalat concession in the Western Desert.
SOURCE: egyptoil-gas.com