Petrobakr, South Ghazalat Plan $121M Investment to Boost FY2026/27 Oil Output

SEATTLE (Oil Monster): Petrobakr and South Ghazalat Petroleum Company have outlined a combined $121 million investment plan for fiscal year 2026/27, targeting daily crude oil production of 14,000 barrels. The announcement was made during a General Assembly meeting convened to approve the revised 2025/26 budget, the proposed 2026/27 budget, and a five-year strategic plan.

Officials highlighted the importance of the partnership between the Egyptian General Petroleum Corporation (EGPC) and Vaalco Energy, emphasizing its role in raising output, lowering per-barrel costs, and strengthening operational sustainability. Sustaining current production while driving incremental growth continues to be a core strategic objective, supported by rigorous compliance with occupational health and safety standards.

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The Ministry of Petroleum and Mineral Resources underscored the need to secure funding and expedite drilling rig contracts to support development activities. Exploration efforts in the South Ghazalat concession were also identified as key to unlocking additional production potential.

Petrobakr operates as a joint venture between EGPC and Vaalco Energy, with assets spanning Egypt’s Eastern and Western Desert regions.