UOG Expects Production Increase in H1 2021

UOG Expects Production Increase in H1 2021
Oil industry well pumps, nodding donkey rig pumps crude oil up from the ground on an oil field in the desert. Bahrain, Middle East

United Oil & Gas PLC (UOG) will increase its production in Egypt to an average of 2,300 and 2,500 barrels of oil equivalent per day (bbloe/d) for H1 2021, while in 2020 its production reached 2,195 (bbloe/d), according statement issued by the company .

UOG CEO, Brian Larkin, stated that “2020 was a successful year for United, delivering an excellent operational and financial performance, despite a challenging commodity price environment and the global pandemic.”

Larkin also added that “United begins 2021 in strong position with a balanced portfolio, low-cost growing production, high quality reserves and a healthy balance sheet. The business is well placed to benefit from rising hydrocarbon prices but also well hedged to protect against volatility. Our fully funded, multi-well drilling programme in Egypt has begun with the result of the ASH-3 well expected shortly. This low-risk well has the potential to build on the successes of 2020 by delivering increased production and reserves.”

Additionally, the company plans to spend $4.7 million in Egypt on two firm wells, five workovers and facilities upgrades in 2021. The company also will increase its reserves following the success of El Salmiya 5 and ASH 2 wells in 2020.

It should be noted that the UOG’s total revenue in 2020 was $9-9.2 million with a realised oil price of $37.7 per barrel (bbl).


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