New General Manager for DEA Egypt
DEA Deutsche Erdoel AG has named Sameh Sabry as the new General Manager of DEA Egypt. He will take over the responsibilities as of August 1, 2018. On the occasion of the handover, CEO Maria Moraeus Hanssen participated in the farewell reception for Thomas Radwitz who had been General Manager for nearly three years.
Sabry is the first Egyptian General Manager of DEA Egypt. He joined DEA Deutsche Erdoel AG ten years ago and had been assuming different managerial roles mainly in North Africa and Europe. He gained experience in leading positions such as the General Manager of DEA’s branch in Algeria or as deputy of the General Manager of DEA Egypt branch for extended periods of time. Mr Sabry is an engineer with an MBA degree.
In her speech during the handover reception, Hanssen highlighted the qualification of Sabry: “He knows DEA Egypt by heart, is well connected, and respected and starts his new job with great competence and a strong DEA spirit.”
Radwitz will be assigned Board Advisor in DEA’s head office in Hamburg. Maria thanked Radwitz for his achievements: “During his assignment, DEA made lots of progress in a time when Egypt is getting ready to become a regional energy hub.”
During her third visit to Egypt six months after joining DEA as CEO, Maria met the Petroleum Minister Tarek el-Molla to reinforce DEA’s continued commitment to Egypt. She congratulated the minister to the positive effects of his ‘Modernisation Programme’. Egypt’s plans to convert to a regional energy hub have already the strong support of the World Bank, International Monetary Fund and African Development Bank. Egypt is well-positioned to serve as a regional energy hub due its rich hydrocarbons resources and well-established export facilities, which would offer convenient export routes to neighbouring East Mediterranean gas fields.
Hanssen pointed out that within the coming two years DEA is targeting to double its production levels through an investment programme that exceeds $500 million. An ambitious work programmes for Gulf of Suez and Disouq assets are currently under execution. Investments in the Gulf of Suez asset has already led to significant production increase. In respect to further plans, the CEO renewed DEA’s interest to look into further opportunities like exploration licences. DEA is currently evaluating the blocks offered in EGAS latest bid round.