Petroleum Minister, Capricorn Energy discuss expanding investments in Western Desert

Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, held talks with a high-level delegation from Capricorn Energy to discuss expanding the company’s investments in Egypt and increasing production in its Western Desert concession areas.

The delegation included Randy Neely, the company’s Chief Executive Officer; Geoff Probert, Chief Operating Officer; and Eleanor Rowley, General Manager of Capricorn Egypt. Discussions focused on the company’s ongoing activities in its concession areas and its plans to raise oil and gas production rates.

At the outset of the meeting, Badawi commended the company’s commitment to its operations in Egypt. He stressed that the ministry is entering a new phase aimed at reinforcing partners’ confidence and attracting further investment inflows. This includes the regular settlement of financial dues, the provision of updated geological data, and the launch of new investment opportunities.

The Minister also highlighted the near completion of more flexible contractual models designed to support the application of horizontal drilling and hydraulic fracturing technologies. These models will offer additional incentives to increase petroleum output and contribute to boosting domestic production in line with the government’s approved five-year plan.

For his part, the CEO of Capricorn Energy reaffirmed the company’s commitment to increasing its investments in its Western Desert concessions. He noted that positive developments in Egypt’s energy sector, along with constructive cooperation with the ministry and the Egyptian General Petroleum Corporation (EGPC) in addressing operational challenges, have encouraged the company to adopt a long-term strategy aimed at doubling the scale of its business in Egypt.

He added that Capricorn plans to capitalise on Egypt’s advanced infrastructure and highly skilled workforce to support its expansion plans in oil and gas production.

The meeting was attended by Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation; Ihab Ragaa, First Undersecretary of the Ministry for Production; and Samir Raslan, Undersecretary of the Ministry for Agreements and Exploration.