TransGlobe Energy Corporation, in an interview with Petroleum Today Magazine highlights the remarkable strides Egypt has taken to modernize its petroleum sector and the opportunities for further investment, TransGlobe ,s steering strategy towards stable production along with the company ,s aim to expand it ,s operations in Egypt through synergistic acquisitions
Can we update our readers insight on the TransGlobe strategy in light of the current oil market? Given the ongoing oil price volatility, TransGlobe is continually focused on strict capital discipline through operational cost controls andminimizing our exposure to financial leverage by remaining debtaverse. Despite fluctuations in the markets, we position ourselves as a nimble company with the ability to create value through a balanced portfolio of exploitation, development and exploration opportunities across our diversified onshore assets in Egypt and Canada. This approach has enabled us to build our production base and generate strong cash flows, as demonstrated by recently declaring and payingour first dividend (US$0.035 in August 2018) since 2015.
AN INTERVIEW WITH
Mr. RANDALL C. NEELY, C.A., CFA President and CEO, Director TransGlobe Energy Corporation
36 Petroleum Today
- May 2019
Where are the most promising areas / concessions the company is working in? We are most excited about our low-risk development operations in Egypt and are especially focused on the continued expansion of our Eastern Desert Concessions. As such, we are currently working alongside the Egyptian General Petroleum Company (EGPC) to extend the concessions and amend our licenses to encourage the increased development and recovery of the oil in place through secondary and tertiary applications as well as horizontal drilling and multi-stage completions. Subject to approval from the Egyptian government, the amendments sought should allow for improved efficiencies and increased reserve recovery from known oil pools through enhanced recovery techniques.
