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.

Related Articles

BPTT adds to reserves at Angelin offshore Trinidad and Tobago

03/13/2014 BP Trinidad & Tobago’s (BPTT) Ocean Bottom Cable Seismic (OBCS) has already added significant proved reserves to its Angelin gas discovery in 8...

IOC to buy stake in proposed PNW LNG terminal

03/10/2014 Indian Oil Corp. Ltd. (IOC) has signed an agreement with Progress Energy Canada Ltd., Calgary; Pacific Northwest LNG Ltd. (PNW LNG), Vancouver, BC;...

Watching Government: Murkowski's Arctic heat

02/24/2014 As the nation's capital tried to dig its way out of snow left from a pair of storms, US Sen. Lisa Murkowski (R-Alas.) leveled a blast at the Obama ...

Beach extends reserves with Bauer step-out

02/17/2014 Beach Energy Ltd. has further extended reserves in its Bauer oil field in the western flank of the Cooper-Eromanga basins, South Australia with suc...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected