Products Oil and Gas production Website www.vegasoil.com Founded 2003 Net income 131 million EUR (2014) Type of business Privately held company | Profit €131 million (2014) Headquarters Athens, Greece Number of employees 1,200 (2014) Total assets 4.6 billion EUR (2015) | |
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Industry Petroleum and gas exploration Area served SE Europe, Northern Africa Key people Vardis Vardinogiannis (Chairman)
Hussein Kamel (V. Chairman)
Giannis Vardinogiannis (CEO) Areas served Southeast Europe, North Africa | ||
Vegas Oil and Gas S.A. is a company based in Egypt focusing on petroleum exploration and gas exploration. Headquartered in Athens, but mainly operating from the Cairo suburb of Maadi.
Contents
Vegas is wholly owned by the Vardinogiannis family.
Activities
Vegas is also a large E&P group of companies with assets in USA, Egypt and Yemen.
It is 50% shareholder and operator of the NW Gemsa concession, Circle Oil have a 40% interest and Sea Dragon Energy have the remaining 10%. Oil production from the NW Gemsa concession peaked at 9,000 bbl/d (1,400 m3/d). All gas currently produced from the field is flared, due to sub-economic, low volumes.
Vegas is a 35% shareholder in the Alam El Shawish West concession, with Shell Egypt (operator, 40%), GDF Suez 25%.
It is operator and 50% shareholder of the East Ghazalat concession (Western Desert), with TransGlobe Energy Corporation holding the remaining 50%.
Recent news
In August 2013, Vegas announced it had discovered oil, gas and condensate in Egypt.