PetroBakr Reports Drilling, Investment in Egypt in FY 2025/2026

PetroBakr Petroleum Company, a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and Vaalco Energy, drilled 11 wells as part of its drilling plan and invested US$74.19 million during fiscal year (FY) 2025/2026, Chairman Khaled Mounir said during the company’s General Assembly meeting to approve its annual results.

Mounir reviewed the company’s efforts to sustain and increase production from the PetroBakr and South Ghazalat areas, including drilling, workover, and completion activities, as well as projects to connect wells to renewable energy sources.

He highlighted the contribution of these projects to reducing expenditures and conventional fuel consumption, as well as lowering emissions. The company also achieved 2.8 million safe working hours during the fiscal year.

PetroBakr is also reassessing the South Ghazalat area in cooperation with EGPC, with the evaluation expected to be completed by September 2026, Mounir added. One well has been drilled in the area, while three exploration opportunities are currently under evaluation.

As he chaired the meeting, Salah Abdel Kerim, CEO of EGPC, praised the efforts of PetroBakr’s employees and joint partners, noting that there are still opportunities for cooperation to increase production from the concession areas.

Speaking via video conference, Iman Hill, Country Manager and Managing Director of Vaalco Energy Egypt, highlighted the continued cooperation between the company and EGPC, saying it has supported the improvement in performance achieved over the past two years.

She said this cooperation has created an environment of “true partnership,” built on mutual trust and respect, allowing the partners to move forward together.

Hill stressed that safety is “a continuous journey that never stops,” adding that the company aims to continue growing production.

She noted that a recently completed project to identify all available opportunities within the company’s exploration acreage is expected to generate additional drilling opportunities in 2027.

Production has reached 11,871 barrels, its highest level in some time, Hill said.

Hill also expressed her delight with the start of the electricity connection project and the study of further opportunities to increase the use of renewable energy sources, including solar power, as well as exploring opportunities to expand gas-fired power generation to sustainably reduce diesel costs and emissions.

Vaalco Energy operates in Egypt across two main regions. In the Eastern Desert, its operations cover the West Gharib, West Bakr, and North West Gharib merged concessions, while in the Western Desert, the company operates in the South Ghazalat concession.

The US-based company drilled 18 wells in Egypt in 2025, excluding exploration dry wells. This included the successful H-Field exploration well, which opened the potential for a new development area.

Vaalco resumed its 2026 drilling program in May, with ongoing drilling, workover, and recompletion activities supporting production optimization and growth in Egypt.