Petrobakr and South Ghazalat Petroleum Companies plan a total investment of $121 million for the fiscal year (FY) 2026/27, targeting a daily crude oil output of 14,000 barrels, Khaled Mounir, Chairman of Petrobakr, told the General Assembly that convened to approve the 2025/26 revised budget as well as the 2026/27 proposed budget, and the five-year strategic plan for both companies.
The meeting emphasized the importance of leveraging the successful partnership model between the Egyptian General Petroleum Corporation (EGPC) and Vaalco Energy. This collaboration aims to increase production, reduce the cost per barrel, and enhance sustainability to secure the work environment.
During the meeting, Salah Abdel Kerim, EGPC’s Chairman, explained that sustaining production is a primary objective pursued alongside production increase. Consequently, the constant emphasis on commitment to the highest occupational health and safety standards is not a luxury.
In his comments via videoconference, Ehab Ragaee, First Undersecretary for Production Affairs at the Ministry of Petroleum and Mineral Resources (MoPMR), highlighted the importance of securing resources for development plans. He emphasized the need for thorough preparation to ensure drilling rigs are contracted promptly. He also stressed the importance of focusing on exploration in the South Ghazalat area, given its potential opportunities for production growth.
Meanwhile, Iman Hill, Country Manager and Managing Director of Vaalco Egypt, emphasized that the fruitful partnership and the successful model the company shares with EGPC will, in turn, lead to further achievements. This includes increasing production and exploring new opportunities for success, with a primary focus on reducing production costs.
PetroBakr operates as a strategic joint venture between EGPC and Vaalco Energy. South Ghazalat is a subsidiary of Petrobakr. In Egypt, Vaalco’s operational footprint spans two primary regions: the Eastern Desert—which includes the consolidated West Gharib, West Bakr, and North West Gharib concessions—and the Western Desert, featuring the South Ghazalat concession.
