Energean Egypt Production Records 38,000 bbloe/d in H1 2020

Energean Egypt Production Records 38,000 bbloe/d in H1 2020
Oil industry well pumps, nodding donkey rig pumps crude oil up from the ground on an oil field in the desert. Bahrain, Middle East

Energean’s Abu Qir’s production recorded 38,000 barrels of oil equivalent per day (bbloe/d) in H1 2020, exceeding 2020 guidance of 34,000 – 37,000 bbloe/d, according to a press release.

Despite not finding commercial hydrocarbons, Edison E&P requested a second exploration period at the North East Hap’y Offshore block. Currently, Edison and Eni are evaluating a large, Zohr-like structure for a potential well in the second exploration phase. Edison has also relinquished its North Thekah Offshore license. For the NEA field, Edison is currently assessing the Engineering, Procurement, Installation, and Commissioning (EPIC) contracts.

Per the statement, the company collected about $101 million from the Egyptian General Petroleum Company (EGPC). Egypt’s net receivables have mounted to $212 million of which $131 million were overdue. Currently, EGPC holds $82 million of the overdue receivables balance as collateral for exploration financial commitments on the North Thekah, North East Hap’y and South Idku exploration licenses.

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