Pharos’ production recorded 5,979 barrels of oil per day (bbl/d) during H1 2020 in Egypt, according to a press release.
After implementing three drilling-rig programs in Q1 2020, production averaged around 6,396 bbl/d in April and recorded an all-time high on April 23 with 7,009 bbl/d. In this regard, the price of El Fayum oil and refinery handling charges were cut by $1/bbl and $0.80/bbl, respectively. However, the company has left its Egypt’s 2020 guidance as it is at 5,000-6,000 bbl/d.
Pharos’ main activities in Egypt centered around well intervention and water-flood enhancement with minimal drilling activities. Per the statement, Pharos will assess the results of recent waterflood pilot projects in the Greater Silah area, in addition to assessing the drilling program as oil prices fluctuate.