Egypt

Pharos Energy Sees Egyptian Output Slide

Published on : 2022-03-17

Pharos Energy said March 16 it had seen its group production share in Egypt fall to 8,878 barrels of oil equivalent (boe)/day from 11,373 boe/day in 2020.

The decrease reflects Pharos's production guidance and comes amid a waterflood programme at one of its Ey Fayum production concessions.

Pharos Energy announced on September 15 it would leave Egypt having sold its 55% operating stake in El Fayum and the North Beni Suef concession to fellow Egyptian player IPR, in a deal potentially worth $155m. The company had been working to boost extraction with the launch of a three-well drilling programme last autumn.

Pharos will receive an initial payment of $5mn plus certain operating costs for the Egyptian assets, and will receive up to $20mn each year from 2022 to 2025 depending on oil prices. The company still has production assets in Vietnam, where net output for 2021 fell to 5,560 boe/day from 6,103 boe/day last year.

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