{"id":569950,"date":"2020-03-12T04:08:39","date_gmt":"2020-03-12T04:08:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/12\/energy-companies-in-egypt-are-adapting-to-the-new-realities-in-the-oil-markets\/"},"modified":"2020-03-12T04:08:39","modified_gmt":"2020-03-12T04:08:39","slug":"energy-companies-in-egypt-are-adapting-to-the-new-realities-in-the-oil-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/12\/energy-companies-in-egypt-are-adapting-to-the-new-realities-in-the-oil-markets\/","title":{"rendered":"Energy companies in Egypt are adapting to the new realities in the oil markets"},"content":{"rendered":"

<\/a> The collapse in oil prices is forcing energy companies in Egypt onto the defensive:<\/strong> Energy companies operating in Egypt, including Pharos Energy<\/a> and TransGlobe Energy<\/a>, are responding to oil market volatility by slashing spending and adjusting production metrics in 2020, Energy Voice reports.<\/p>\n

Pharos plans to spend USD 45 mn, which could include \u201cdiscretionary\u201d USD 10 mn in Egypt:<\/strong> Pharos<\/a> has set out plans to spend around USD 45 mn in 2020, and has said there is a discretionary amount of USD 10 mn in Egypt that might be spent this year. It has suspended the forecast announced in January that it would raise production from the 5,055 bpd seen in 2019 to a projected 6,500-7,500 bpd in 2020. Despite confirming its interest<\/a> earlier this week in purchasing Shell\u2019s onshore oil and gas assets in Egypt\u2019s Western Desert as part of a consortium, no further mention of this prospective acquisition has been made in Pharos\u2019 most recent statement.<\/p>\n

TransGlobe will spend USD 7.1 mn, including USD 5 mn in Egypt:<\/strong> TransGlobe has cut its overall spending for 2020 from USD 37.1 mn to USD 7.1 mn, with USD 5 mn allocated to development work in Egypt. It has slightly reduced its planned production in Egypt and Canada, which in Egypt means a reduction from a projected 11,900-12,700 bpd to 11,700 bpd for the year. The company was planning to drill 16 wells in Egypt this year before the price crash, and it is unclear whether these plans will go ahead.<\/p>\n

Dividends are being suspended for now:<\/strong> Pharos has stated it does intend to pay a dividend this year, but this has been suspended pending more clarity on the macroeconomic environment. TransGlobe meanwhile is suspending the payment of a dividend in 1Q 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

The collapse in oil prices is forcing energy companies in Egypt onto the defensive: Energy companies operating in Egypt, including Pharos Energy and TransGlobe Energy, are responding to oil market volatility by slashing spending and adjusting production metrics in 2020, Energy Voice reports. Pharos plans to spend USD 45 mn, which could include \u201cdiscretionary\u201d USD […]<\/p>\n","protected":false},"author":1,"featured_media":569951,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[93,72,91,594,2380,522],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-shell","tag-speed-round","tag-transglobe","wpautop","entry"],"acf":{"mongo_id":"9a2e1366-318e-428c-b3f5-0f17bf01e30f","is_powered_by":true,"section_story_id":"6bd36341-d6ce-4392-a88a-095b88199fe2","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/155.jpg","photo_position":"above","related_issue":[569938],"teaser":"","voice_url":""},"yoast_head":"\nEnergy companies in Egypt are adapting to the new realities in the oil markets - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/12\/energy-companies-in-egypt-are-adapting-to-the-new-realities-in-the-oil-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Energy companies in Egypt are adapting to the new realities in the oil markets\" \/>\n<meta property=\"og:description\" content=\"The collapse in oil prices is forcing energy companies in Egypt onto the defensive: Energy companies operating in Egypt, including Pharos Energy and TransGlobe Energy, are responding to oil market volatility by slashing spending and adjusting production metrics in 2020, Energy Voice reports. 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It is currently finalizing its 2018 work plan and budget that will be announced in January, according to its 4Q2017 operational update. TransGlobe announced it lifted and sold 510k bbl of crude in Egypt in\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623283,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/transglobe-begins-drilling-new-well-at-western-desert-concession\/","url_meta":{"origin":569950,"position":2},"title":"TransGlobe begins drilling new well at Western Desert concession","author":"enterpriseam admin","date":"25 October 2018","format":false,"excerpt":"TransGlobe Energy announced yesterday that it began drilling for oil at its SGZ 6X exploration well in the South Ghazalat concession in the Western Desert. The company also said that it successfully began production from two wells in West Bakr in the Eastern Desert, with output from each well currently\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/","url_meta":{"origin":569950,"position":3},"title":"Gov\u2019t targets USD 7 bn oil FDI in 2022-2023","author":"enterpriseam admin","date":"25 January 2022","format":false,"excerpt":"The Oil Ministry wants to attract USD 7 bn of foreign direct investment (FDI) into the oil and gas sector in FY 2022-2023, Reuters reported Oil Minister Tarek El Molla as telling Sky News Arabia TV yesterday.Oil + gas accounts for almost half of Egypt\u2019s FDI: At least, it did\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/325.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637248,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/transglobe-increases-production-records-3q2017-loss\/","url_meta":{"origin":569950,"position":4},"title":"TransGlobe increases production, records 3Q2017 loss","author":"enterpriseam admin","date":"12 November 2017","format":false,"excerpt":"TransGlobe Energy announced 3Q2017 production increased by 27% y-o-y to 14.9k boepd on increased volumes in Egypt and an acquisition in Canada, according to the company\u2019s earnings release. TransGlobe recorded a net loss of USD 6.9 mn during the quarter and attributes it to a USD 10.3 mn impairment loss\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542974,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/new-oil-gas-exploration-bid-round-coming-soon\/","url_meta":{"origin":569950,"position":5},"title":"New oil + gas exploration bid round coming soon","author":"enterpriseam admin","date":"26 January 2022","format":false,"excerpt":"New oil and gas exploration rights will be up for grabs in 1H2022. The government plans to launch a new global tender for oil and gas exploration before June, Bloomberg Asharq reported Oil Minister Tarek El Molla as saying during a press conference yesterday. No further details were disclosed on\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=569950"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569950\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569951"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569950"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569950"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}