Saudi NESR Aims to Increase Business Volume in Egypt by 25% in 2024

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National Energy Services Reunited Corp. (NESR) is poised to expand its business in Egypt significantly, aiming for a 25% year-on-year increase by the end of 2024, as disclosed by the firm’s Country Director, Ayman Hamam, to Al Arabiya Business.

NESR’s growth strategy hinges on capitalizing on oil and gas exploration projects across various concession areas facilitated by the Egyptian Ministry of Petroleum and Mineral Resources. Hamam emphasized the company’s commitment to leveraging these opportunities to bolster its presence in the Egyptian market.

In addition to targeting project expansions, NESR aims to secure a new supply contract with Egypt’s Belayim Petroleum Company (PETROBEL) by the second half of the current year, signaling its proactive approach to business development.

NESR’s existing business volume in Egypt currently stands at $90 million. The company has made substantial investments in the Egyptian market, with investment costs ranging between $450 and $500 million since its acquisition of Sahara Petroleum Services (SAPESCO) in 2020, according to Hamam’s statements.

The firm’s strategic focus on expansion and partnership initiatives underscores its commitment to capitalizing on Egypt’s oil and gas sector’s growth potential while solidifying its position as a key player in the market.