Inpector Capital B.V Acquires Scimitar Production Egypt Ltd

Amsterdam, 22 March 2019. Inpector Capital B.V., with the majority owned by Dutch investor Mr. 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 Mr. Erik Vollebregt, an E&P industry veteran who served as the Commercial and Finance Director of Shell Nigeria, as Executive Chairman of Scimitar Production Egypt. 

From his side, Mr. Corné Melissen, Official Spokesperson of Inpector Capital, confirmed that the company is prepared to carry out long term projects. 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 the Arab Republic of Egypt. The company has a 100% operating interest in the 72 square km Issaran Concession area, which contains the Issaran Oil Field, a significant heavy oil field with up to 1.0 billion barrels in place as well as substantial growth potential, located on the west shore of the Gulf of Suez. The company operates under a petroleum service agreement, in collaboration with the General Petroleum Co. S.A.E. 

It is worth mentioning that Scimitar has been producing at Issaran since 1998. The company has a current production rate of 2,200 barrels of oil per day. Scimitar has a dedicated staff of over 500 employees, who are working closely with a team of seasoned industry professionals on plotting a redevelopment strategy to increase production through a combination of heavy oil technologies. This is in addition to more conventional means of production growth. Scimitar expects to recommence drilling later this year.