Egypt: TransGlobe to buy West Bakr concession

By OGJ editors
HOUSTON, Mar. 28
– TransGlobe Energy Corp. plans to acquire a 100% working interest from The Egyptian Petroleum Development Co. Ltd. of Japan in the West Bakr concession agreement in Egypt’s Gulf of Suez basin, subject to government approval.

The $60 million cash deal is retroactive to July 1, 2010. TransGlobe becomes operator of three fields with 28 wells producing a combined 4,000 b/d of 17-20° gravity oil from 7.4 million bbl of proved reserves and 1.4 million bbl of probable reserves.

The two development leases valid until 2020 cover 11,600 acres adjacent to TransGlobe’s West Gharib development leases. TransGlobe has identified numerous development optimization and drilling projects on the West Bakr concession.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...