Pharos Energy announces cutbacks, reduced output in Egypt on oil price collapse

Pharos Energy has reduced capital expenditures and output at its oil drilling operations in Egypt as its finances come under pressure from the collapse in global oil prices, according to Morning Star. Cost-cutting initiatives will remain the company’s top priority for the medium to long term while oil will remain “an important component of the global energy mix over many future decades” according to Pharos Energy CEO Ed Story.