Vegas Oil & Gas was incorporated in 2002 and its first concession was acquired in 2003. Over the next decade, the business was grown successfully to become one of the largest private independent E&P companies operating in Egypt.
Company growth was driven by the acquisition of additional licenses through successful bids in the various EGPC bid rounds held in Egypt. Deep technical knowledge and sound analysis meant that all licenses acquired to date resulted in commercial discoveries. Drill bit success and subsequent notices of commercial discovery led to the formation of three joint venture companies with EGPC to operate, develop and produce oil and gas from Alam El-Shawish West, North West Gemsa and East Ghazalat.
A total of 14 discoveries have been made resulting in 10 different development leases. This success has yielded a total 2P reserves base of 445 million barrels oil equivalent.
- Leverage deep knowledge of local geology to high grade bid round opportunities.
- Acquire acreage with 100% working interest via public bid rounds on ground floor terms.
- Fast track evaluation of acreage using modern technology and intensive drilling activity.
- Fast track development of discoveries delivering superior project economics.
- Manage portfolio risks through asset trading and selective Farm outs.
- Retain material working interests
- Operate discoveries through field life.