In September, Apex started producing gas at the Faramid project, in IEOC’s East Obaiyed. Apex has a 25% stake in the project, which is producing 24.4 million cubic feet per day of gas.
“We look forward to commencing Apex’s first gas production in 2023 and becoming part of the exciting Egyptian natural gas success story,” he continued.
Capricorn noted that it had been working on “strategic alternatives” for more than a year. However, there have been no better options, it reported, and a sale is necessary to “maximise shareholder value and the full potential of Capricorn’s assets”.
An investor in Capricorn Energy has expressed its opposition to the company’s merger plan, describing it as one sided in favour of Tullow Oil.
Apache is scaling up drilling in Egypt but at the same time is working to tackle flaring, through a new gas-to-site power model.
Capricorn Energy expects to earn around £56 million on the back of higher UK production, following the sale of its North Sea interests to Waldorf Production last year.
Eni has discovered a more resources in Egypt’s Western Desert, in keeping with its plans to deliver production to market quickly.
Cairn Energy and Cheiron Petroleum have completed their acquisition of assets in Egypt’s Western Desert from Shell.
Egypt has launched its first bid round of 2021 and a new digital platform collaboration, with Schlumberger.
Privately backed Apex International Energy has announced a second oil find in Egypt’s Western Desert, with another well still to go.
Pharos Energy has set out plans to spend around $45 million in 2020 but has suspended production guidance from Egypt in response to the oil price pressures.
TGS and AustinBridgeporth will begin acquiring an airborne gravity survey in Egypt in the first quarter of 2020.
Shell Egypt has set out plans to sell its onshore assets in the Western Desert.
The acquisition of Merlon Petroleum earlier this year has given Soco International a new focus, with new exploration planned in Egypt and neighbouring Israel. As such, the company is planning to change its name, to Pharos Energy.