Pharos Energy’s Egypt production has amounted to 5,979 barrels of oil per day (bbl/d) in H1 2020, according to a statement.
Accordingly, the company managed to align the production of El Fayum Concession with the Egypt 2020 production guidance of 5,000-6,000 bbl/d. The company added that moving forward, the focus will be on production from existing wells through re-completions, new producing zones, and the conversion of selected existing production wells to injector wells.
Per the statement, Pharos has put all Egypt’s drilling activities on hold, noting that the existing producing wells will go into natural decline until there is enough cash flow to restart the drilling activity. It should be noted that Pharos has cut its cash capital expenditure for 2020 from $44 million to $37 million, mainly due to reductions in Egypt.