Scimitar Production Egypt acquired by Dutch Inpector Capital BV
Inpector Capital BV acquired Scimitar Production Egypt Ltd., gaining a foothold in Egypt’s oil, gas and energy sectors. Inpector is well prepared to conduct long term projects, Corné Melissen, the company’s spokesman said, underlining his full confidence in the new management team of Scimitar.
The company appointed Erik Vollebregt as Executive Chairman of Scimitar Production Egypt. Previously, Vollebregt had served as the commercial and finance director of Shell Nigeria.
The company considers the acquisition of Scimitar as the first step towards new prolific investments, Melissen noted.
Scimitar is a private sector exploration and production company operating in Egypt through Issaran concession, in which it owns 100% of its operation rights. The company’s current production rate has reached 2,200 bpd of oil.
Inpector Capital BV–whose majority is owned by Dutch investor Marcel Boekhoorn–declared that it acquired Scimitar Production Egypt Ltd to invest in the petroleum and energy sector in Egypt.
Inpector Capital also announced that it has appointed Erik Vollebregt, an exploration and production industry veteran who served as the commercial and finance director of Shell Nigeria, as executive chairperson of Scimitar Production Egypt.
Corné Melissen, official spokesperson of Inpector Capital, confirmed that the company is prepared to carry out long-term projects in the country. He also asserted the full confidence in the new management team of Scimitar.
Melissen also noted that Inpector Capital views the acquisition of Scimitar as the first step of its investments.
He added that although the immediate focus will be on increasing production, Scimitar will be studying the increase of its assets in the whole region as well.
Scimitar is a private oil exploration and production company with operations in Egypt.
The company has a 100% operating interest in the 72 sq km Issaran Concession area, which contains the Issaran oil field, a significant heavy oil field with up to 1bn barrels in place, located on the west shore of the Gulf of Suez.
The company operates under a petroleum service agreement, in collaboration with the General Petroleum Company.
Noteworthy, Scimitar has been producing at Issaran since 1998. The company has a current production rate of 2,200 barrels of oil per day.